Mortgage Digitization – Why Lenders Need to Get Onto it Right Away
September 25, 2018
The one mantra to keep your mortgage borrowers happy today is to give them complete control over the mortgage process. What this essentially means is that your customer doesn’t have to engage with you through call centers or e-mail to collaborate and participate in the process. They remain connected to the process in a way that enables them to get what they want almost exactly the moment they want.
In an age where everything is happening in real time, it’s imperative for lenders to ensure immediacy, personalization and accessibility to their customers at all costs. Embracing a digital solution is the right answer to this growing need . But the reason why lenders need to go digital doesn’t end with providing your customer a great shopping experience. For the lender, a fully digital model drives in a lot more benefits through enhanced collaboration between the borrower, back-office personnel and third-party.
How A Digital Model Automates Success
The loan application process is the first step that a lender needs to simplify for the client. A simplified process, for the client, means something which requires minimal information from them and can be submitted the digital way. By going digital, lenders can create easy avenues, like mobile image capture or auto-populating web portals, to assist borrowers in uploading the initial set of documents. For the borrower, this means not having to do too much of a spade work. Also, they can process the application wherever and whenever they want. Combine these two and there can’t be anything more delightful to offer to your borrower.
Automation in Decision Making:-
Taking the right decision after weighing in all the risk factors is always a dicey task for lenders, particularly when there is no room for errors. This therefore, burdens lenders with the never ending task of risk prioritization. Imagine prioritizing risks for a thousand applications on a daily basis. It’s like living through a nightmare every day. Having an operational process, that automatically considers all the risks at the entry level can provide lenders the respite they have been looking for so long. Digitization provides lenders with a reliable and dependable resource to take care of such risks during the early stages. These solutions come equipped with automated rules engine to help lenders take an instant (or near instant) decision. Likewise, the automated valuation models, that are integral to these solutions obviates the need for a property appraisal in the initial stages. Together, it ensures a loan application reaches the underwriters table faster than you can imagine.
Document Management Automation:-
A fully digitized mortgage document management solution is capable of introducing document quality assurance capabilities that were previously impossible. The conversion of all hard copy files was slow, stressful and resource intensive. With document management tools such as Msuite, our own robust solution for mortgage lenders, you can eliminate the possibility of errors at the point of data entry. Software packages like Msuite are powered by custom algorithms which automatically recognize the texts on documents to move them onboard CRM systems. Msuite provides lenders with the technical capability to achieve levels of accuracy in document management that is not possible with traditional methods.
Loan Processing and Closing:-
Accuracy of information, and automated compliance checks are the essential pre-requisites for seamless loan closing. Digitization gives you the capability to automatically clear loan conditions, verify title information and track loan documents digitally. Software packages designed to handle the closing process have inbuilt checklists, customized interfaces and intuitive notification systems. Each one of these features is designed to automate important steps in the mortgage loan closing process. From real time updates of the various stages of approval the loans are in to the delivery of messages to the borrower in the form of triggers, digitization will, is all set to take mortgage closing closer to a borrowers ultimate dream – get a mortgage loan closed with one-click.
Having said these, the move to an entirely digital end-to-end process is a complex journey, involving a number a number of stakeholders. The key to successful digital onboarding lies in choosing your partners carefully. Being in the thick and thin of the mortgage process for nearly a decade, Expert Mortgage Assistance leverages its lending know-how to help you undergo the digital transition. Be it expediting the borrowing process, maintaining compliance or delivering an out-of-the world borrower experience, we will tailor solutions to bring the kind of difference you have been waiting to have for so many years.