3 Challenges Technology Solves for Lenders

3 Challenges Technology Solves for Lenders

October 27, 2016 | Chris Backe

It’s no secret that technology is moving the mortgage market. In fact, at this year’s MBA Annual Convention and Expo, technology was a common theme.

The difference this year compared to years past, was a heavy focus on technology to meet borrower expectations. Borrowers are more tech savvy than ever. They’ve grown accustom to experiences with companies like Amazon.com that keep shopping history and make recommendations for future purchases. When buying a home they expect a similar level of experience, immediate input on what they can afford, online access and visibility into all their records, highly attentive service, and much more. Lenders that are adjusting their sales and marketing processes to meet these borrower needs are the ones that are experiencing incredible growth.

Technology can provide borrowers with the top-notch service they expect.

But meeting borrower expectations doesn’t come without challenges. Here are three challenges that loan officers face that technology can help solve:

Creating Value to Avoid the Price Driven Sale

It’s the age-old dilemma for lenders—borrowers in the pre-app stage looking for the best rate on a new mortgage or refi loan. So how can you create value to avoid the price driven sale?

With technology, lenders can add value by educating borrowers in real-time, on any device.

Education is critical at this stage, and thankfully technology can help you make this process easy. With the right technology you can provide total cost analysis presentations in real-time on any device, helping a potential borrower understand their monthly payment or how much they can save on a refi loan at a lower interest rate. This type of experience will delight the borrower, creating the ‘stickiest’ possible engagement in the pre-app stage.

Replicating Top Performing Loan Officers

Every lender has a few top performing loan officers. These individuals are relentless, they are working the phones, they are on top of follow up, are communicating marketing-approved messages, and delighting their potential borrowers and Realtor partners. If only all our loan officers could perform like these individuals we’d be problem-free!

Technology can replicate the process of a top performing loan officer by identifying key opportunities and actions, taking the guesswork out of the planning process.

With technology, we can duplicate the process of a top performing loan officer—identifying the communication cadence and recreating that across the organization, taking guesswork out for the loan officer and ensuring a consistent experience for the borrower.

Aligning Marketing and Sales Efforts

Dysfunction between the marketing and sales efforts are found in every lending organization, at least to a small degree. This gap is perpetuated by the fact that most lenders use disparate software for marketing, sales, and loan production that generally cannot talk to each other. They meet in the middle by pulling together data sets to create a manually aggregated view of activities. The result is time wasted on unnecessary manual efforts, inaccurate data, and a poor borrower experience with your company.

Technology can unify all the moving parts of the loan process to delight borrowers with an improved experience.

Combining lender efforts and loan officer activities within a single solution eliminates this challenge. Even better if it can integrate into the mortgage company’s loan origination system (LOS). When all these solutions work in harmony, loan officers have access to accurate data and can leverage corporate approved marketing emails, flyers, postcards, and more in the pre-app, in process, and post app stages. By keeping the borrower and their real-estate agent informed with accurate information throughout the mortgage process, they’ll not only delight them but drive repeat business and future referrals.

As the mortgage market evolves, technology is enabling lenders to overcome these challenges and meet borrower expectations. To learn about more ways to optimize your mortgage lending process, visit Velocify LoanEngage.

Categories: Finance and Mortgage, Marketing Automation, Sales Automation

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