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2Ts to Attract Borrowers: Technology, Transparency

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Much of modern-day shopping happens online, mostly through mobile devices. New-age shopping equips buyers with:

  1. Abundant options
  2. A quick, easy, and reliable buying process
  3. Tools for easy comparison and better purchases

It is natural that people used to the fingertip experience expect a similarly smooth-sailing mortgage experience too. And the number of customers in that category is shooting up.

Home Buyer and Seller Generational Trends Report by National Association of Realtors says that 68% of first-time home buyers and 32% of all home buyers belong to Gen Y (the millennials). CEB Global estimates this generation to have a population of 75.7 million and a purchasing power of $1.68 billion.

In the wide range of age from 15 to 35, Gen Y does not fit into a general behavior pattern. However, data shows that they are heavily used to multiple gadgets for communication, entertainment, information, business, and shopping. Smartphones and tablets are used for most online activities today. Laptops and desktops constitute a much smaller fraction.

Consider how that affects customers seeking mortgage. Potential borrowers do a great volume of housing research online on their mobile devices. That is where to catch them. Take advantage of their love for technology. People are discussing companies and products on social media, discussion forums, and review sites. If no one is discussing you, it means you just don’t exist for them.

While looking for mortgages, customers want communication to be quick and responsive. They need ample channels to get back to you for clarifications. Your web and mobile interfaces should have communication tools and styles that suit borrowers of different age groups and their online habits. People love dialogue. Dead-end one-way communications benumb them. Make way for greater interaction. Have a comprehensive mobile strategy.

Communication tools integrated with web and mobile-based origination can help provide personalized and transparent experiences to mortgage clients. It is all for natural and faster conversions. It means higher productivity and lower cost per loan.

Your origination system should get integrated with the best of modern IT to ensure speed, ease, and transparency. Customers should be able to auto-fill your forms and submit them online. Photographs and documents like paystubs can be uploaded with a few clicks. Such technologies improve processing efficiency and shorten the loan cycle from application through automated validations, verifications, approvals, and loan disbursals.

The cloud-based Software-as-a-Service (SaaS) model helps mitigate your IT costs and ensures that you get the latest technology updates immediately as they reach the market. With no extra investment for hardware or software licenses, you can start using them. Moreover, you shall be relieved of the rigors of security testing.

Technology that adds speed and transparency enables loan officers and executives to meet people in style, and get things done quickly. In addition to process efficiency and cost saving, technology will give your brand a chic image among customers and your employees.

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