Automated Mortgages: Just a Click Away

Mortgage lending processes are becoming quicker and user friendly. Thanks to web and mobile technologies, loan applications and procurements are entirely online and do not involve any human interaction. Online-only originators like GuaranteedRate.com, QuickenLoans.com, and Sindeo.com have websites and mobile apps capable of doing everything that the sales agents and mortgage brokers traditionally did. The uncluttered user interfaces and intuitive algorithms can guide all applicants smoothly through the entire process.

Looking at the times ahead, every mortgage firm is trying to offer its services online. Many firms are struggling with implementation of their digital versions, and yet, they are wondering why customers are not embracing them widely enough. It’s all very simple: if, at all, you choose to go online, do it right. The last thing you want is embarrassment in a new venture.

Here’s the right way to go online with mortgage lending:

Wondering what the smart online way is? Self-service online models have intelligent features, and they are designed to keep absorbing more intelligence day by day. Agile development of your online services should make it increasingly user friendly, so that no applicant feels like abandoning the process half way. Let’s see the key differentiators of a good mortgage-lending website:

  1. Assistance in planning: Built-in calculators should help mortgage customers try various loan plans, durations, and repayment options, and finally select what best suits their situations.
  2. Data collection:

a) The system should be able to collect all necessary data, and show up only the necessary data for an applicant. What data is needed depends on the type of loan selected. Difficult or confusing fields should be supplemented with tips and suggestions.

b) Photographs, scanned images of signatures, identity cards and other relevant records should be submitted online. All that should be archived with relevant meta tags that help in identifying and retrieving them later.

  1. It is important to find the latest credit reports of applicants. Web widgets should be connected to credit-rating agencies and they can fetch the report of the applicants even as the applications are being filled out.
  2. You should be able to provide instant responses to applicants as to whether they qualify or not. Long verification processes only discourage mortgage customers.
  3. Predictive analytics about the probability of defaults, delayed payments, or non-payments should enable you to offer risk-adjusted rates and nullify the potential risks.

Normally, the entire process should be completed and the amount disbursed within 15 days. All the actions need foolproof security and privacy around them. Besides that, personal financial management tools are a great value addition, as they can help customers make wise decisions in a convenient way.

The right online implementation of your mortgage banking system can save you from high payroll expenses. Cost and time-efficiency is of utmost importance, and going online should give the client a happy experience. To thrive in a complex and constantly evolving business environment, firms need to improve their systems constantly and maintain the habit of innovation.

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