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How to Enhance the Online Mortgage Lending Experience

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The old school: A Time-Consuming Manual Processes 

A recent study on mortgage lending hints that customer experience can be quite the differentiator when choosing a lender. These surveyed first-time homebuyers didn’t base their decision solely on “who gives me the lowest interest rate?”. Unexpectedly, they reported that finding positive testimonials and online reviews from other customers helped them draw the final decision.

It implies that you cannot overlook the importance of enhancing customer satisfaction as a mortgage lender. Your loan applicants should be walked through the process effortlessly and quickly before they decide to slip through the cracks, which leads to your competitor.

As the world moves over to digital means, lending models, too, have shifted. It isn’t just enough to be an online mortgage provider; you have to ensure there are no leaks in your digital lending bucket.

 

How to Enhance the Online Mortgage Lending Experience

 

Here are 4 key strategies for how you can improve your online mortgage lending experience: 

Omnichannel marketing strategy:  

Your leads may be coming in from multiple avenues (mail, call, social media, etc.); however, the end-to-end digital experience of your brand has to be unanimous, consistent, and picking up from the last point. Repetitions can bore and repel. You have to make your portal a consumer-centric portal. How you can do that in mortgage lending by providing them all that they need right on their screen.

Tavant VΞLOX NXT is one such intelligent AI-powered tool that allows you to streamline the process from application to sanction. It has a proven track record of 78% year-on-year growth in loan origination and helps close the loan processing cycle 52% faster.

Make the Process/UI simple and approachable: 

The mortgage is, anyway, a complex topic for a layman, and with all the jargon involved, you could still get a lead in making the niche consumable. There are many blogs, video tutorials, and helpful e-guides out there on the process, yet the complexity around the niche persists. Use your digital mortgage model to educate leads in the simplest way possible. It helps you build your authority as a domain expert. You should also keep your website design approachable. Too much text or CTAs would overwhelm a visitor.

The need for any business today is to provide clear action points. Rather than providing your number where they can call, give them the ease of a single “click to call” button, which saves the effort of copying and dialing your number. This is just one of the many smart ways you could make the process faster and easier.

Draw each customer persona: 

For lenders, no two customers are alike. You may have first-time homeowners, repeat customers, brokers, corporates, etc. Furthermore, they come with a separate budget, purchasing capacities, and credit score. It is thus important for mortgage lenders to filter their leads and devise unique marketing strategies fitting for each bracket as much as possible.

Automate:

The verification and underwriting process that goes into loan applications may take days. However, we understand that it’s a much-needed formality, although it takes hours for lenders. This makes the process lengthy for customers and adds to unpleasant anxiety. However, some tools can now help you cut down on the underwriting process. You can use AI to fully verify the authenticity of the documents and prepare the correct reports needed. This would save you and the buyer a good 3 days.

Time is a crucial factor when dealing with the modern consumer, who is used to instant gratification products. You could use Tavant’s touchless lending services, which allow you to automate processes like income and credit verification, updating the loan file application, and more. Doing so can cut down underwriting expenses by a whole 52%.

Conclusion 

Digital is the future, and perhaps, even the present, of the mortgage industry. To stay relevant and most chosen, even the biggest lenders have shifted to digital.

Tavant can be your partner in that move and turbo-charge this process, creating unforgettable satisfying customer experiences. TAVANT VΞLOX enables lenders to thrive through digitization and helps borrowers fulfill their dream of homeownership.

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