In an era where the average person spends nearly 10 hours online per day, according to CNN, shifting your business to the digital world is critical, especially in the mortgage industry. The days of submitting mile-high stacks of paper for a mortgage application are nearly over. Pushing clients online is a key component in maximizing efficiency and boosting production volume.
The mortgage industry is amid its own technological revolution, working to eliminate paper applications by moving everything to the digital space. In a world focused on productivity and speed, utilizing new technology is essential in streamlining the process. This is where digital mortgages come into play. By directing clients to an online application, loan officers can spend more time preparing options than taking down Social Security numbers, birth dates and employment history. A client completing an online application prior to a preapproval call allows for these calls to be shorter and less frequent, ultimately resulting in an increase in overall closing volume. The online applications make everything faster, easier and more efficient for consumers, originators and realtors.
Additionally, having a program that provides a full underwrite of credit, income and assets gives clients a advantage over other buyers. With this technology, qualified buyers can easily secure credit before even settling on a property, get full underwriting approval in as little as four hours and make an offer backed by approval. Clients can go up against those with cash offers, landing them in their potential dream home quicker than before. With nearly a third of people going to market with cash, the technology needs to be quick to win a bidding war.
When working with real estate partners, educating them about your technology is crucial. It’s important to give them the tools to communicate directly with their clients. By instructing your real estate partners on how you’d like to be introduced and building a specific email template for them to send to clients, which includes a link to an online mortgage application, the customer is one step closer to getting that preapproval. It’s imperative for real estate agents to understand what’s in it for them by providing training on the preapproval process and its benefits. When clients are educated and confident about the process, conversions go up. Relaying all necessary information to our partners helps them help the originator, and in return, help the client. It’s a win-win for everyone.
Though technology is critical in boosting loan volume and maximizing efficiency, it won’t do everything for you, including directing clients on what they need to do for the application. People often want to be told what to do. The mortgage process seems scary and complicated, but by adding a human touch and coaching your clients, the confusion can be eliminated.