In the lending process, the customer’s experience is largely driven by the many documents a borrower must fill out, review and sign. Today’s consumers expect and demand a loan process that is quick, easy to understand and accessible in any format – online, mobile or hard paper.
While lenders have rightly spent a lot of time and effort ensuring that their document processes meet the many regulatory demands required, providing an excellent customer experience will set great companies apart. From the initial application to disclosures to closing, a customer-centric experience can make the difference between a frustrated customer who goes across the street to a competitor or a raving fan.
The good news for lenders is that the development of cutting-edge document management software has already been accomplished for them by trusted partners. Here are three ways doc management software can improve the borrower’s experience.
Borrower is never asked more than once for the same information
Loan officers ask for a great deal of information from the consumers they serve. Consumers already feel that the lending process is time-consuming and intrusive. Asking for the same information more than once is irritating, wastes time and degrades the overall experience.
The right dynamic document solution partner eliminates the need for repetitive questions by providing a tight integration between the document preparation technology and the lender’s loan origination system (LOS). The result is better data flow and an easier method for capturing the information loan underwriters need without having to annoy the customer to get it.
Data is accurate and complete
Lenders can’t afford to have compliance errors, especially when they relate to cost disclosures to borrowers. Good document technology is better than RegTech that sits at the end of the process flagging loans that are already a problem post-closing.
Your document preparation platform should utilize data validation algorithms to check every data element before it is fed into the engine that dynamically builds the proper forms. If a problem is detected, it will be found earlier and before the loan is pulled out of automation, speeding up the overall process and improving the borrower’s experience.
Borrower receives information faster
With so many excellent e-commerce options available to consumers today, they have been conditioned to expect a good experience every time. That can be difficult to deliver when your product is as complex as many loan products, but the right document management software makes it easier.
From upfront disclosures all the way to the closing table, today’s borrowers are opting for digital loan documents they can eSign quickly. More environmentally conscious than borrowers of the past, the new breed of consumers is happy to forego the paper. Lenders that provide this paperless option can increase borrower satisfaction.
To find out more ways you can deliver the excellent customer experiences your customers crave, download our new white paper, 10 Ways Dynamic Document Software Can Optimize the Borrower’s Loan Experience.