Delivering an Excellent Consumer Experience in the Mortgage Loan Process

In our recent white paper, “A New Home, A New Life - Improving the Borrower Experience” we talk about ways lenders can be a part of the homebuyer’s home purchasing bliss instead of an annoying part of a difficult process that the consumer would rather do without.

In a previous post we talked about the things that have the most impact on the borrower’s experience. Lenders have the capacity to deliver excellent customer experiences today, but it requires them to make the right decisions about the technology they employ, the processes they follow and the partners they choose.

Choose technologies that enable paperless lending

Keeping your processes electronic will speed up your process, reduce your errors and increase customer satisfaction. In addition, today’s compliance environment demands good technology. There is no other way to ensure compliance.

A side benefit of using the right tech tools is that it will free up employees to hold borrower hands, handle quality assurance, and advance the business in many other ways. When lenders have confidence in the systems they use, it allows them to use their resources to better manage their companies.

Encourage employees and borrowers to execute electronically

When lenders take the time to train their borrowers from the beginning to accept, process and execute documents electronically, it speeds up the entire process.

One easy win in this area is the eDisclosure process. We have worked very hard over the years to help lenders deliver a premium experience through the delivery of electronic disclosures. When used, it builds confidence on the part of the borrower from the first moment they interact with our software.

Integrate documents tightly with your LOS for two-way data flow

Most document providers claim to provide a seamless integration with the lender’s LOS, but few actually offer it. Find out what support exists within the document provider’s shop specifically allocated to make sure its software works with that provided by your LOS provider. There should be a complete team available to handle integration issues with your current LOS provider.

Tight integration does more than just provide a seamless experience and data security. It can also provide event triggers that can be used by the lender’s legacy automation to trigger workflow events.

Use document system data to build data-driven workflows in the LOS

This is currently one of the most exciting opportunities available to lenders that work with the right document provider. There is a wealth of information captured during the document delivery and signing processes. When this information comes back into the LOS through a seamless connection, it can trigger workflows that save time, improve efficiency and increase overall customer satisfaction.

The most important of these data elements will tell the lender when the borrower looked at the documents; how long they spent reviewing them; and when they were executed. With this information, building data-driven workflow automation is much easier.

Work with a document vendor who can provide fully compliant doc sets

Lenders are encouraged to spend sufficient time upfront to fully vet their document provider. The lender must know and feel comfortable with how the documents are generated, secure in the knowledge that they are exactly what the investor hopes to see and that they meet all regulatory compliance requirements. Without this very high degree of confidence in the lender’s current document provider, the lender must conclude that they have chosen the wrong partner.

Find out more insights by downloading our new white paper today.