Close more loans with one simple change

Close more loans with one simple change


Everywhere you look these days, businesses are putting more power into consumers’ hands through intuitive technologies. From ride-sharing services to retail shopping, consumers are in control. They get to decide what they want, how they want it, and when they get it. 

It’s now possible to integrate your Automated Underwriting System (AUS) with your Digital Lending Platform (DLP) and empower your consumers to drive their application all the way through to a conditional-approval letter. This reflects the broader trend of consumer-centric offerings, especially in the financial industry.

This trend has already spread across much of the financial industry. Customers are in control of where they open new accounts, how they send money to businesses and individuals, and much more. Mortgage lending has been relatively slow to adopt these modern trends because it is a heavily regulated sector. With modernization initiatives such as the redesigned Uniform Residential Loan Application (URLA), that is also changing.

Automation is the new standard

In light of the coronavirus crisis, it is clear that mortgage lenders need robust digital solutions to maintain business continuity. Before the COVID-19 pandemic, only about 7% of U.S. private-sector employees had the option to work from home, according to the World Economic Forum. Data from Statista estimates that the number rose to over 20% in April 2020. This affects not only your loan officers and your consumers and how the market prefers to do business in general.

Given that a digital solution is now more critical than ever, loan officers need to communicate with consumers to close loans. When it’s not possible to meet in person, email and telephone communications can quickly become confused. DLPs provide a single source of information to ensure consumers are always aware of their next step. No missed emails, and no more “phone tag.” 

Automated underwriting solutions take these conveniences a step further. Consumers can actively move forward in the mortgage process without input from a loan officer. This makes consumers feel more in control of their experience, which is especially important in a world where so much feels outside of an individual’s influence.

Mortgage consumers expect an intuitive digital lending experience

A 2018 report from PwC revealed that mortgage consumers share several frustrations with the lending process:

  • 32% find the process of getting a pre-approval letter to be complicated. 

  • 42% have trouble knowing which documents they need to provide.

  • 41% struggle to understand the status of their application.

  • 32% have difficulty getting in touch with their loan officer.

Without a DLP, lenders have few ways to reduce or eliminate these frustrations. Many loan officers already struggle to service and close all the loans in their pipeline each month. Dedicating more resources to customer service will only slow down that process and make it more challenging to generate new leads. 

A radical change is needed to overcome the hurdle of consumer satisfaction. It’s time for lenders to move away from the tangle of disparate technologies and move toward a more automated, cohesive, and integrated platform. Automation will help consumers to move forward even when external factors slow processes. 

Empowered consumers benefit loan officer productivity

DLPs place more power in the hands of consumers. An integrated DLP allows potential consumers to generate their own pre-approval letter in 30 minutes or less. Rather than waiting days to hear back from a loan officer, consumers can get the information they need immediately and make an offer on their dream home.

This benefits loan officers by giving them highly qualified leads that are likely to convert to closed loans. When a potential consumer generates a pre-approval letter, he or she rises to the top of the loan officer’s list. Using the consumer’s preferred communication channel, the loan officer can easily reach out and move the loan to the next stage. This saves everyone time and gives loan officers the ability to focus on quality leads that generate business.

As digital mortgages become the new standard, consumer experience will be one of the only things that differentiate one lender from another in consumers’ eyes.


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