It currently takes an average of 45 days to turn over a single home equity loan application. Applying technology to reduce this number would
allow lenders to process more home equity loans and HELOC applications in a given period with the same resources.
Considering that home equity loans and HELOCs produce revenue that is spread out over many years, driving higher volume is essential to business growth. Eliminating delays at every touchpoint within the lending process can also create more opportunities to satisfy customers and earn their loyalty.
Over time, engaged customers can generate more revenue as they continue to do business with lenders they trust. Loan officer productivity and customer retention are two of the many benefits a thoughtful digital lending platform provides. Please see below how a modern digital lending platform (DLP) can enable you to build better relationships with your home equity borrowers.
By adopting a thoughtful digital lending platform, you empower loan officers to process more home equity loans and HELOC applications faster. At the same time, you keep borrowers active throughout the entire lending process, reducing lag time and making the process more efficient.
As a greater number of borrowers engage with lenders through digital channels, lenders that can provide a modern experience will have more opportunities to grow their business. An efficient, intuitive application experience will delight and satisfy customers and help them achieve their long-term financial goals.
To learn more about how Roostify's digital home equity solutions can enable you to engage your home equity customers and support your loan officers, reach out to us today.