How To: Keep Borrowers Engaged During the Online Application

How To: Keep Borrowers Engaged During the Online Application


Until they hit that submit button, keeping online mortgage applicants in the sales funnel should be your primary goal. However, current digital mortgage processes may not be enough to keep a potential borrower from being completely engaged during the primary application stage.

A survey conducted by McKinsey found that reassurance, transparency, simplicity, and speed are the most important aspects for a customer during their mortgage journey. When borrowers come across roadblocks like difficult terminology or complicated concepts in their mortgage that disrupt their application, they may become distracted from the process. 

Additionally, what happens when those people open up a new browser tab to look for information? They may find the answers they need relatively quickly — but they’ll also be exposed to advertisements from your competitors.

Application pre-fill features, like the type the Roostify offers, reduce this risk by keeping borrowers focused on their application until it’s completed. Contextual help within the application can answer commonly asked borrower questions for them — reducing the likelihood that your borrower will click away to look something up. Provide your customers with clear next steps by keeping their online mortgage experience streamlined and straightforward.

How does application pre-fill work?

Application pre-fill allows you to leverage your existing customer relationships by utilizing trusted data already within your customer information system. 

Often, borrowers looking for a mortgage will turn to the financial institution with which they already do business. For instance, they may have a checking or savings account with the lender. 

Traditionally, when these borrowers open an online application, they are treated as strangers. They’re required to re-submit data the lender already has on file.

Pre-fill acknowledges existing relationships and makes the application process simpler for returning customers. For example, pre-fill functionality can securely pull in data such as:

  • Borrower names
  • Mailing addresses
  • Contact information

Of course, it’s important that borrowers understand where this information is coming from and how it’s being used. As part of the broader experience of using a digital lending platform, pre-fill features contribute to higher rates of customer engagement and satisfaction.

Prevent customers from going rate shopping

The start of your application should be the end of the borrower’s price shopping, but that’s not always the case. When borrowers get confused or frustrated — such as when they don’t have all the information they need — they may return to shopping for rates and forget all about your application. Pre-fill keeps customers moving forward and discourages mid-application shopping.

A digital lending platform should be more than just an online lead capture form. Modern borrowers expect seamless, consumer-grade digital experiences. 

Want to prevent customers from rate shopping? Get in touch with Roostify today.


Roostify's Google Cloud mortgage tech partnership begins to bear fruit

Smarter lending made simple

Request a Demo