How To: Put Your Data to Work and Improve the Borrower Experience

How To: Put Your Data to Work and Improve the Borrower Experience


If you want to streamline the mortgage application process and generate more wins, you need a way to leverage your existing data to improve the borrower experience. An automated solution can help you:

  • Reduce the risk of error during manual data entry.
  • Build customer loyalty.
  • Increase borrower engagement and satisfaction.
  • Simplify and speed up the home lending application process.

Modern borrowers, especially millennials, want fast results, prompt answers, and seamless experiences. Automating your mortgage application experience helps you exceed those expectations, starting with sophisticated data pre-filling functionality.

Understanding the risks of manual data entry and data security

With every keystroke of your customers, the risk of costly errors grows. Mistyped data can lead to greater lag times when the errors are caught. When they go unnoticed, they can lead to compliance issues, or worse. And when mismanaged data is paired with the rising prevalence of cyberattacks, the results can be severe.

For example, in March of 2021, a mortgage lender was fined $1.5 million after an employee exposed sensitive customer application data to hackers. The lender never reported the cyber breach to customers for over two years.

Application data must be secure and correct at all times, or else, loan officers spend more time doing QA and admin tasks rather than completing productive, revenue-generating work.

While pre-fill data can’t combat the entire spectrum of human or computer error (and its many repercussions), it can speed up workflows and reduce instances of data entry mistakes.

How pre-fill capabilities enhance customer trust and loyalty

Often, borrowers in search of a mortgage will first turn to a financial institution with which they already have a relationship. After all, if they trust the organization with their savings, they’ll be likely to trust it with a home loan as well.

However, many lenders treat returning customers as if they’ve never met them before. When borrowers begin their online application, they often have to start from scratch. They’re asked to supply much of the same information they provided when they opened their checking or savings account. This can be disappointing to borrowers who expect their lender to know them and guide them through the cumbersome process of applying for a mortgage. 

Automated data pre-fill solves this problem. By pulling trusted data from a CIS, everyone wins. The borrower can quickly complete their application and the lender can trust that the information is accurate. 

How a thoughtful customer experience supports lender goals

Pre-filling the mortgage application with the borrower’s information sends a clear signal: We remember you. Like regulars walking into their favorite coffee shop, borrowers will feel valued. This keeps them in the sales funnel until they complete the application.

By putting your data to work for your organization, your customers win with a better experience — and you win more customers — one keystroke at a time.

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