The Challenges Facing Lenders Today

The Challenges Facing Lenders Today

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What are borrower’s looking for? A recent study produced by Wells Fargo & Company found a few answers. It found that, while more than two-thirds of Americans think it is a good time to buy a home, many are reluctant for two reasons. First, potential borrowers are afraid of not qualifying for a mortgage. Second, they are concerned that navigating the home buying process will be difficult.

While these concerns shouldn’t come to anyone as a surprise, one truth is emerging clearly: consumers will be won or lost based on how easy lenders make it to engage with them. If the key to a successful mortgage experience is a smooth and efficient process, then the successful lender of tomorrow must recognize the need to reinvent that process — and it begins with a reevaluation of mortgage technology.

To give borrowers an experience that allows them to engage wherever they are and on whatever device they want, several challenges must be overcome. In this blog, you’ll read four challenges from our new eBook, “From Front to Back: Integrating Your LOS with the Home-Buying Experience.”

Lender Challenges

1. Technology must be effectively leveraged in order to improve client communication.

The assembly and delivery of documents to consumers needs to be automated. Consumers need to be able to sign those documents electronically and upload their own. They need messaging capabilities to be able to ask questions and get answers.

2. All parties involved have to have the most up-to-date information.

Lenders, borrowers and real estate agents need the latest information available in order to move the process forward efficiently. Passing information back and forth has never been the answer. Online portals allow everyone involved to see and share the necessary documents. They also offer the capability to exclude groups of users when that is appropriate.

3. Platforms must be mobile-friendly.

How engrained is the Internet as a tool in home buying? The National Association of Realtors says that 92 percent of buyers use it in some way in their home buying process. Half of buyers, the group says, use a mobile device or application. Mobile-friendly platforms also help lenders, freeing them to take and manage applications using tablets.

4. Improve efficiency and transparency while reducing data entry.

The pitfalls of manual systems are well known; and errors, costs and lost time are just the start. The challenge for lenders is to do more for borrowers while remaining committed to reducing data entry.

These challenges are not easy to overcome. They must be met by a platform that improves communication to all parties, provides the most up-to-date information, delivers content to any mobile device, and does all of that while reducing data entry. Ideally, lenders should experience this platform inside of the loan origination software to avoid additional third-party vendors.

(Re)-Introducing MortgageCenter

MortgageDashboard’s MortgageCenter, formally known as Check My Loan Status, meets these challenges — and more. Built as an extension inside of MortgageDashboard, MortgageCenter is lightweight, simple and always organized. It serves as your borrower’s complete loan portal, and notifies your borrowers anytime the status of a loan file changes or conditions to close are added. A mobile-friendly application, it contains a complete 1003 and serves as a single reference point for any document.

Learn how to reinvent the mortgage process

In our new eBook, “From Front to Back: Integrating Your LOS with the Home-Buying Experience” author Jorge Sauri explains the advantages of a point-of-sale loan portal integrated into an existing loan origination system. Identifying and addressing the challenges of modern mortgage technology, From Front to Back explains how loan officers can leverage themselves through technology in order to create a better consumer experience and maintain a strong competitive advantage. Download today and discover how to help borrowers overcome the fear of navigating the home-buying process.

Download eBook

About Jorge Sauri, CTO

Introduced in 2001 as the first product to market, Jorge Sauri founded MortgageDashboard with the sole purpose of developing the very best-of-breed cloud-based mortgage loan origination software. Built on a Software as a Service (SaaS) platform, MortgageDashboard is an end-to-end solution spanning loan origination and business processes to automated compliance alerts and point-of-sale loan applications.

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