Digital Mortgage Solutions have taken the lending world by storm. Mortgage Lenders are realizing that mortgage automation platforms are the way ahead to provide the best service to customers and beat the competition. This is also evident from surveys that indicate a consistent rise in Mortgage and Technology. We have discussed how mortgage process automation is transforming the mortgage industry in our previous blog. If you haven’t already joined the mortgage automation platform journey, this blog is here to change your mind. We will discuss specific use cases where digital mortgage solutions can enhance the process and experience for mortgage lenders.
Image 1 - Increase in Mortgage Technology Image Source: https://cbi-research-portal-uploads.s3.amazonaws.com/2017/11/27164254/Mortgage-tech-CBI-trend.png
Intuitive Digital Mortgage Solution
Digital Mortgage Solutions have advanced to a stage where they allow applications to communicate with each other without human intervention. This is done with APIs or Application Programming Interface. APIs are extremely flexible and enable mortgage lenders to innovate and build on existing processes without changing the current platform. APIs offer faster time to market for new solutions and products while keeping the experience seamless for mortgage lenders and customers alike. By partnering with Mortgage Automation Providers like inflooens, mortgage lenders can be sure of reliable, efficient, and secure service for their mortgage automation platform.
Mortgage lenders often use the services of third-party vendors to carry out some processes of the mortgage lifecycle. This includes tasks like employment and asset verifications, credit reports, tax returns, and appraisals. The information obtained needs to be entered manually by employees in the absence of digital mortgage solutions. This makes the process time-consuming, error-prone, and labor-intensive. What’s more, is that valuable resources are tied up in repetitive jobs that do not generate much business value.
What Mortage Automation Platforms do is take these processes and streamline interactions with third-party service providers. Mortgage Lenders can customize business rules for these processes as per their preference and leave the rest to the mortgage automation provider. The mortgage automation platform can then collect relevant information, read, and record information automatically. Payment and reconciliation processes can also be a part of these digital mortgage solutions.
Customer Service Chatbots
Customers today demand 24x7 service. For mortgage lenders having round the clock customer service provides the opportunity to capture leads and increase business. Most of the time gathering details of customers is a repetitive process because it involves the same questions. In this case, Customer Service Chatbots are an excellent solution, especially when they are a part of the Mortgage Automation Platform. Furthermore, any query that needs handling by customer service agents is redirected by the mortgage automation platform.
Digital Mortgage Solutions also help in automated scheduling of emails, lead generation and follow-up, and loan application process which enhances the customer experience and helps in reducing costs for the mortgage lender.
Image 2 - Interesting Facts about Chatbots
Mortgage Lender Quality Control
The mortgage lifecycle is composed of many tasks and workflows. It also involves different entities where information changes hands. Adding to that, mortgage lenders need to adhere to strict regulations and guidelines. Here quality control becomes a vital part of the process. Tasks such as ensuring the accuracy of documents related to application and underwriting, insurer compliance, legalities of the sales contract, and compliance with regulations need to be carried out with utmost care.
Conventionally, quality control reports need to be made and filed every month by the mortgage lender for purpose of audit. With Mortgage Automation Platforms, quality control and reporting is done in real-time. Digital Mortgage Solutions also have the ability to flag potential issues and extract relevant information from documents automatically, making mortgage lenders audit-ready at any time. This significantly reduces compliance costs and hassles for lenders.
We have discussed Mortgage Automation Platform and Mortgage Audits at length in our previous blog.
The list of use cases for mortgage automation platforms is quite varied and exhaustive and not limited to the examples discussed in this blog. There may be many digital mortgage solutions available in the market today. The need is for mortgage lenders to choose their mortgage automation provider with utmost care to ensure that they receive the best mortgage automation platform to fulfill their requirements and transition towards the era of digital mortgages.