3 Ways Lenders Can Simplify the Borrower Experience

borrowers and the lending process

The mortgage process can be confusing and overwhelming for many home buyers. Lenders can help their borrowers by removing friction from this process and utilizing tools that simplify the experience and save them time.  Follow these steps to stand out from the competition with a quick and easy closing process.

1. Use pre-fill application data

Avoid abandoned applications early on in the process by integrating pre-fill data software that verifies details such as identity and assets. It reduces friction for customers, plus speeds up the application process and ultimately, the time it takes to close.

Operating costs also drop, as do the risks of mortgage fraud. The right software keeps you in compliance while simultaneously setting the stage for a streamlined application process for your borrowers.

2. Offer mobile digital document uploads

Younger home buyers likely do not have a printer at home and rely on external printing for documents that must be signed or submitted in hard copy. Lenders can integrate mobile apps specific to the mortgage industry that allow borrowers to scan their documents via their smartphone camera and upload them directly into your application portal.

Your processing team can even request scanned documents through the app, giving borrowers instant notification that their application needs additional information to move forward. Digitizing this process can shave off a significant portion of time to closing.

3. Reduce days to close with integrated HOI verification

Finding home insurance is another area that causes friction in the borrower experience. The more you can do on their behalf, the simpler the process will be; plus, you’ll be in the loop of where each applicant stands when it comes to home insurance.

Additionally, integrating Matic into your process facilitates an average 12% decrease in loan turn time. The verification of insurance process is also simplified; a Matic agent promptly reaches out to loan officers  to verify four pieces of information required to produce an EOI/DEC page.

Plus, Matic’s flexible technology solutions easily integrate into any technology stack and process. We already work with the most widely-known and utilized POS/LOS platforms and can customize a verification of insurance solution to fit your needs.

This is a preview of our report “4 Ways to Sharpen Your Competitive Edge in the Lending Process.” Click here to download the full guide.

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