These Digital Tools For Lenders Will Delight Your Customers
Reading time • 3 mins
By Matic
Mortgage lenders with the best digital tools have a competitive edge. Technology resources make the mortgage process easier and more convenient for the borrower. It allows them to communicate in the ways they want and check on their loan status at any time, even if it’s outside of business hours.
Here are four digital tools that position your company as a tech-savvy lender in the eyes of borrowers.
1. Automated asset verification
Offering faster approval times is a huge asset when looking for ways to differentiate your company from others; plus, it can decrease days to closing to improve your bottom line. Many companies offer digitized asset verification that streamlines a huge part of the mortgage application process: submitting account statements to verify income and assets.
Loan officers receive real-time data and confirm the borrower’s ability to make a down payment and afford monthly mortgage payments. At the same time, applicants simply log into their online accounts through a secure portal, instead of having to download and encrypt email files or send in paper copies.
2. E-signature documents
Many mortgage documents are time-sensitive and must be signed within 72 hours. Integrating a digital signature software gets disclosures and other forms directly in front of applicants quickly and securely.
This technology makes it simple to track the latest versions of documents and stay in compliance with the latest regulations. Plus, it simplifies record keeping and keeps your applicants’ personal and financial data safe and secure.
3. Appraisal workflow software
The appraisal process can slow down the time it takes to close, especially with appraisers busier than ever and hard to book (not to mention finish a report). Look for appraisal workflow software that streamlines the process so that everything in your loan officers’ control is completed quickly and efficiently.
Workflows automate things like creating an order and verifying vendors, ultimately reducing the number of days it takes to complete the appraisal process.
4. Built-in home insurance estimators
Getting a homeowners insurance policy is often overlooked by borrowers, resulting in a stressful, last-minute scramble before closing. Remove this burden by incorporating a home insurance estimator widget into your platform. Providing customers with digital tools like this will help them comparison shop, purchase insurance, and feel good about their buying experience. Matic provides the tools needed to integrate home insurance into your process.
Matic’s easy plug & play estimator adds a level of professionalism to your website while delivering content that actually adds value to your customer’s day. Borrowers can input their new address to get quick home insurance estimates plus a free quote from Matic’s carrier network.
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.
