All mortgage companies are looking for an end-to-end digital mortgage solution that will create a simplified customer experience, but most companies find themselves trying to navigate a sea of choices when it comes to LOS, POS, CRM and technology solutions requiring integrations that cost considerable time and money.
What would an ideal mortech solution look like? Likely, it would tackle many of the most important questions that mortgage executives are asking right now.
How are customers saving for their home and understanding their credit score?
This is where banks have an advantage. By having the data about savings accounts or creating a goal-centered savings plan specifically for the homebuyer, accessible account management is key. If the buyer has an incentive — like owning a home — with a personalized or gamified guide to planning their finances to achieve the goal, that could be a big win.
So too it is with credit scoring websites. While there are many advantages to knowing your score, information about raising the credit is incredibly valuable for a mortgage company to provide.
If a mortgage company knows the goal, how can it manage the expectations of the buyer before pre-approval?
When properly built, a consumer-facing portal should provide everything a potential homebuyer would need to make educated decisions about their finances. That would include any information about their current mortgage, such as payment, amortization schedule and current payoff amount. Additionally, a real-time refinance calculation would be incredibly valuable.
If their savings and checking accounts (along with their overall financial portfolio, if possible) are displayed along with the goals listed above, and calculations of possible mortgage scenarios are offered, that could be a game-changer. Real-time rates and loan scenarios with calculations of payment would be a win as well.
For first-time homebuyers, this is the perfect place for education about how to buy a home. Home-readiness quizzes, videos, a chat-with-an-expert button and a chatbot built to intelligently offer up typical FAQs would allow for opting in to learn more at their own pace.
The ability to ask questions if they so desire is going to be important. Consumers want to move at their own pace and explore their options on their own time but having calls to action for immediate pre-approvals or scheduling an online video chat with an LO is key. Instant access to most banking data should make this an easy review.
How do you streamline and simplify the mortgage application?
Many POS solutions are offering easier than ever application processes for the buyer. Using guided application windows with one task at a time, these solutions could be personalized to specific buyers based on the data already collected.
Co-borrowers or other interested parties should have access to the portal, but the customer should be able to choose the content that is visible.
How do you streamline the loan process?
Automated and gamified “homework” lists are invaluable. With credit score, financial accounts and background of the customer already available, tasks such as tax returns should be easy to upload via mobile phone. Of critical importance are ease of uploading needed documents and storage of those documents for future purchases and refinances.
The customer should then have an easy tracking solution for the loan as it passes through the mortgage stages, and the customer should be pinged at their specified communication choice if more is needed.
Disclosures should be easily downloaded and e-signed, and e-closing should be available.
Pieces and parts of the solution are available now but tying them together into a cohesive mortech solution is just one of the ways that Intent is helping mortgage companies envision the future of lending.