In this article, we’ll look at four mobile technology “must-haves” helping lenders to streamline consumer experiences, improve workflow efficiencies, enhance partner collaboration, and ultimately execute successful digital mortgage strategies.
1. Consumers expect modern convenience, and a downloadable mobile app is a must.
Mobile phones have altered how everyday people engage in traditional activities, and it’s clear that mobile is quickly becoming the preferred channel for influencing financial decisions. Lenders can capitalize on this evolution by leveraging mobile technology to create new opportunities for borrower engagement in the homeownership journey, as most lenders tend to only focus on the ‘getting a loan’ stage and potentially miss other vital steps of consumer engagement. A 2019 report from Pricewaterhouse Coopers (PwC) found that almost six in ten recent homebuyers (58%) and more than half of prospective homebuyers (53%) turned to a lender to help develop a budget. Lenders can utilize a downloadable mobile app to capitalize on the engagement opportunities that arise before the application stage. This type of mobile engagement strategy allows lenders to establish themselves as trusted advisors much earlier in the home buying journey.
A mobile app also capitalizes on evolving consumer expectations around modern convenience. A recent study by Raydiant found convenience was the second most important consideration for consumers when determining purchase decisions. Lenders can put far richer features focused on convenience in the hands of borrowers through app development, creating the intuitive purchase experience consumers have come to expect in the homeownership journey.
Beyond convenience, borrowers want something else—transparency and speed. Customers want accurate and transparent information on pricing, tasks, and real-time status updates throughout the approval process. In one consumer study by Accenture, 36% of borrowers cited that it took over 24 hours to receive an acknowledgment that the lender had received their application. Lenders can improve communication speed by leveraging mobile app features to put the borrower at ease and give insight into their loan progress. When lenders focus on addressing consumer preferences in their mobile app features, they can better deliver best-in-class customer experiences.
2. Mobile technology enabling loan officer productivity outside the office is a must.
The borrower’s experience is not the only consideration when evaluating the merits of integrated mobile technology. Lenders should also assess the benefits mobile solutions can deliver to stakeholders on the operations side. A mobile-first platform that unites all the different pieces of technology needed by loan officers will allow these professionals more flexibility when it comes to acting on a loan away from the office. Bi-directional integration with the lender’s loan origination system (LOS) means loan officers can use mobile toolsets to get pricing, send pre-qual letters, sign disclosures, and deliver automated push notifications.
Lenders are also utilizing features such as auto-generated dynamic checklists in the mobile app, tailored to the individual borrower. This helps the loan officer reduce the manual attention required to move more deals forward. An integrated mobile origination platform unites a loan officer’s tech stack to improve their productivity, allowing them to act on a loan from anywhere and better serve the borrower at a moment’s notice.
3. Leveraging mobile technology to enhance referral partnerships is a must.
It is crucial for lenders to develop a long-term business strategy, and the most successful originators understand that longevity in the industry comes with your ability to build and sustain a strong referral network. According to STRATMOR, 87% of borrowers make a lender decision based on a referral or existing relationship. Yet, simply knowing the value of referral partnerships is not the same as successfully executing a plan with key individuals such as real estate professionals.
Mobile technology is enabling lenders to implement and scale referral outreach strategies in new ways. Co-branding a mobile app with partners effectively ties all stakeholders together during the loan transaction. Lenders can also automatically deliver loan milestone notifications to partners for increased transparency throughout the loan process, and built-in fulfillment ensures time-sensitive demands are met. A robust mobile platform that includes referral partner components will enable loan officers to forge long-lasting and productive relationships with their real estate partners.
4. A closing workflow with remote-ready mobile capabilities is a must.
Digital mortgage technology has managed to permeate throughout most of the mortgage process the past several years, and many lenders are now looking to the technology for remote closing workflows. A national study by STRATMOR/ClosingCorp showed that going forward, 82% of recent homeowners said they preferred e-signing documents before closing. Additionally, more than two-thirds of borrowers said that they would select remote closings over in-person in the future.
Newly introduced remote online notarization (RON) workflows and mobile e-sign functionality can ensure increased customer satisfaction, enhanced workflow tracking, and lower operational costs than traditional in-person paper closings. These closing capabilities mark the final bridge to delivering a truly end-to-end digital mortgage experience.
From delivering on evolving consumer expectations to improving operational efficiency, mobile toolsets are giving lenders “must-have” strategic advantages and are in turn reshaping the mortgage technology landscape. nCino’s Mortgage Suite has both practical and profitable applications for lenders by utilizing a mobile app to automate loan processing and closing, deliver modern customer convenience, surface data insights, and simplify incentive compensation management. Learn more about nCino’s Mortgage Suite to see how our solutions can help you.
