Applying for a mortgage can be a daunting experience. From collecting and organizing paperwork to completing lengthy application forms, the process can be time-consuming, stressful, and prone to errors.
With the help of the right digital mortgage experience and a point-of-sale (POS) solution, however, the mortgage application process can be streamlined and simplified for the customer or member, real estate professional, loan officer, title and settlement partner.
Keep reading to learn five reasons innovative financial institutions are choosing a digital mortgage solution with a built-in point-of-sale solution to modernize the home lending experience:
Power lending experiences with a user-friendly interface.
One of the biggest advantages of a digital mortgage experience combined with a point-of-sale solution is the user-friendly interface. With one login, each stage of the mortgage transaction is streamlined across all stages of the journey. The right solution simplifies application processes and provides customers with a simple, easy-to-navigate workflow that guides them through the application process step-by-step. It also empowers real estate agents and lenders to provide pre-approval letters at their office, or more conveniently through a mobile device. This ensures customers provide all the necessary information and reach key milestones, and it makes the application process less intimidating and more accessible. The right solution must also make the experience just as simple and seamless for customers that prefer to work directly with their loan officer. With a native mobile experience, customers can apply for a mortgage, receive approval, and close on their home, all from the convenience of a mobile device.
Drive efficiencies with faster application processing.
A digital mortgage experience with a point-of-sale solution can speed up the application process significantly and improve cycle time average. The right solution can accelerate application processes and shorten the wait time for approvals. A digital mortgage solution can help lenders with data driven, real-time insights into their business performance, enabling them to better measure and manage their operations. By collecting all the necessary information and income documents upfront, customers can avoid delays and reduce the time required to process their application. This can be especially beneficial for customers who need to move quickly, such as those who are purchasing a home in a competitive real estate market.
Simplify disparate point systems and improve accuracy.
Finding a seamless, end-to-end platform that offers one login from pre-application through post-closing is an efficient and effective way to simplify the home lending progress. Digital mortgage experiences with a point-of-sale solution can help improve the accuracy of the application process. By collecting information and documents electronically, borrowers can avoid errors and omissions that are common with paper-based applications. This can help with application volumes and ensure that the application is complete and accurate, reducing the risk of delays and rejections. The right solution also needs to support initial disclosures, hybrid closings, fully digital closings with eNote and eVault capabilities, remote online notarization, and traditional paper-based closings.
Remain relevant with real-time updates.
A digital mortgage experience with a point-of-sale solution provides customers with real-time updates on the status of their application, and the flexibility to leverage technology in a way that is most convenient and comfortable to them. They can log in to the system with a single sign-on at any time to check the progress of their application, view any outstanding items and communicate with their lender or loan officer. This can help customers stay informed and reduce anxiety during the application process, as well as streamline loan closing. These types of modern, digital experiences and engagement are critical for lenders to capture leads and turn shoppers into loan applicants.
Stand out from the competition with a seamless experience for all.
Enhancing mortgage production models and existing workflows through industry-leading integrations can help increase operational efficiency for lenders. It also empowers real estate partners and customers with real-time updates and transparent communication, reducing delays and errors at a time when every second counts. By creating a seamless application process, lenders can impress customers, improve margins, and build trust and credibility with their partners. This translates to more repeat business and referrals, a seamless employee experience and the ability to eliminate manual and redundant efforts.
Maximize Your Technology Investment
With the right strategy and attention to detail, lenders can find a vendor that checks all these boxes. By simplifying the application process with an intuitive interface, increasing efficiency and accuracy, providing timely updates, and supporting the right digital mortgage experience, the right solution will modernize the home lending journey for the future.
Don’t settle for a stressful and complex process. Instead, learn how the nCino Mortgage Suite can transform your business by scheduling your demo today.
