One of the most competitive aspects of the mortgage sector is the customer experience. Many tech startups have noticed this and begun to capitalize on solidifying that client relationship. These CRMs and mortgage marketing softwares help build a more solid borrower experience. In turn we will stir up some great word of mouth business keeping our company thriving despite rising mortgage rates.
The current consumer is exceptionally discerning due to the current rates and uncertain housing market. There are some very key ways that a company operating within the sector can tweak their approach in the current housing climate. On the other hand, the increase in software among lenders has led to an increase in digital lenders. These online companies are very attractive to the next generation of borrowers. This direct competition is also pushing lenders to pay even more attention to the management of their client relationships. Paying attention to transparency and communication with our client base can expedite our ability to get new leads.
During the transaction it is essential to be exceptionally transparent about what is going on in the process. The loan origination process is a huge mystery to the average consumer. Being transparent during the process will make those who aren’t as ‘in the know’ regarding mortgage to still feel in control. The borrower will not only appreciate it, it will also vastly improve their experience. There are offers of mobile apps that keep borrowers in the loop with the current spot in their loan process. Some softwares offer dashboards or other self-servicing options that allow us to notify the borrowers at specific times during the process. These softwares are fantastic for building beneficial word of mouth in an industry that has taken a bit of a pause.
We live in the ‘I want it now’ era. A time when we can order food with an app and find directions with a click. That is why full access to loan data will help build a positive rapport with borrowers. Give customers full access to pricing and product information whenever they want. This can be done with a password protected online database. It is also wise to add the ability to talk to a customer service rep on the website at least during business hours. Providing full access gives borrowers the ability to take a wide angled view of their own loan information so that there are little to no surprises in the origination process.
What softwares also provide to mortgage and finance companies is compliance assurance. Many of these startups are compliant with the Consumer Financial Protection Bureau (CFPB). This is sort of a nice reassurance that our company is compliant with CFPB. Meeting these regulatory needs is not only necessary but a nice backup for mortgage companies.
With newer technology the mortgage industry has the ability to improve their efficiency and word of mouth business. These new softwares can have a superb effect on business in the sector if we’re discerning enough in choosing which is right for us.