The Importance of a Timely Mortgage Process in Today’s Market

Help your clients sail through the mortgage loan process.

In today’s mortgage market, borrowers are interested in speed more than anything else. In fact, ICE Mortgage Technology’s 2024 Borrower Insights Survey recently found that borrowers’ very top concerns included keeping costs down, having an exceptional experience, and closing faster.

And it makes sense. In today’s highly competitive market, placing an offer quickly could be the key to finally achieving homeownership. But being late to the game, on the other hand? That probably means going back to the drawing board. Plus, by acting fast, buyers might just avoid a nasty bidding war and secure their dream home with little to no drama.

That’s where you come in.

Mortgage professionals with all the right systems in place can ensure a fast, efficient process. As such, they should become more in demand as prices continue to rise and inventory continues to shrink.

So, here’s everything you need to know to increase your speed, differentiate yourself, and ultimately win more business:

Understanding the Importance of a Timely Mortgage Process

In today’s mortgage market, speed is everything.

A few key trends are emerging that will continue to push mortgage professionals to work faster and more efficiently.

These include:

• Climbing home prices
• Rising rental rates
• Dwindling inventory

Let’s explore each one in greater detail, so you can help your clients win the race to homeownership.

Climbing Home Prices

The home your client wants today could very well jump in price tomorrow.

Of course, this is a bit of an extreme example. But the point remains: the faster you can get to closing day, the more your clients could potentially stand to save.

Average home price hit a record high in May 2024—$419,300. And they’re only expected to keep on climbing.

Rising Rental Rates

If your clients are renters, they’re probably spending more money each year to live in the very same space. For example, in May, rental rates rose 3.4% year-over-year.

Each month that would-be buyers put off homeownership is another rent payment that could have gone toward an asset of their very own.

Dwindling Inventory

Let’s say your clients ideally want a four-bedroom home to accommodate the kids and a yard for the dog. Depending on your market and their budget, they might be limited to a handful of homes right off the bat.

Now, imagine they find a home they believe to be “the one.” But it’s promptly scooped up while you’re taking a few days to put together a checklist of necessary documents for them.

With a quick, hyper-efficient process, they may have stood a better chance.

Tips for Improving Your Speed

So, how do you manage the market and get your clients to closing day even faster?

Here are some of our top tips for a timely mortgage process:

Prioritizing Communication

Clear, frequent communication is one key to a smooth, efficient mortgage process.

Best practices include:

• Determining the client’s preferred method of communication. Are they more likely to respond to texts, phone calls, or emails? Ask early in the process, make a note, and stick to their preferences.
• Checking in often. Share each new piece of information, no matter how small. Clients who remain in the know are better poised to make quicker decisions.
• Practicing active listening. Remember, communication is a two-way street. Modeling and practicing solid communication can cut down on misunderstandings and foster efficiency.

Streamlining Systems

It’s no secret the mortgage process can be complicated. That might be especially true from the borrower’s perspective.

That’s why you need a smooth and efficient system for each loan.

Consider templatizing evergreen materials so you don’t have to reinvent the wheel each time you need a checklist of mortgage documents. You can templatize any of these frequently used materials like handouts, email reminders, and text prompts to almost instantly increase your speed.

Investing in Tech

Today, there are plenty of powerful tech tools to help you increase speed and efficiency.

Some of the top tech might include a borrower dashboard to improve communication, customer relationship management (CRM) capabilities to seamlessly track each loan and report on milestones, and advanced workflows designed to facilitate a stress-free borrower and broker experience.

Basically, invest in tech and watch your speed and efficiency fly.

Prioritizing a Timely Mortgage Process in Today’s Market

In today’s mortgage market, speed is essential. And not only is it what borrowers want, but it’s also an opportunity to differentiate yourself and win more business.

By prioritizing speed and efficiency, you can treat your clients to a timely mortgage process and increase their odds of finally achieving homeownership. You can also sharpen your professional skills and level up your business. Talk about a win-win!

 So, are you prepared to participate in this all-important race? Ready, set, go…

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