The Role of Technology in Enhancing the Loan Processing Experience

From increasing speed to improving communication, mortgage tech can help drive your business forward.

In today’s increasingly digital landscape, technological tools have become nothing less than an expectation.

Per the 2018 Census, a staggering 92% of households within the United States owned at least one type of computer. That number is likely even higher today, as 90% of Americans now own their own smartphone as well.

Consumers are using those devices to purchase groceries online, visit doctors’ offices online, and even browse or buy homes (sometimes completely sight unseen) online! In other words, your current and potential clients now expect the many businesses they patronize to meet them where they’re at—within the technological landscape.

The loan processing experience is no exception. In fact, in an industry that is traditionally slower to adapt, like home financing, taking to technology quickly and efficiently could come across as especially impressive. That’s right, it might just help you stand out from the competition, better serve your clients, and maybe even win more business.

Not quite sold yet? Let’s take a closer look at the role of technology in enhancing the loan processing experience today:

• Improving speed of processing
• Tracking a loan’s status
• Promoting better communication
• Streamlining the numerous steps in processing a loan

Improving Speed

When it comes to closing loans, speed is everything.

In fact, according to ICE Mortgage Technology’s 2024 Borrower Insights Survey, closing faster is one of the top three concerns for clients all across the nation. Moving clients from first contact to close even a little bit faster could potentially mean better reviews, repeat business, or even incredibly valuable referral business.

Mortgage tech tools can help you improve speed by clarifying your processes, organizing and storing files, and providing a portal for all parties in your pocket, available 24/7. This means no more playing phone tag or relying on sluggish scanners! Whether you need to get a message to a borrower immediately or a client needs to upload a document, tasks can be completed that much faster.

Tracking the Process

In the same vein, technological tools make it far simpler to track and chart your work.

Staying organized throughout the loan processing experience is critical, and technology can help ensure nothing slips through the cracks. A clean, user-friendly dashboard can help both you and the borrower ultimately stay on track.

You might also consider a tool with advanced analytics and loan milestone reporting capabilities. This way, you’ll have valuable insight that you can both personally analyze and share with the client at each and every turn. This deep knowledge of the process can help demonstrate your insight into your processes, show off your expertise, and ultimately improve the client experience.

Promoting Better Communication

Gone are the days of last-minute or late-night business calls! With a little help from technology, you can significantly improve your communication while seriously cutting down on time and effort investment.

Did you know that poor communication can increase stress and decrease productivity? One missed message or slow response could mean the difference between a three-star review and a five-star one. That’s why it’s so important to get this just right.

When it comes to communication, you might consider a tool including:

• AI tools, for content generation or customer support
• Templated messages
• Secure message centers
• Automation capabilities
• Customer relationship management (CRM) features

You might need to explore a few different tools to find everything you need, but these features can be a big help, whether you’re communicating with processors or borrowers.

Streamlining Each Step

Today’s technology can also help make the loan processing experience easier and clearer.

Keep in mind that, while you might know home financing like the back of your hand, this process can be confusing or downright intimidating for plenty of clients. That’s where an intelligent, intuitive borrower platform comes into play.

Look for software with an easy-to-use dashboard, a strong customer support network, and maybe even a video tutorial or live demo. If you want to go above and beyond, you could record a walkthrough yourself, or provide branded guides on best utilizing your tech tool of choice.

Wrapping Up: Utilizing Tech to Enhance the Loan Processing Experience

Loan processing can be incredibly complex, but, as you know, it’s also essential. Combined, these factors make it an ideal candidate for technological innovation.

Whether you choose to explore improving speed or work on bolstering communication, mortgage processing tech can help drive your business forward.

To find the best fit, start by analyzing your needs, researching relevant options, and reaching out. Then, sitting down for a live demo can help you get a feel for the tool, allow you to ask questions, and invite you to explore all the possibilities.

And if you still need some time to think about how best to adopt this kind of tech? Don’t worry, we’ll be here to help you every step of the way.

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