While mortgage tech has helped streamline many aspects of origination, there’s a massive disconnect that nearly all tech stacks are neglecting, and it’s causing you to bleed thousands in potential revenue.

Allow us to explain. 

Most mortgage technology is focused on the compliance side of the transaction —that’s where components like automation and integrations take front and center, and for good reason. Modernizing lending is long overdue, and strides made in recent years to advance mortgage tech and regulations have been an insurmountable win. 

Mortgage Tools that WOW

But can you recall the last time compliant-focused software like your LOS helped initiate a loan?

Do you know which facets of your LOS encourage the borrower to keep up the momentum and complete the application?

As you might have guessed, no aspect of an LOS or other compliant-focused tech helps sell loans.

In fact, digitizing the intake process has actually made it more challenging for the consumer!

Here’s why –

Your prospects don’t care about compliance. All they want is to get approved for a loan they can afford in the most straightforward and enjoyable way possible. 

Obviously, compliance 100% matters to your business, but when it comes to your clients, relying on compliance-focused mortgage tech rather than customer-centric will make you lose every time. 

An LOS is an enabler but is not a complete intake solution. 

A recent study demonstrates this idea clearly. When consumers were asked what factor most positively influenced their interaction with a business, only 32% specifically mentioned technology (PwC, 2018).

In contrast, nearly 50% pointed directly to experience as the most important and influential factor. That’s not to say that technology doesn’t matter, but rather it points to how crucial the experience with the technology is –because THAT’S what they value the most. Experience, not functionality.

Furthermore, this study revealed that you have few chances to get it right. 59% of consumers said they would walk away from a business after several bad experiences, while 17% said they would leave after just one bad experience!

And in an industry where your services are needed once every seven to ten years, losing them now could mean losing them forever!

Can you afford to lose over half of your prospective borrowers?? 

Of course not! No one can afford to lose clients. But that’s precisely what happens when you entrust your revenue to an application focused more on compliance rather than conversions.

Your All-In-One Customer-Facing Tech Stack

Customer-Centric Mortgage Tech is EVERYTHING To Your Business

When it comes to converting website visitors into borrowers, customer-centric technology and how it’s implemented in the borrower’s journey play a crucial role. But what exactly makes tech “customer-centric,” and why is it so crucial for selling more loans? 

Simply put, customer-centric mortgage technology places the customer at the center of the intake operation. It engages and involves the customer at multiple touchpoints to unburden them from the mechanics of origination while empowering and motivating them to complete the necessary tasks. 

It also fosters a positive experience throughout the journey –from first discovering your brand to considering your service to starting an application to finally completing it –and maps out a path that significantly increases conversion rates and grows your business by creating loyal clientele.

Are you forcing a process on your clients or making it easy for them to send you a loan?

Nearly 50% of consumers will abandon their mortgage application, and friction from a compliance-focused application is likely the reason. Check out the main culprits of high application abandon rates:

• Consumer is confused by the process and is unable to find assistance
• Consumer is overwhelmed by the requirements
• Consumer doesn’t understand the terms or requirements
• Poor user experience from inferior application design and/or technical problems

Burdening your clients with a compliance-focused app because “it gets the job done” completely ignores your client’s needs. And without a client, is there even a loan? 

If your LOS is compliance-focused, what helps your loan officers sell more loans?

Competing solely on rates or products will only take you so far. The rest lies in your unique value proposition and the borrower journey you create with your customer-centric tech. This is the battleground for communicating your competitive advantage and how your loan officers will sell loans!

How does your client-facing technology match up with the big-box lenders?

If you’re using a traditional compliance-focused intake, you’re essentially holding the door open for your prospect to walk out and choose a big-box lender. 

Never forget that being a pioneer isn’t the only reason that Rocket Mortgage surpassed mega lenders like Wells Fargo and JP Morgan. It was also their keen awareness that the customer’s online experience was how they would win over the consumer.

The same rings true for you. Even more so!

Not only has Rocket Mortgage climbed to the top of the heap to the tune of $340 billion in originated loans a year, but they’ve also revolutionized consumers’ expectations of how online lending should be.

And the boom of online shopping only reinforces this expectation! Anything less than a positive and intuitive online borrower journey is trash. 

Now more than ever, a positive borrower experience with customer-centric tech is mandatory for a successful mortgage business. 

LenderHomePage has the technology and resources to help you quickly shift your business to a customer-centric model that engages prospects from the first touch, enhances their interactions with your company, encourages high conversion rates, and wins them over to become advocates for your services. 

Explore our website and learn more about how we help you captivate prospects and maintain motivation until the loan and loyalty are yours.

Get that WOW Experience NOW

Real estate referrals will always be one of the most promising ways to get hot leads. Learn how to score loads high- quality referrals from a wide range of resources.

12 Ways to Get More Real Estate Referrals Now is just one of many great real estate strategies on The Spark

You’ve no doubt heard a lot about ChatGPT. But what exactly is it?

ChatGPT is an AI-powered writing tool that reproduces human communication. Mortgage lenders can leverage this tool to connect and communicate with potential clients. Here’s why you should consider mortgage CRM software that integrates with ChatGPT.

Provide an Interactive Chat Feature

Why do most first-time visitors come to your website? Chances are that they’re looking for information. They’re armed with questions. How quickly can you provide the answers? Faster than ever, thanks to ChatGPT.

Most of the news about the application has revolved around concerns of college plagiarism. But ChatGPT can do more than compose term papers. ChatGPT can integrate with your mortgage CRM software to provide real-time interaction.

Here’s how it works: users come to your website, where they receive a prompt to ask questions in a chat window. They submit their inquiries, and the AI-powered program provides immediate answers. Web visitors receive instant information, and you snag a new lead.

Summarize Complex Ideas

Face it — the mortgage industry is unfamiliar territory for most borrowers. ChatGPT can help. The advanced AI can digest complex information, then spit out a summary.

These summaries might be helpful when answering borrower questions via email. They might also function as a “cheat sheet” for the rest of your team. Most importantly, they can give your borrowers greater confidence. That might encourage them to stick with you throughout their real estate journey.

Create Social Media Content

Staying active on social media can be challenging. Many lenders struggle to decide what to post. ChatGPT can function as a great assistant.

For example, you might ask ChatGPT to provide ten posts on a particular subject. This can help you work on your wording and deliver compelling social media posts.

ChatGPT can also help you create posts unique to each social media channel. That way, you’ll maintain continuity across your social media channels, enhancing your presence and brand image.

Write Compelling Video Scripts

Lenders rely on video to engage new borrowers, but putting your thoughts into words can be challenging, not for ChatGPT.

You can dictate your ideas to the AI-powered program, which will polish your words into a final script. Even your ramblings can be refined into something useful. Once your script is written, you can edit, rehearse, and record it.

Compose Blog Content

ChatGPT can be used to create blog content optimized for today’s search engines.

But be careful. It’s unclear how Google will adapt to content written by AI software. It could hurt your page rankings in the long term.

Besides, a post written by ChatGPT will never reflect your passion or goals like you can. Using ChatGPT to generate content is possible, but it’s an option that’s best used sparingly.

Find the Right Mortgage CRM Software

To use ChatGPT, you’ll first need an account with OpenAI, the company that produced the software. You’ll also need a customer relationship management (CRM) provider that allows integrations.

The BNTouch platform empowers you to do more in your lending business.

Schedule a demo to see our advanced features in action.

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GSEs Fannie Mae and Freddie Mac announced that all new conventional loans will now require a Supplement Consumer Information Form (SCIF). The deadline to remain compliant is March 1, 2023.

The purpose of SCIF is to help lenders collect critical language preference information necessary for the borrower’s homeownership education and housing counseling.

As always, at LenderHomePage, we are committed to being ahead of the curve to help you remain compliant.

As such, we preemptively updated our Loanzify application to meet the new SCIF requirements.

For additional questions, please contact your Senior Account Executive.