Category: loanzify

Auto Added by WPeMatico

Leveraging Customer-Centric Technology to Close More Loans

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. 

Lenderhomepage all-in-one customer facing mortgage technology stackObviously, 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?

lenderhomepage mortgage technology for winning teamsNearly 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

Read More
Jason March 14, 2023 0 Comments

Loanzify POS Awarded 2022 Innovation Award

We’re excited and honored to receive the 2022 Innovation Award in recognition of our visionary mortgage point-of-sale software, Loanzify POS.

Loanzify is the modern originator’s epicenter for automating, mobilizing, and consolidating his origination workflow.

Loanzify POSAwarded by PROGRESS in Lending, earning this honor was based on innovation’s overall impact on the mortgage industry including its significance, originality, and overall positive influence as well as the intangible efficiencies  –such as cost and time-saving –achieved as a result of the innovation.

Read more information on the PROGRESS in Lending website along with the entire list of this year’s honorees.

Read More
Jason March 12, 2022 0 Comments

What’s The Difference Between a Mortgage POS and a CRM?

When it comes to your mortgage team, you want to maximize their earning potential. The same ring true about your mortgage POS and CRM systems. By understanding their purpose and functions, you can know how to make them work for you. What’s more, you can also discover how to connect the platforms to create a seamless integration that maximizes your entire organization’s earning potential. 

A mortgage POS is a transactional management system with a unified database that consolidates structured and unstructured data from multiple sources into a single repository allowing businesses to organize and build a profile around an individual borrower. The POS’s ability to unify user data into a single record gives mortgage teams the ability to form a 360-degree view of the borrower and their loan and process the application within a centralized, secure hub. 

A CRM’s primary objective is to build relationships with borrowers and support the sales cycle. Businesses can collect and store customer and prospect information within the CRM, track and score leads, forecast revenue potential, and build a prospect profile to support marketing efforts. 

When comparison shopping, you may notice that there are a few areas where their functions overlap. It’s worth noting that overlap doesn’t imply redundancy nor that one platform can effectively do the job of the other because, ultimately, each software serves a different purpose in your mortgage business: 

  • CRM is designed to manage leads and current customers.

  • Mortgage POS is intended to manage the borrower and their loan.

As a stand-alone product, an intelligently designed mortgage POS or CRM platform will automate the most critical areas of your business, helping to increase productivity and profitability. But when there’s deep integration between the two platforms, the true power of mortgage tech is unleashed. 

Benefits of POS-CRM software integration include:

  • Quick, Bilateral Data Capture: Borrower data captured at intake on the POS-side of the transaction is shared with the CRM system and vice versa. This eliminates manual data entry and helps to keep accurate records for each lead and borrower throughout your organization.
  • Fund More Loans and Increase Borrower Retention: With streamlined and reliable information easily accessible through both platforms, loan volume increases, and funding time is accelerated. The result is an immensely improved borrower’s journey that boosts loyalty. 
  • Improved Lead Segmentation: Businesses can categorize leads captured through their POS into target groups in the CRM to customize their marketing strategy.
  • Better Holistic Experience For All: POS-CRM integration provides a better experience for borrowers and professionals alike. Not only do the mortgage team stakeholders have access to CRM data in the POS, but your office admins will have access to POS data on their CRM! This creates an excellent customer experience with competitive longevity.

Businesses looking to differentiate themselves through personalized consumer experiences need to implement mortgage technology to create a 360-degree view of the borrower across each platform they interact with. By understanding what a mortgage POS and CRM do and how they work together, you can deploy a digital mortgage transformation that supports your workflow and business growth.  

LOANZIFY: The Mortgage POS Solution For The Modern Lender

Read More
Jason November 17, 2021 0 Comments

How Online Mortgage Application Software Boosts Conversion Rates

Applying for a mortgage is a means to an end. Whether the “end” is a new home, funding for a home remodel or investment property, or saving a few hundred dollars a month with a lower mortgage payment, and the application is simply a step towards the prize.

The trouble is that for many consumers, the mortgage application isn’t “a step.” It’s a hurdle.

With seemingly endless intimate financial questions, unfamiliar terms, cumbersome process of requesting and submitting documentation, and a mishmash of paper docs and online apps for completing the process are frustrating, to say the least.

So frustrating that most consumers abandon their 1003. One startling statistic revealed that about 78% of consumers back out of transactions solely based on a poor online experience.

So what does it take to create a favorable mortgage experience? A study conducted by McKinsey discovered that there are four factors that mattered the most when it came to creating a pleasant online application experience: reassurance, transparency, simplicity, and speed.

When comparing old school processes with modern mortgage software, which do you think does a better job in those four areas?

Customer Experience is the Real Differentiator, and Mortgage Application Software Delivers

In an industry where competing with numbers is the norm, mortgage pros often forget how vital the experience is in the borrower’s journey. That same Mckinsey study demonstrated that not only were those four factors essential to an exceptional experience, but in regards to what consumers desire, they were nearly as crucial as saving money.

In other words, most mortgage applicants in the study were unwilling to sacrifice an excellent experience for lower interest rates.

So if you’re looking for ways to boost your mortgage application conversion rates, you must provide what consumers desire above all else —a superior mortgage application experience.

Key Areas Where An Online Mortgage Application Boosts Conversion Rates

Optimized For Mobile

Over 50% of all web traffic comes from mobile, and this trend is growing every year. This means that a mobile-optimized mortgage application is foundational to increasing conversion rates.

However, beware of poor-quality ones. Tiny details like too small buttons or awkward navigation placement can make your conversions plummet. So when shopping for a quality mobile-friendly online mortgage application, look for items like drop-down menus, checkboxes, large enough content boxes, and easily accessible buttons and explainers.

Bite-Size Where Possible

The mortgage application can be a lengthy process, and some may even feel it intrusive. Smart online applications reduce intimidation by breaking into smaller steps. This can be accomplished by having fewer questions per screen, pre-populating information where possible, asking more sensitive questions later in the application, and displaying a progress bar to how much more is necessary to complete it.

Details matter!

Features like animated graphics or simulated text messages lighten the mood and encourage the applicant to continue. Applications with a single sign-on feature and the ability to flip from short pre-qual to full 1003 (without having to re-enter data) empower the consumer and boost their confidence, ultimately influencing your conversion rates.

Self-Serve Efficiency

Self-serve efficiency refers not only to the ability of the consumer to DIY it, but also the speed and ease in which they are able to do it. 

With key features like real-time notifications of changes or next steps alert and reassure the borrower that things move as swiftly as possible.

Has the loan been approved? Don’t make your enthusiastic borrower wait a minute longer. Use mortgage software that allows borrowers to download their approval letter instantly!

Mortgage Software Transforms Your Conversion Rates

With estimates that over 5.1 billion people are browsing the internet via smart devices, your intake must meet modern online consumer behavior if you want any hope to raise your conversion rate.

LenderHomePages’s digital mortgage tools are precisely the mortgage software to do it with.

Our customizable and brandable software helps originators streamline their workflows, connect with borrowers, expedite funding, strengthen customer relationships, and automate with self-serve efficiency –all of which increase application conversion rates. Plus, online mortgage software like Loanzify POS allows originators to handle a higher volume of loans and be more productive without adding new hires.

Take the first step towards success with a conversation. Schedule a live demo with one of our account executives today!

Schedule a Demo

Read More
Jason November 10, 2021 0 Comments