User experience isn’t just an element that would be good to have. In modern lending, user experience (UX) is a matter of your business’ survival. And while many have incorporated mortgage software into their acquisition and processing, a large portion has yet to embrace the fullness of UX potential. Why? 

Some may be in the dark about what user experience is. Others may be unaware of what a superb user experience actually looks like. 

Still, others place false hope in that “good enough is good enough.”

But is “good enough” even enough to get by in today’s environment? We don’t have to search hard for examples where mediocre UX was the culprit of business failure. Do MySpace, Blockbuster, and YellowCab ring a bell? 

These three failed businesses have something in common –they each had a competitor obsessed with innovative service and exceptional UX design. Now consider three businesses that owe their formidable success to UX design: Google, Amazon, and Walmart. 

The bottom line is that companies without a compelling UX have lower customer satisfaction, less repeat business, and, ultimately, lower revenue. 

And if you’re still not convinced that UX matters to your clients, consider this:  if you don’t provide a customer-centric UX, your competitors will. 

Ready to learn what it takes to have a first-rate user experience that keeps clients loyal? Read on. 

Personalized and Borrower-centric

Because you’re immersed in the industry, you can sometimes forget how intimidating getting a loan is for the consumer. The process can be confusing and stressful, and without a helping hand, getting a loan is overwhelming and unnerving. 

In the past, face-to-face interaction helped to put the borrower at ease. But with the convenience that is the digital revolution, it seems that personalization took a back seat. While no one can argue that a digital mortgage is massively advantageous in nearly every aspect, the digital factor can sometimes make the experience somewhat robotic, cold, and dull.

Definitely not the sort of experience that keeps customers loyal.

However, that’s not the case when you implement a UX strategy. Firstly, make sure that there are multiple avenues for communication. Whether email, chat, video call, or instant messaging, offer a variety of options for your borrower to get in touch with you.

Secondly, make sure that those communication avenues are centrally located. 

You may be wondering if giving borrowers options will make it difficult for you to juggle multiple conversations. That won’t be the case when you use digital mortgage software with superior UX design where communications are organized by loan file, making it easy to keep track. 

This small but pivotal UX feature also frees up time so that the LO can engage more with clients, strengthening the relationship and increasing their loyalty to your business. 

Emphasize Your Brand and Differentiator 

One of the most overlooked reasons that clients won’t convert into lifelong customers is that they simply forgot who you are and what made you different. Wait –that point could be presented more clearly.

If the client forgot about you or they simply didn’t understand what made you different, it’s likely because the user experience failed to impress that upon them. There are many online mortgage businesses, and just like any other digital business, it’s essential that you set yourself apart from others. UX is how to do it. 

Everything from your navigation to consumer-friendly web copy to seamless integrated 3rd-party applications to a consistent logo and color scheme matters when it comes to UX design. Individually, it may seem that small elements like a customized loan checklist are menial, but collectively, branded elements and consistent messaging make your businesses memorable, impressive, and worthy of repeat business. 

Over-Deliver

It was a mystery for some time as to why Costco and Sam’s Club gas was so much cheaper than major gas stations. But the secret is out and it’s worth mimicking. The reason these two major stores are okay with making very little profit on gas is that those customers eventually make up for it when they shop at the warehouse.

Essentially, they over-deliver on their promise of overall value, and, in turn, the business is rewarded with customers that are willing to pay for membership and spend more at the store.

Chances are that you, as a professional, are already overdelivering in how you help your borrowers. When you love what you do, it’s easy to give more. But does is that the case with your mortgage software, too? Does it over-deliver? Does your mortgage mobile app have that wow factor?

Does your mortgage POS have an element of delight?  

Or does it just gather information and silo it into a portal where it waits for you to organize it into the proper format for the loan file?

Elements like self-paying credit checks, one-click connection with their financial institution, and auto-generated pre-approval letters over-deliver on your promise to make the loan process faster, more efficient, and enjoyable for the borrower. 

Consider the Employee Experience Too

Despite technology touching every aspect of processing a mortgage, the business of lending is still a human-based experience. That said, you want your mortgage team to always reflect positivity when representing your business. Whether the client is reengaging with the realtor who referred you, the appraiser, or one of your loan officers, you want nothing but optimism and confidence expressed about working with your business.

While leadership style and company culture certainly play an essential role in that, so does the technology you use to manage your business. Mortgage tech that is cumbersome, inefficient, error-prone, or lackluster is a formula for distress. 

High employee turnover, infrequent referrals, and zero repeat customers are sure to follow.

However, when you empower your mortgage team and referral partners with mortgage technology that’s intuitive, automated, configurable, and exceedingly efficient UX design, you’ll create an unrivaled ambitious, and enthusiastic network –-one that keeps borrowers coming back to you.

***

We gave you a lot to think about already, but here’s one more thing. Now that you know what’s required of UX design in mortgage technology, is your current software capable of delivering? Is that “good enough” tool truly good enough for your business and creating lifelong borrowers?

If not, let’s talk. Contact us today to schedule a conversation with a LenderHomePage Account Executive. 

Schedule a Demo

We’re continuing our conversation about scaling your mortgage business through referrals. If you missed last week’s post covering the three keys to blowing up your real estate referrals, go back and read that gem. To recap, you want to ditch the cheesy sales pitch, be genuine with social media engagement, and leverage the co-branding abilities of your digital mortgage tools.

In this week’s article, we’re going to uncover reasons that despite your efforts, you’re still not getting a steady stream of qualified leads from your real estate partners and clients. Before we start digging in, you must adopt the right mindset. 

Remember that getting leads –from any source –requires sustained, nurturing effort. 

Just like you can’t expect a prospective borrower to convert into a client after just one conversion or after sending one email, you can’t expect referrals to pour in when you’re applying sporadic, half-assed effort. Resolve that referrals are a critical part of your lead generation and that you’ll work at it with the same drive as other lead gen avenues every day.  

Worst Mistakes When It Comes to Getting More Mortgage Referrals

Not Asking For Referrals / Lack of Promotion

Many mortgage professionals struggle to ask for referrals, often due to doubt. It could stem from low confidence in their competence or uncertainty about their value to the client. Fear of rejection or looking desperate is another possible reason some mortgage pros fail to ask for referrals.

One way to combat doubt or fear is to essentially “get out of your head.” Move the focus from your needs and wants to your prospect’s needs and wants.  

Consider how much value you bring to others’ lives. Your professional financial advice, guidance filled with good intentions, and assistance in taking care of the most significant financial decision most will make in their lives are extraordinarily critical. 

And when you pair that expertise with empathy, your distinction truly becomes invaluable. So Focus less on you, and more on them

Not Communicating or Expressing Appreciation Enough

It’s essential to connect with your partners continuously. Not in a nagging way but in a “fanning the flame” way. Let your referral partners and former clients know how much you appreciate them. Send them valuable communication like:

• Thank you: Send them a card, email, or social media shout-out expressing your appreciation for them.
• Updates: Did you share an upcoming event in your last communication with them? Did they share something that they were anticipating? Send a quick update and ask for an update for some fresh, meaningful engagement.
• Follow-through: Did they ask you for additional information or recommendation? Be sure to follow up with that info on time.

Subpar Service / Not Creating Super Fans

Think about this: which businesses do you recommend more? The ones where you had a good experience or those where you had a great one?

As tough as this may be to hear, most people aren’t thinking about your business as often as you are. They don’t wake up in the morning with the intention of sending you more referrals. They don’t think about how they can work it into a conversation. 

When your clients refer your mortgage services, it’s because they had a positive experience. And if the experience was exceptionally delightful, clients will sing your praises over and over again.

That’s what we call a “superfan.”

Superfans are the gold standard of referral partners. They’re loyal, enthusiastic, and –while they don’t wake up every morning thinking about your business –they WILL make extra effort to reach more people on your behalf. 

Haven’t Perfected The User Experience (UX)

Along the same thread, the best way to create a delightful experience is to make sure the user experience is on point. End-to-end, every touchpoint must simultaneously remove as much friction as possible plus elevate the experience. 

If you are using any of our digital mortgage tools, you know that UX is foundational to our design. This isn’t just a marketing ploy. UX design influences behavior. Everything from where graphics are placed on the screen to how options are displayed to motivating users to complete tasks with prompts and maps has been scientifically studied and proven. 

So if your goal is to create superfans (of course it is), then make sure you’re using mortgage software designed to create superfans. See the UX design of Loanzify POS:

Asking For The Wrong Referrals

It’s happened before. Probably too many times. You ask your client for a referral, they give you one, but nothing happens. Perhaps that person never returned your call or cut you off soon after the first communication. Or maybe they just we’re the right fit. It could be that you asked for the wrong referrals.

This is often the case when you ask the wrong questions. Typically, a loan officer may ask, “do you know anyone who could benefit from my services?” It seems like the right question to ask but the reply often is not honest. Here’s why.

Asking for a referral when they may not be ready to provide one (they haven’t entirely decided) puts them in a spot to give you one anyway. Since they haven’t truly committed to the idea of referring you, they’ll name someone they feel safe with or hold in low regard. 

They do this to protect their reputation. If you happen to falter, the poor experience won’t reflect on them. Instead, be more specific with your request.

“Do you know anyone who is looking to relocate?”

“Are there any veterans in your family? Are they homeowners?”

“Are your parents of retirement age? I’d love to share information on how they can use their equity to supplement their retirement.”

Need more ideas for getting mortgage referrals and building a mortgage business in the digital age? Subscribe to our email list below and never miss an article.