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More and more lenders are providing consumers with online capabilities to obtain information about products offered and make application for a mortgage loan. More and more consumers desire and expect these capabilities when making their decision on which lender they choose.
To stay competitive as a mortgage lender you need to offer the consumer the option to communicate through online real-time technology. That presents both benefits and challenges for the lender.
The benefits are the ease of communication, the convenience offered the consumer and the capability to gather, review and store information quicker and with less cost. The challenges include the technology and programming to get set up and the capability to provide these services to all potential customers, including those with disabilities.
- Are your online applications and services accessible to users with disabilities?
- Do you provide information usable by those that are visually impaired?
- What about consumers with hearing disabilities?
Some banks are now faced with new legal challenges claiming their websites are not in compliance with the requirements of the American with Disabilities Act. Technically, all advertising and offerings, including those made via a website, must be in compliance with the current law and its requirements.
However, since these rules are over 26 years old in many cases they do not specifically address issues related to online advertising, applications and/or communications.
In 2010, the Department of Justice announced its plans to develop formal guidelines for how all companies, not just banks, are to comply. These guidelines are expected in 2018. But what do companies do in the meantime?
The reality is that even though DOJ has not issued any new formal guidelines addressing websites, online communications, and applications, companies are still required to comply with existing law.
So, here’s just one more thing to keep in mind when upgrading your systems, information and online applications needed to compete in the new cyber-society. You must be sure to include everyone in the process. Product offerings and services done online must be accessible and usable by all consumers, including those with impairments. You cannot assume that everyone can see or hear your information.
You need to provide easy, accessible alternatives so everyone can reap the benefits of what you advertise and have to offer. This can be a major challenge. It’s not so simple to make a website or document content (think of the Loan Estimate and Closing Disclosure) presentable online or electronically that is easily understandable by a person who is visually or hearing impaired.
Keep this in mind when programming for the next generation.
