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In this age of social media and instant information, lenders need to be able to communicate with applicants in a real time environment. Today’s consumers do not want to wait for scheduled meetings or information sent via snail mail. Lenders must embrace technology like never before; not just to compete, but to survive.
In additional to online applications, lenders need to have the capability for ongoing online communication with their applicants. This includes the process for product selection and loan pricing.
To this end, recent enhancements to mortgage loan product and pricing engines (PPEs) offer new integrations with other technology and information providers to improve, simplify and speed the process.
Most mortgage lenders utilize some type PPE to track their products with rate and pricing scenarios offered. However, to date the PPE is mostly for internal use by the loan originator to identify available products and then provide related rate quotes to the applicant. This required time for both the LO and the applicant to get together to discuss the loan options. Time, that in many cases, neither party has available.
Through integration with Mortgage Coach some PPEs have solved the problems of the timing, presentation, and explanation of this information. One such PPE system is Loanlogics’ LoanDecisions. Once the LO prices a loan scenario in LoanDecisions, details are immediately updated into Mortgage Coach to create an interactive loan comparison presentation that details and clearly explains to the applicant all of their eligible loan options.
Originators can view and illustrate numerous loan options effortlessly in LoanDecisions to present this information to their applicants in seconds. Instant information, that’s what consumers want today. The applicant can then review their options at their convenience and contact the LO with questions and/or their loan scenario selection.
The Mortgage Coach presentation virtually brings their loan options to life, through the use of a mobile application providing interactive charts and video narration. The result is that borrowers have a much better understanding of the loan options available to them, allowing them to make a more informed decision on what is best for them.
Customer service and satisfaction is still the name of the game. Through the use of an online, real-time process for loan option presentations and selections, lenders can increase customer information and satisfaction while reducing the time and effort required. LO’s can then spend more time doing what they do best, originating more loans.
What tools have you provided your LOs to help them generate more business? Are your LO’s still working off rate sheets?
