The Mortgage Innovators Conference will be back, live and in-person May 2-4, 2022! The conference is an industry event that invites you to experience cutting-edge speakers, interactive technical demonstrations, one-to-one virtual networking opportunities, and the “Innovation Lab” – an open concept, 100% immersive experience designed to foster idea-sharing and build a better mortgage market.
BeSmartee examines the difference between a mortgage application and a mortgage point-of-sale (POS) platform, and uncovers how a POS platform is a lender’s all-in-one solution.
The modern mortgage experience is so much more than a mortgage application.
As millennials continue to dominate the housing market, it’s evident that today’s borrowers want to get a home mortgage just about as easily as you can order a pizza from your smartphone. Having a digital lending platform is no longer a choice, it’s a must-have for lenders to stay relevant, especially in the COVID-19 era.
How does a mortgage application compare to a mortgage POS?
Let’s talk about what a mortgage POS can do for your lending business and how a mortgage application can’t compete.
What is a Mortgage Application?
A mortgage application is a document filled out and submitted by one or multiple individuals applying for a mortgage loan to purchase real estate.
Most lenders use the Uniform Residential Loan Application, or Form 1003, to determine if potential borrowers qualify. The application is lengthy and provides lenders with the necessary information to determine whether or not the potential borrower is financially stable enough to pay back the loan.
Analyzing the proven benefits a Mortgage POS can bring to your bank.
Technology is constantly changing the mortgage industry, making it easier for lenders to work with their customers and guide them through the origination process on a digital channel. One of these tools is the mortgage point-of-sale (POS) platform.
The right mortgage POS platform can allow banks to effectively communicate with their customers and provide them with the necessary information and documentation to validate data and complete their mortgage loan application. By accessing a web-based dashboard, borrowers can upload documents, communicate with their lender, and track the progress of their application.
Let’s examine 10 proven ways banks can benefit from the right mortgage POS platform.
1. Improve the Borrower Experience
The digital mortgage is all about the customer experience and it begins at the point-of-sale.
The results from a 2019 survey conducted by McKinsey & Company of 1,200 residential mortgage customers showed that there’s plenty of room for improvement in customer satisfaction. Findings showed that superb customer experience was as important as getting the best rate. First-time home buyers said they relied on online reviews and word of mouth to learn more about how well the bank worked with their borrowers to deliver an exceptional experience.
Newport Beach, CA – December 2nd, 2020 – Insellerate, the leading mortgage Customer Experience Platform featuring Lead Management, CRM & Engagement that helps lenders close more loans by increasing efficiency gains across sales, marketing, operations management, announces the release of its DATA IE solution.
This innovative solution allows lenders to better serve their customers by quickly turning borrower data into actionable insights and intelligent engagement. DATA IE delivers powerful data insights, leverages that data to enhance borrower engagement, and provides personalized outreach to enhance borrower relationships while delivering timely messaging throughout the borrower journey.
“It is critical to provide lenders with actionable data insights that provide a truly personal and engaging customer experience,” said Josh Friend, CEO of Insellerate. “We understand the desire of lenders to better serve their customers, which is why we continue to deliver innovative solutions to allow lenders to do just that.”
Insellerate’s dynamic DATA IE solution enables loan officers to craft the right message at the right time with the right offer through the power of intelligent data and engagement. This delivers timelier and more personalized engagement, enhanced borrower retention, and higher conversions.
Built by mortgage professionals, the Insellerate Customer Experience Platform has full CRM & Engagement functionality with built-in lead management and automated marketing, now enhanced with actionable data insights. Lenders can improve both the borrower and loan officer experience with multi-channel communication, leveraging tools such as phone, SMS text messaging, email, direct mail, and customer monitoring-anytime, anywhere.
When Top of Mind made it our mission to help lenders keep clients for life — almost two decades ago! — the words weren’t as ubiquitous as they are today. Nowadays, “client for life” and its proxies (“lifelong customers,” etc.) are used by countless mortgage lenders, service providers and even Top of Mind competitors to describe the ideal relationship between originator and borrower.
We consider it a compliment that these phrases are so widely used, but we want to clarify what we mean when we talk about clients for life — and how to cultivate them.
What It Means
For loan originators, earning lifelong clients is a career goal. Most loan officers and brokers aspire to reach a point where they can quit hustling for new leads and live off repeat and referral business.
For mortgage executives, lifelong clients mean bigger profit margins. Acquiring a new customer costs more than hanging on to an existing one — a lot more. Studies have clocked the cost of customer acquisition at anywhere from five to seven times the cost of customer retention.
For American consumers, being a lifelong client means choosing to work with the same lender across an average of seven lifetime mortgages. If we assume that originators earn an average commission of $2,500 per loan[2] — and plenty of you have LOs who net more than that — we can approximate the lifetime value of a mortgage client at $17,500. And that doesn’t even take referrals into account!
Today’s borrowers expect the same speed, convenience and personalization from their lenders and servicers as they are used to with leading retailers such as Amazon and Apple. As digital technologies enable customers to engage with lenders over multiple channels, contact centers are fast becoming a critical component in a lender’s ability to deliver exceptional customer experiences. Here’s how.