*Let’s Ease Some Frustration*
**By Tony Garritano**
***Data from the CFPB and other sources show that what is available to consumers today during their mortgage experience isn’t enough. Fifty-four percent of the CFPB’s complaint database centers on negative experiences with loan-related processes. To this end, eLynx has enhanced its consumer portal, the Expedite Inbox, to solve this issue. Here’s how:
****“Through our interactions with the CFPB, we’ve learned that it isn’t enough just to get loan documents safely to consumers. We’ve been analyzing data to understand where consumers are getting lost in complex loan processes and why,” said Laura Venerable, Senior Product Manager at eLynx.
****According to a recent study by Carlisle & Gallagher Consulting Group, 80 percent of surveyed consumers would consider purchasing a mortgage from a non-bank such as Walmart. Respondents expressed frustration with slow processing, communication difficulties with their financial institutions, and an inability to track their loan status.
****To combat these aggravations, eLynx developed a feature set in the Expedite® Inbox that directly addresses the largest pain points for today’s consumers. These features allow a consumer to know exactly where he or she is in the loan process, what needs to be done, whom to contact and what is next. Furthermore, the consumer can directly see how he or she is moving throughout the process as action items are completed.
****“It’s easy to understand why consumers are frustrated today,” said Venerable. “Applying for a mortgage is a complex and daunting process, full of unfamiliar concepts and terms. As consumers navigate this path, what they need to do and who is involved is unclear. We’ve found that there are breakdowns in communication with the consumer. Also, key pieces of information about rates, down payments, and terms can be overlooked in complicated documents.”
****The eLynx system supports different types of loans and can be tailored to meet unique workflows. The names of the stages in a loan process, as well as descriptions for what the consumer needs to do and can expect during each stage, can be specified by the financial institution. At any time, lenders can provide real-time updates to the status to ensure the consumer knows whom to contact for questions, as well as have access to the most up-to-date information about when he or she will complete the process.
****“As the CFPB continues to focus on the consumer experience, we feel that these features are critical to empowering consumers with the knowledge they need to navigate any loan process with confidence,” said Alec Cheung, VP of Product Management and Marketing at eLynx.
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.