If the borrower isn’t happy, the lender loses. So, it’s to the lender’s benefit to use technology to enhance the borrower’s experience. For example, eLynx, a privately held technology vendor in the financial services industry, is using its Expedite Inbox to help mortgage lenders differentiate themselves with a superior customer experience. Here’s how:
The mortgage process is inherently complex and dominated by paper documents. Mortgage lenders are evaluating alternatives that appeal to consumers who demand convenience and expect instant access. While paper is still an option, clearly the quickest, most convenient and cost effective solution is to send documents to consumers electronically. But because of the personal information contained in the documents, regular email is not an option.
Lenders can use Expedite Inbox to send mortgage documents to consumers so they can read and sign them electronically in a secure portal that protects their personal information. The status of the loan is clearly displayed, giving consumers insight into where they are in the process and what happens next. An advanced monitoring system tracks when the documents were sent and when they were received, producing an audit trail for tracking and compliance purposes. And if the consumer does not access the documents online, an integrated print service will print a paper version and mail it to the consumer. This ensures the consumer gets the documents in the form they prefer — either electronically or in paper.
Freedom Mortgage Corporation, a privately held, full-service residential mortgage lender licensed in all 50 states, recently introduced Expedite Inbox into its mortgage process. “The smart application of technology is one way we are enhancing our borrower’s experience, increasing our loan volume, and staying competitive in today’s market,” said Stanley Middleman, President and CEO of Freedom Mortgage. “We’re excited about the relationship with eLynx because it gives us a tool to meet the needs of our tech-savvy customers.”
Sharon Matthews, President and CEO of eLynx agrees. “Today’s consumers are highly mobile and expect their interactions with financial institutions like Freedom Mortgage to adapt to a digital environment. Expedite Inbox’s portal approach appeals to consumers who regularly use technology to conduct business and personal transactions. Ultimately, this will reflect positively on their interaction with Freedom Mortgage, increasing their confidence and satisfaction with the mortgage process.”
With evolving regulation, standardization, and oversight, it may be difficult for mortgage lenders to differentiate themselves purely on loan products. Having a superior customer experience based on convenience and a personal touch may help financial institutions stay competitive. Focusing on the customer experience is key to creating customer advocates who will both refer business and expand their own relationships.
About The Author
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.