Many borrowers start the mortgage process online today, searching for local companies or the lowest rate from national lenders. Lenders of all sizes can take advantage of this by offering a great website that delivers a professional image and by providing the same online convenience as their largest competitors.
Today’s advanced technology puts the same powerful website tools in every lenders’ hands. This levels the playing field and allows lenders of all sizes to remain competitive. This is critically important as lenders are challenged to fill their origination pipeline in today’s demanding market conditions.
Let’s face it, borrowers prefer to apply online from their own computer (work or home), at a time that is most convenient for them (5:00 AM maybe 11:30 PM) times that traditional branches are not open. This alleviates the need to drive to a loan officer’s office or having to fax/mail a host of prequalification documents.
In addition to providing powerful online tools, as well as simple and elegant design, great mortgage websites provide lenders of all sizes with the ability to utilize the online channel to generate leads from borrowers that may not otherwise have applied with their mortgage company. This is done by implementing easy-to-use search engine optimization. So, as potential borrowers search for rates and mortgage lenders in their area, your website is now one of the top options giving you access to more potential borrowers.
Another common complaint amongst potential borrowers is the lack of communication from the lender regarding status updates and more specifically where the borrower stands in the lending process. These issues are often magnified when working with larger lenders, so consistently keeping the borrower and third parties in the loop throughout the lending process by utilizing your websites powerful communication abilities helps you stand apart from the competition.
Along with a great web experience for your potential borrowers, great websites deliver integration with your back office systems (LOS) which helps increase the profitability of each loan by saving you time and significantly reducing errors. These websites provide more integration options so your systems all work together instead of working in their own silos. This helps you identify new prospects and sales opportunities that may not have previously been identified.
Further, not only has the competition for new borrowers intensified, so has it for recruiting top loan officers to your organization. Great websites help recruit new branches and loan officers by providing them with the same powerful online tools as corporate and delivered by leading lenders but now with their own individual look and feel.
Online loan applications and lead generation will increase as lenders look to find more profitable ways to originate. Great websites level the playing field for lenders of all sizes.
About The Author
Wayne Steagall is the Founder and President of Lending Manager. As President of the company, Wayne works to help mortgage companies take their business online. He works with both customers and partners to help streamline their mortgage processes through automation and technology integrations. Over the last 18 months Lending Manager has expanded to over 3,500 loan officers currently process over $2 billion in loan applications online per month.