First-time home buyers make up a major share of the real estate market and present valuable new customer opportunities for lenders. Buying a home is a major milestone in a consumer’s life, but the financial process can be daunting for anyone tackling the loan origination process for the first time. With a real estate market that’s on the upswing, lenders must learn how to create a positive lending experience for borrowers.
Although in recent years some lenders have focused on improving the borrower experience to remain competitive in the industry, there are still crucial steps to take to make the borrower experience even better. In an effort to assist lenders in understanding how to improve the borrower experience, Docutech has published a new white paper, “A New Home, a New Life: Improving the Borrower Experience,” to provide insight into what impacts the borrower experience, as well as specific steps financial institutions can take to deliver an excellent borrower experience.
“Purchasing a home should be an exciting milestone, not an obstacle course of regulator rules, forms, applications and financial statements,” said Harry Gardner, executive vice president of eStrategies for Docutech. “Applying for a loan for the first time plays a crucial role in shaping a borrower’s perceptions, and lenders must understand how to provide a quality user experience. When they deliver a great experience for borrowers, they not only increase their own profitability but also maintain customers for life.”
Additional key areas highlighted within the white paper include:
>> Categories that impact the borrower experience, including speed, security and level of confusion with the loan origination process;
>> Increasing customer satisfaction and reducing costs through paperless lending and electronic document execution; and
>> Integrating mortgage loan documents with loan operating systems to increase efficiency and create a data-driven workflow.
To download a complimentary copy of Docutech’s latest white paper related to improving the borrower experience, please visit http://hubs.ly/H03mb3q0.
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 firstname.lastname@example.org.