We live in a world that is based primarily online, as technology has been taking over our day to day lives. Rapidly, we see technology expanding and changing life as we know it. Did you ever think that you would be able to stop sending out checks and paying bills manually? With the click of a button we can now send a digital payment across the country. The same idea goes for the homebuying process. No one wants to leave the privacy of their home when they could simply apply for a mortgage online. It should essentially be as easy as purchasing concert tickets through the web, providing only the necessary information that is needed without a long wait time. The world is changing by the minute, which is why businesses such as mortgage companies have to make strides to keep up with today’s technology.
Millenials are at the stage in their lives where they are the ones who are ready to buy houses. They are quickly taking over the homebuyer market, and will only expand from here. There is going to come a time where Millennials and Generation Z members, whose lives have revolved around electronics, engulf the entire mortgage industry. Now is the time for mortgage professionals to advance their digital presence, accommodate millennials, and prepare for what comes next. Lenders are going to have to make every effort to keep up with the times, as digital mortgages are what millenials are anticipating.
Digital point-of-sale applications are growing in the mortgage industry, and it’s obvious as to why. Not only is it more convenient for the homebuyer, but it assists the lender throughout the process as well. As for the borrower, they can apply for a loan while on the go, or sitting in the comfort of their own home. They certainly don’t have to go through as many tedious questions that don’t apply to them, and they can avoid the back and forth process between the bank and their loan officer. In addition, they have the ability to jump around the application, filling out whatever information they have on hand. Due to this, they no longer have to stop after five minutes because they are missing information and can’t proceed to the next section. It ultimately ends up accelerating the process in a more efficient manner. In terms of the lender, they will save in operating and closing costs by utilizing a fully automated mortgage application. Many applications even include full customization with real-time data validation, ensuring that the lender is receiving quality data. It’s no wonder that borrowers and lenders alike prefer the newly enhanced, digital 1003 application.
Mike Goldman, COO of AmCap and digital POS adopter, has had nothing but good things to say about his combination of digital mortgage solution provider and asset verification platform. Before their transitional period, their team had created a task force made up of business leaders that consisted of originations, compliance, operations and executive management in order to find thebest in class providers. Their overall goal was to primarily provide their borrowers with a digital customer experience whileimprovingloan efficiency. They went as far as looking at more than twentydifferent providers before coming to the conclusion that theyneeded an advanced digital solution that could seamlessly integrate with an asset verification platform. In other words, they were in need of a financial data platform that would allow themto deliver the digital customer experience that they were looking for, while reducing loan manufacturing costs.
AmCap Home Loans houses 117 different branch locations with 442 loan officers. As Goldman mentioned, their company finds value in the combination of their digital mortgage solution and asset verification platform. Inshort, digital mortgage solutions provide a variety of products to the mortgage application process including mortgage compliant websites, pre-qualification forms, and digital 1003 applications. On the other hand, asset verification platforms are there to automate formerly manual loan processes by collecting and verifying crucial borrower information such as assets, employment, and income, to ensure that the lender is receiving quality data. The two combined ultimately create an experience that seems to sit well with both the lender and the borrower.
As stated previously, it is critical to accommodate users online, millennials in particular. Not only should they have a digital 1003 application at their disposal, but they should have an easy to use, mobile responsive website that they can trust to hold their personal information. Even if a mortgage company has a well-equipped application, users won’t trust putting their personal information into it if it appears that their website was thrown together and unsecure.
Steve Polito, EVP of Marketing and Mortgage Technology at Annie Mac Home Mortgage, was most impressed with the leads they were able to capture when they implemented new digital solutions. When theyupgradedtheirdigital lending platform theywere able to streamline web lead capture points for the first time, which made a big difference in their business. He also was impressed with the solutions short app and full 1003 due to their stabilityand the fact that that their data could seamlessly integratewith theirLOS and Velocify. For their companyin particular, the ability to easily create affinity and landing pages opened many new opportunities for their marketing department as a whole.
Annie Mac Home Mortgage has 72 different branch locations with 287 loan officers. Annie Mac, in particular, utilizes a prequalification application, which generally pre approves a borrower before filling out the formal 1003 application. Their application actually integrates with Velocify, thus allowing their company to have a prosperous sales funnel with good CRM and lead management. At this point, their loan officers can personally reach out to various borrowers in order to get them to continue their homebuying process with Annie Mac. There’s nothing like having leads right at your fingertips thanks to a digital platform.
Let’s not forgot about realtors, who also play a significant role in the home buying process. While they don’t have to worry about implementing point-of-sale applications, they do still have to ensure that their website is providing them with the greatest amount of visibility so that homebuyers can easily find them. Their websites should be appealing, and make the buyer want to choose them.
A New Jersey realtor said, “The right digital solution has given me the opportunity to grow my number of leads and my presence in the real estate community. I love that my site pulls from the MLS and that I can post as many single property sites as I need. I’ve been using this tool for years and will continue to do so!”
The homebuying process has various levels to it, and now there are digital solutions at every stage. That’s really where satisfied clients see the benefits when taking the leap into a digital platform. The world is headed on the track to becoming fully digital based due to its efficiency and overall productivity. With the millennial generation taking over the homebuying market, I think it is safe to say that they want a 1003 application that fits into the rest of their everyday lives. The digital demands that we are facing today can be overwhelming, but not when you choose a leading digital mortgage provider.
What each of these lenders and realtors have in common is the same award winning digital lending platform produced by WebMax. WebMax provides innovative, digital solutions designed to make Mortgage and Real Estate easy by enhancing the lending experience. Their focus includes: Boosting Lead Generation, Maximizing Conversion, Expediting the Origination Process, Enhancing Referral Partnerships, Bolstering Client’s Digital Presence, and Offering Effective Industry Tools.
WebMax, (www.webmaxco.com) believes that home buyers need a simpler, faster way to acquire a mortgage. In order to achieve this, WebMax provides intuitive digital mortgage software solutions designed to deliver a superior consumer borrowing experience while reducing the loan manufacturing cost. With products spanning the entire digital mortgage process, from the first borrower click to the last lender approval, WebMax makes sense of the digital-first regulatory-ridden mortgage Industry for borrowers and lenders alike.
About The Author
Curt Tegeler is responsible for providing direction for action to all employees and business initiatives. Tegeler’s main responsibilities include communicating and implementing the company’s vision and mission; leading, guiding, directing, and evaluating the work of executive leaders; formulating and implementing the strategic plan; forming, staffing, guiding, leading and managing WebMax; evaluating organizational success; and represents WebMax in civic and professional activities.