decide to make the leap to a completely digital mortgage process. For
many originators, the thought of changing over systems and developing new
processes may seem overwhelming —
and perhaps not even worth the effort.
The fact remains, however, that a move
away from paper and toward paperless
is necessary for every originator who
wants to succeed in the coming digital
As the industry moves toward digital mortgages, originators should stay
informed, investigate technologies that
will benefit this cause, and help their
eSign and digital mortgages
Giving borrowers the ability to electronically sign documentation is a
technology solution that has been
slowly making its way into the mortgage industry. Although some documentation still legally requires a wet, or
ink, signature, many of the signatures
needed for a mortgage application can
be done remotely via a computer or
other mobile device.
The challenge arises, then, when
lenders and mortgage companies
companies take the needed initiative.
Not only are digital mortgages more
convenient for borrowers, but they also
bring a whole new level of transparency
and efficiency to the process — and
this benefits everyone involved.
Although technology provides the
method for making a mortgage transaction a seamless process, transparency
and effective communication between
the originator and the borrower is the
foundation of trust that is needed to
make the experience a positive one.
Think of it this way: Technology will
generally make processes and procedures more streamlined and efficient.
But every mortgage transaction also
involves a level of trust and support that
can only be provided through human
interaction. In other words, transparency and trustworthiness should be
the basis of every originator’s business
model. Technology is simply the vehicle
needed to take that honest and open
reputation to the next level.
Today’s homebuyers have high expectations when it comes to communicating with their mortgage originator.
Timely responses to customer requests
(whether via phone call, e-mail or text)
are the bare minimum that buyers will
expect when interacting with you.
Enabling your borrowers to find information themselves — by providing real-time loan status updates on a mobile
app, for example — is even better.
Any unforeseen “surprises” in the
loan process will not be received favorably by homebuyers, so it’s best to offer
transparent, honest communication
throughout the entire process.
The good news is that if you are
able to offer a streamlined and positive experience for your borrowers,
they are likely to return the favor. More
than half of millennial homebuyers
recommended their real estate agent
to a friend or family member, according to a Zillow report, and more than
one-quarter left their agent a positive
online review. In all likelihood, satisfied
millennial borrowers also would be
inclined to do the same for a loan originator who provides a seamless loan
Overall, a perfect blend of innovative
technology, forward-thinking insight,
consistent communication and transparency will create the efficient loan
experience that today’s homebuyers
are seeking. Bringing these elements
together will help you grow your business quickly and exponentially.
As we move into a new era for the
mortgage industry, it’s imperative that
we address the concerns of modern
homebuyers and eliminate any confusion that could mar an otherwise positive loan experience. When originators
do this, they not only build up their own
businesses, but also create lasting connections with satisfied borrowers. ■
<< Technology continued from Page 156