<< Tilt continued from Page 88 “Borrowers are no longer solely interested in
the 30-year fixed-rate loan. They are looking for
products tailored to their individual financial
products tailored to their individual
financial situation. It’s the originator’s
job to help them identify the best loan
variation that suits their long-term goals
and ambitions. This could mean exploring the possibility of a 15-year loan or
a government-insured product.
■ n Establishing reputable partnerships
with industry partners in the area,
including local businesses, wealth
advisers and real estate agents.
■ n Designing mobile apps or technology to help buyers identify homes as
soon as they hit the market as well as
instantly and securely upload pictures
of mortgage documents to share with
their lender or vice versa.
Keep in mind also that borrowers are
no longer solely interested in the 30-year
fixed-rate loan. They are looking for
As borrowers increasingly rely on tech-
nology, originators and the lenders they
work with must adjust to customer ex-
pectations and also incorporate inno-
vative technology into their strategies
for engaging homebuyers. This not only
enhances the relationship with borrow-
ers, but helps originators and lenders
specialize the borrower experience.
It can sometimes be difficult for originators to schedule face-to-face meetings with borrowers, for example.
Using video-conferencing technology,
however, can allow both parties to gain
a certain degree of connection and also
allows the originator to see expressions
and gestures, which offer insight into
the borrower’s thoughts and emotions.
Online home-search tools allow borrowers to see real-time Multiple Listing
Service data, whereas mortgage calculators allow borrowers to run various
loan scenarios to get an idea of which
is best suited to their financial needs.
Likewise, originators can provide highly
customized reporting and mortgage
analysis tools to carefully walk borrowers through how their mortgage will
play out in the future, including offering
a breakdown of potential costs.
Even though many borrowers are
turning online for digital mortgages,
many of them still want to engage with
an originator to discuss their questions
and concerns. These borrowers are not
just looking for an originator to tell
them what they want to hear, they want
an originator who listens, educates and
provides them with quality advice —
while also incorporating digital aspects.
Introducing technology and modernizing the lending process makes the
borrower’s experience less stressful
and, overall, more efficient.
The mortgage industry is changing
fundamentally. As interest rates creep
higher, originators have the option to
continue with their same old, storied
approach, or they can adjust to changing borrower needs and interests.
Now, more than ever, originators should
bring more value to the table and guide
borrowers through the mortgage process with consultative, educational
resources designed to foster more
meaningful long-term relationships. n