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  • Writer's pictureDario Ferreira

The Modern Mortgage Market

Four Ways to Improve Customer Experience Through Automation

For better or for worse, today’s consumers are trained to get whatever they want whenever they want it. Eat exotic foods year-round. Expect the latest styles on your doorstep. Stream the new movie release tonight.

That expectation raises the bar for every industry--including mortgage lending. When a family is ready to buy a house or an entrepreneur wants to purchase a commercial property, they want to know mortgage qualifications, terms, and interest rates right now.

Business process automation (BPA) is a powerful tool that allows mortgage lenders to process those customer inquiries faster and more efficiently, improving the overall customer experience in the following ways.

More Time Means Better Customer Service

By using BPA, lenders can complete repetitive, time-consuming tasks with minimal or no effort from their teams, which means time is freed up for more personalized customer service. BPA reduces the number of mundane tasks that employees must complete, allowing them to instead spend their time on guiding customers through lending processes, answering questions, and building strong relationships.

Digitizing and Streamlining Paperwork

Mortgage lending has long been associated with piles of paperwork, including applications, background checks, appraisals, verifications, and the like. The majority of these, however, can be easily automated—instead of filling out paperwork by hand, customers can receive and complete the forms digitally. This speeds up the lending process as the data is sent directly into the lender’s system.

Better Access to Accurate Data

Since BPA reduces or removes data entry, human error is minimized or eliminated. This results in accurate and well-organized data that gives lenders the ability to help customers in a punctual, orderly way. BPA tracks and presents data to customer service agents so that they have all the information they need right at their fingertips to provide updates, answer questions, or troubleshoot when a customer calls.

Automated Deadline Reminders

Customers can be easily reminded of time-sensitive information such as payment or application deadlines. Without involving a customer service agent, BPA can automatically let customers know about upcoming due dates, keeping them informed and moving along in the lending process.

According to a survey by Fannie Mae, mortgage lenders that implement automation reduce cycle time and loan origination costs, improve productivity and quality, and attract more customers. It’s a key driver in being competitive in today’s modern mortgage market.

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