Digital mortgage closings are on the rise across the country, making the home-buying process a lot simpler and a lot less frustrating for both consumers and lenders. If you haven’t adopted digital closing tactics at your agency yet, here are three big reasons why you should.
Build Brand Authority
As a business, your brand is essential to your success. Your brand tells your story, presents your products and services, and perhaps most importantly, helps customers understand why they should choose you over a competitor. Brand authority takes it a step farther. You build your authority by demonstrating that you’re at the top of your game business-wise. Essentially, brand authority helps your clients feel confident and secure in giving you their business (and their money). One way to build your own brand authority is by recognizing and acknowledging the trends and practices that are important to your client base. Adopting digital technology can help build your brand authority by showing your customers that you understand their journey and their needs — and that you’re willing to do what it takes to accommodate those needs. Plus, it positions your business as one that’s willing and able to adapt to change to create new and better products. By adopting digital technology and improving your customer experience, you increase the trust potential customers place in you, and you establish a more dominant position among your competitors.
Fin-tech Mortgage Lending Management
The second important way digital closings can help mortgage lenders build their businesses and their brands is by helping them generate mortgage leads. In fact, these two benefits — building brand authority and generating mortgage leads — are actually interrelated. Customers are far more likely to turn to a company that makes their shopping experience simpler and less confusing. And as digital closing evolve, more borrowers will expect a seamless start-to-finish experience in the mortgage process. By offering that choice now, you can generate more mortgage leads and increase referrals for future business so you stay ahead of the curve and in front of the competition.
Streamline Processes to Improve Production
Digital closings automate a lot of the processes that tend to slow down the loan origination and closing processes. By using artificial intelligence and an intuitive interface, lenders can capture more information and process it much faster for lower costs without increased risks. By using technology to perform traditionally “manual” processes, loan originators have more time to focus on activities that are more customer-centric, helping them continue to build their brand and their market share. With less time spent on the “nitty-gritty” aspects of loan origination, lenders can seek out new leads and new markets while being more responsive to changes in the marketplace and in their customers’ lives. And of course, by digitizing time-intensive activities, time-to-close is reduced, which means loans can close faster and more successfully.
Bottom line: Prioritizing digital closings is critical for mortgage lenders who want to retain their share of the market and capture more business in 2020 and beyond. By implementing digital technology through all or part of the home-buying journey, you can improve customer satisfaction, strengthen your brand and solve a lot of emerging challenges, like shrinking margins and increased competition. The key is to find a platform that’s simple to use, that meets your needs and the needs of your buyers, and that’s scalable so it can accommodate your business as your market share grows.
NestReady bridges the gaps between consumers, banks, and real estate professionals, enabling financial institutions to offer a personalized and seamless home search process. With NestReady, lenders can enhance their marketing, increase engagement and client loyalty, and achieve higher and faster conversions — all through their own digital environment. If this sounds interesting - we invite you to reach out to our team here. You can also follow us on Twitter or LinkedIn for product updates, industry news and more.