Buying a home involves a lot of steps: finding an agent, poring over listings, finding a lender, identifying the best loan, and then ultimately getting that loan. Until recently, buyers had to take all those steps one by one — which was kind of silly, considering they’re all aimed at achieving one common goal: getting the buyer into the home of their dreams.
Fortunately, technology has completely revolutionized the home-buying process, and now sites like NestReady let buyers, agents, and lenders come together in one place, making the buying process a lot simpler, smoother, and faster too. With NestReady, buyers can connect with agents and lenders in one place, gathering all the information they need to find a home, obtain financing, and get to closing without the time and effort traditionally involved in a home purchase. But it’s not just buyers who are benefiting from the tech revolution. Lenders have a lot to gain, too. Here are four reasons why credit unions, banks and other mortgage lender institutions are embracing platforms like NestReady — and why you should too.
Generating Mortgage Leads Faster
A study from the National Bureau of Economic Research found FinTech lenders are able to process loans much faster than traditional lenders — about 20% faster, in fact. Across the industry, that means lenders who use FinTech platforms are able to reduce processing times by as much as a week — and sometimes more.
Improved Processing Efficiency
Moving the entire buying transaction online — from lending to property selection to pre-closing paperwork — improves efficiency among all stakeholders, including the buyer, the real estate agent, and the loan officer. FinTech also supports flexibility in lending practices, enabling lenders to respond more quickly to interest rate fluctuations and marketplace changes, providing their customers with the most advanced, up-to-the-minute solutions available.
Loan Officers Increase Customer Satisfaction
Mortgages are driven by consumer demand, so it makes sense that when you provide a solution consumers love, you’re more likely to grab a bigger market share. As it turns out, platforms like NestReady that combine the benefits of FinTech and PropTech are especially popular among consumers of all ages, and especially among younger consumers who tend to rely on tech on a daily basis. In fact, today’s consumers don’t just like the all-in-one convenience offered by platforms like NestReady — they demand it. Having everything right at their fingertips — their agent, their property listings, and their mortgage loan officer — simplifies the home-buying process and provides a level of transparency buyers want and appreciate.
Greater Visibility — and Larger Market Share
Lenders who use FinTech are capturing more business, and that’s a trend that’s likely to continue. In fact, from 2010 to 2016, FinTech lenders captured about 8% of the U.S. mortgage market, up from just 2% in 2010. Since then, the number of banks and credit unions offering FinTech options has continued to increase significantly, leaving traditional “paper-only” lenders far behind. With more banks and credit unions turning to FinTech and PropTech solutions like NestReady, lenders who ignore technology stand to lose a lot of business.
Bottom line: Home buyers love the convenience afforded by all-in-one platforms like NestReady — and so do savvy lenders. FinTech and PropTech driven platforms like NestReady are designed to help every mortgage lender offer a more end-to-end, data-rich, customer-centric experience where buyers can find all they need in one centralized location. As a mortgage loan officer, if your institution isn’t offering a tech-friendly solution for your customers, you’re going to have a difficult time competing in today’s marketplace, and you’ll face even greater challenges in the future.