How a bank can leverage the digital mortgage transformation

It doesn’t come as a surprise that over 86% of banks responded in a HousingWire survey that they now offer a digital mortgage application on their website. However, digitalizing the application represents only a partial improvement to the entire experience of purchasing a home. Consumers still feel inconvenienced and stressed by the complicated process of searching for homes, finding the best rates, and working with a real estate agent and loan officer they can trust.

While the homebuying process is largely fragmented, consumers enjoy the benefits and efficiencies of the digital transformation in other industries like healthcare and transportation. This is the reason why NestReady has partnered with mortgage lenders across North America to offer a digital homebuying solution for their clients that bridges the gap between home discovery and financing.

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Adding Value Beyond the Mortgage Application

Banks who integrate digital mortgage applications benefit from reductions in customer acquisition costs and faster closings. But they are just scratching the surface of the entire homebuying process. NestReady works with mortgage lenders to shed light on the rest of this process and show them how they too can reap the benefits of the integration of real estate and financing that’s happening in the industry.

In order to offer a truly seamless and digital customer experience for homebuyers, lenders need to look beyond the mortgage application process and consider how they can add more value to their clients throughout the homebuying process.

As we pass the mid-way mark of 2018, we’ve watched major players like QuickenLoans and LoanDepot building teams and making acquisitions in the real estate space this year. They all share the goal of creating a one-stop-shop for homebuyers to receive real estate and mortgage services all in one place. This is the future of the homebuying experience, where mortgage lenders can offer a whole suite of services to add more value to their clients’ lives, while they grow their mortgage business, cut costs and build lasting relationships.

Taking it a step further, we saw last week that Zillow made an aggressive move into the mortgage industry with the acquisition of Mortgage Lenders of America, setting the tone of what’s to come in the mortgage and real estate space.

Improving the Banking Customer Experience

Improving the customer experience in the mortgage lending industry means adding value through the integration of services and offering convenient, digital and personalized support to clients. Online mortgage applications, apps with great user experiences, and on-demand support are tools that will keep lenders relevant in today’s fast-paced digital transformation. For lenders wanting to compete with the disruptive players in the market like LoanDepot and QuickenLoans, however, it may mean taking on a more holistic view of the future of the borrowing experience.

How can a bank stay competitive as fintech incumbents threaten to steal their market share? One way to achieve this is to partner with them.

NestReady works with banks, credit unions, and mortgage companies like Ruoff Home Mortgage to offer their clients a digital homebuying experience that’s fully integrated on their website. We pride ourselves in being one of the first and only players in the industry that offers an innovative solution for mortgage lenders that is plug-and-play and offers a seamless user experience for their clients.

While homebuyers receive a convenient way to shop for homes and learn about their mortgage options, mortgage lenders benefit from lower customer acquisition costs, increasing brand loyalty, and higher conversion rates on their website. Our white-label solution adds value not only to homebuyers and mortgage lenders, but also to loan officers and real estate agents. We created an epicentre for the entire homebuying ecosystem to work together for the best possible homebuying experience for everyone.

The next significant breakthrough in the mortgage industry will come from the integration of real estate into the mortgage buying process, as these services go hand-in-hand. Lenders who are focused on the digital transformation can work with NestReady to offer an experience to their clients that they will not receive elsewhere.

To learn more about NestReady and how we work with mortgage lenders, you can get in touch here. You can also follow us on Twitter or LinkedIn for product updates, industry news and more!

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