MReport May 2018

TheMReport — News and strategies for the evolving mortgage marketplace.

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30 | TH E M R EP O RT FEATURE providers, they pull documents along with it. Rather than request and wait for bank statements, for example, the digital POS and its integrations automatically pull those statements and prepare them for the LO. Just like borrowers enter information through a POS portal, LOs have a back-end portal to originate loans and communicate with the borrower. Building on the bank statement example, LOs have that information pulled for them. When they sift through the documents, which technology can help with too, and identify red flags, they can alert the borrower of those red flags within the POS application. Now, all of the loan information and origination exists in one central location. Communication is streamlined, and the information is organized. LOs aren't going to their email or phone to talk to borrowers, explain the discrepancies, and send over documents; they're sending a brief message in a connected portal and directing borrowers to the exact information they need to address. This streamlines the origination process while smoothing borrower relations. Meeting Borrower Needs T he two-way portal also makes borrowing easier. LOs can enter a specific loan applica- tion and guide a borrower while he/she fills it out. Rather than sending a borrower to an FAQ page or having them call a 1-800 number, an LO jumps inside the application, theoretically sits next to the borrower, and answers any question they might have. In essence, the two-way portal brings high-touch to high-tech. The digital POS—equipped with all of its benefits—drives increased productivity, affording LOs to close more loans faster. Closing more loans faster—while not compromising compliance, quality, or borrower satisfaction— defines a productive, successful loan officer. Beyond originating loans faster, digital POSs allow for LOs to spend more time on lead generation and business development. Now, LOs can increase their amount of prospects and turn more of them into borrowers with the user- friendly POS application. Most importantly, even with increased opportunities and volume, LOs still have more time to nurture borrower relationships. Having more time to nurture borrower relationships results in happier borrowers. Happier borrowers mean increased business, whether it's through generating repeat customers for refinancing and buying second homes or generating positive buzz through word-of-mouth. Some people think that with technology, comes de-personalization. That's not the case: technology affords LOs more time for personalization and to give each borrower proper attention. Equipped with a two- way portal POS, they can guide borrowers through each step of the application process and solve discrepancies more efficiently than before. Borrower-LO communication is streamlined and simplified, preventing confusion and frustration. With increased efficiency, LOs spend less time talking about bank statements and more time about the borrower's home buying goals. Easing the Home Buying Process D igital POSs in and of them- selves satisfy borrowers by making home buying easier. The application process, long and information intensive, has con- fused the most financial-savvy consumers and overwhelmed them with requirements. Digital POSs simplify the application process and guide users through each step to make mortgages easier. The power of digital POSs is apparent even in the most basic form of mortgages: Pre-qualification applications. These short, yet helpful applica - tions can pre-approve borrowers in minutes. Rather than find a home first, borrowers can get pre-qualified. Pre-qualification affords borrowers to search smart and find homes within their budget. With this guid - ance, home buyers make better decisions that expedite the entire home buying process and lead to more seamless mortgage underwriting. Evidently, digital POSs impact the home buying lifecycle, from the first open house to the closing date. Going deeper into the borrower side of the application process, digital POSs employ AI and smart algorithms to intuitively react to each borrower. For instance, if a borrower indicates at the beginning of the application that he/she does not have a co- borrower, POSs can intuitively know not to open any data-entry fields for co-borrower information. This results in less confusion and faster completion times. With auto-fill fields and integrations, borrowers need not enter line after line of data, shifting back and forth between tabs and forms and documents to find each piece of information. Borrowers simply enter their social security number to run credit and their bank account number to run assets and income. Borrowers don't scan through their tax returns; POS connect to the IRS and retrieves all the data it needs. All of these factors lead to a seamless application process that results in happier borrowers. Increased loan officer produc - tivity leads to more time for lead generation, business development, and nurturing borrower relation- ships. Digital POSs transition website visitors into borrowers. Combined, these factors boost top-line results. While those fac - tors inherently impact the bottom line as well, digital POSs benefit profits further by increasing mar- gins. For one example, overhead costs get reduced as LOs no longer send and receive hundreds of pieces of paper. In effect, as digital POSs boost loan officers' productivity, their productivity simultaneously benefits top and bottom line results. CURT TEGELER, President and CEO of Webmax, is responsible for providing direction for action to all employees and business initiatives. Tegeler's main responsibilities include communicating and implement - ing the company's vision and mission; leading, guiding, directing, and evaluating the work of executive leaders; formulating and implementing the strategic plan; forming, staffing, guiding, leading, and managing WebMax; evaluating organizational success; and representing WebMax in civic and professional activities. "Having more time to nurture borrower relationships results in happier borrowers. Happier borrowers mean increased business, whether it's through generating repeat customers for refinancing and buying second homes or generating positive buzz through word-of-mouth."

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