Last week, the Capacity team joined TMC members from across the country for TMC Days, Miami Nights. From innovative sessions to insightful conversations, we left feeling energized with several key takeaways.
1. The mortgage industry has gone paperless, but not digital.
While it’s no surprise that the mortgage industry is lagging behind in digital transformation, businesses continue to adopt new technologies and processes at a measured pace.
We heard this from Ben Kraus, Donielle Geiser, Thrive Mortgage, and Jason Madiedo, Panorama Mortgage Group, as they discussed how lenders can form a culture around automation and why it’s important. The mortgage industry has not reinvented itself to be digital-first, causing a gap when trying to provide excellent customer service and employee retention.
Strides have been made in the mortgage industry with businesses looking to find ways to move away from manual paper processes–without going completely digital. In order to stay relevant to borrowers, lenders need to put more digital solutions in place.
2. Borrowers measure experiences against the best customer service they’ve ever had.
A powerful statement – What does this mean for the mortgage industry?
Borrowers judge their experiences based on the best ones they have had, NOT the last one they had. This is crucial for lenders to remember, as this sets the tone. Businesses must provide a top-notch customer experience in order to stand out to borrowers.
This likely means implementing new tech that streamlines tasks and saves your team valuable time. Show borrowers you care by giving them more time spent building relationships, and less time with arduous, manual processes. Support automation platforms give your LOs time to spend with borrowers vs. searching disparate systems and paper binders for the right documents.
3. The industry is moving from a refinance to purchase market
Lenders must provide a better borrower and employee experience to capture market share and support the loan manufacturing process.
Rising interest rates isn’t the only thing concerning the mortgage industry. In the last few years, lumber costs shot up by 100%. The cost of building homes in general has skyrocketed. It’s difficult for builders to construct affordable housing when prices are through the roof.
Streamlining the loan origination process helps organizations in two very powerful ways: it can help drive down the cost while improving the borrower experience.
4. Companies using automations and tech are winning.
There is a huge opportunity right now for businesses in the mortgage industry to adopt a platform over point solutions.
New technology and support automation platforms like Capacity can transform the way lenders do work.
Businesses like NMB and PRMG are seeing real results:
- NMB’s internal employee bot, “Ask Rosie,” powered by Capacity is available 24/7/365, and has answered more than 3000 questions with a 94% match rate.
- Through Capacity, MOBi is answering 90% of all questions in 1.6 seconds without human involvement.
As you can see, support automation platforms:
- Increase employee satisfaction and happiness, especially when they aren’t answering repetitive questions.
- Provide a better experience for borrowers with information readily available.
- Answer important borrower questions instantly without days of wait time
Using Capacity can set your business apart
Mortgage customers leverage Capacity to scale their support functions, making it available to employees to ask and get immediate responses to Scenario, Lock Desk, Compliance, Processing, IT and other procedural questions.
They also use Capacity to effortlessly tap into industry systems like Encompass® and AllRegs® to provide real-time access to guideline and loan information.
“The perfect blend of saving time and money,” says Kevin Peranio, PRMG. “This is about as good as tech as you’re going to find.”