The process of getting approved for a mortgage can be long, complicated, and tedious. Thankfully, the way home loans are done is improving as technology revolutionizes this space each year.
This article will cover the top three trends in the mortgage industry lenders should keep an eye out for in 2022. We’ll also discuss how new technologies can help make the mortgage process much simpler and more efficient.
When people think about getting a mortgage, they think about a ton of paperwork and waiting by the phone for a broker or loan officer to get back to them. But this is not how people purchase goods and services in today’s world. Borrowers expect a quick, easy, transparent process that can be completed from anywhere in the world. Most of all, they want faster approval times sacrificing no quality of service.
In 2022, this will be one of the most important aspects of getting a home loan. More and more mortgage companies recognize this trend and are working hard to provide seamless customer service. One way to do this is by making websites more accessible and personalized to the needs of individual customers.
For example, Capacity, an AI-powered support automation platform with chatbot functionality, can answer over 90% of all questions at any time of the day or night without human involvement, and refers any questions it can’t answer to the best person. Instead of website users scrolling through website pages or waiting for customer service to open, they can ask the chatbot.
Chatbots can also help customers to learn about available mortgage options and walk them through the process. This means that even potential borrowers who are not tech-savvy can enjoy an intuitive customer experience.
Tools like chatbots don’t replace human agents; they allow human agents to do their best work. The chatbot takes over answering repetitive questions, freeing customer service teams to concentrate on more important things like developing lasting relationships with borrowers. This makes borrowers more likely to return for another mortgage purchase in the future.
Employee experience is another crucial aspect of the mortgage process that will be more important in 2022 and beyond. Team members in this industry need a wide range of skills to satisfy the needs of customers without sacrificing speed or quality.
Providing a great employee experience means that exemplary employees are more likely to stay with their companies, slashing the cost of onboarding and training.
Capacity can also help to improve the employee experience.
For example, loan officers can use its chatbot functionality to answer most of their questions from human resources to compliance. Capacity integrates with communication tools such as Slack, so employees don’t have to learn a new system. Capacity also gives employees instant access to Fannie, Freddie, USDA, FHA, and VA guidelines. This saves a ton of time and frustration as employees no longer have to consult multiple sources for answers.
Capacity uses OCR technology to empower loan officers to upload mortgage documents and make them searchable at the click of a button. This saves them an astonishing amount of time.
With its ability to index documents in real-time, Capacity puts powerful search functionality in the hands of mortgage companies. Loan officers no longer have to sift through reams of paperwork or spend hours trying to find a single document.
As technology continues to improve and penetrate new spaces, mortgage companies will turn to automation more frequently. While this can be a scary word for some people, automation doesn’t have to mean getting rid of employees.
Instead, it means making their jobs easier by freeing them from repetitive, time-consuming tasks.
For example, a lender might use Capacity to implement an automated workflow to send documents to borrowers and receive signed approvals. This eliminates bottlenecks in the system and reduces the risk of errors. It also makes it easier for parties to communicate with one another and keep up-to-date on the status of a file.
Borrowers don’t have to wait for loan approvals, and employees benefit because they can take on more intricate work.
At Capacity, we’re creating an industry standard for digital lending that helps borrowers get approved faster and increase profitability. This also makes the application process easier on employees, who are dealing with many applicants simultaneously.
We’ve made it our mission to streamline the mortgage process by applying new technologies to reduce paperwork and improve the loans process for everyone.