Why should financial institutions care about providing a mobile lending experience for homebuyers? The answer is that mobile lending offers a convenient, fast, and efficient way to apply for and process loans. As younger generations enter the housing market, companies need to optimize their websites and services to be more mobile friendly for borrowers.
This article will cover the benefits of a mobile lending experience, as well as how lenders can automate the loan origination process seamlessly.
Benefits of mobile lending.
Chatbots help increase efficiency.
A vital piece to making the lending process mobile friendly is through chatbots. On platforms like Capacity, chatbots can answer more than 90% of customer queries, guiding borrowers through the process of getting a loan. This streamlines the process and frees up time for loan officers to work on other more important tasks. As a result, chatbots can help improve efficiency and productivity.
Chatbots can answer questions about:
- loan terms
- loan applications
- eligibility requirements
- loan document requirements
- interest rates
- financing
A faster lending process.
Mobile devices can be used to process loans faster and more efficiently. By using a mobile app, loan officers and borrowers can input data and documents directly into the system, which speeds up the entire process. In addition, mobile apps can also provide instant access to credit scores and other important information. This allows LOs to make decisions and get the loan approved faster.
A more convenient borrower experience.
The mobile lending experience is more convenient for borrowers. They can apply for a loan from anywhere, at any time. This is especially helpful for busy people who may not have time to go into a branch during normal business hours. In addition, mobile apps can store loan information so that borrowers can easily access it in the future.
A more personalized experience.
Mobile devices allow for a more personalized lending experience. By using data from mobile apps, lenders can better understand their borrowers. They can tailor the loan process to each borrower and provide a more customized experience.
How can lenders automate the loan origination process?
The mortgage industry is complex and ever-changing. Lenders need a solution to keep up with the latest changes in technology and regulations while still providing superior customer service.
Capacity is a mortgage support automation platform that uses conversational artificial intelligence to help mortgage lenders automate workflows. The platform helps financial institutions capture and route new leads and provide 24/7 automated support for borrowers, loan officers, and support team members.
Many lenders have failed to take full advantage of support automation platforms. Here is what Capacity can help mortgage businesses with:
Capture and route new leads.
When a prospective borrower submits an online form or chats with a chatbot, Capacity captures and routes the lead to the appropriate loan officer. Borrowers receive excellent customer service from quick follow-ups, and lenders get quicker responses. It’s a win-win!
Provide 24/7 automated support.
Capacity’s platform provides 24/7 support for borrowers, loan officers, and support team members. It can answer questions, provide status updates and help with the loan application process. Borrowers may need assistance outside of normal business hours. They want answers to their important questions immediately. With Capacity, borrowers won’t have to wait 3-5 business days to get help.
Instant access to guidelines.
Lenders can use Capacity to instantly access the latest guidelines from Fannie Mae, Freddie Mac, VA, USDA, and FHA. Doing this helps ensure that loans are originated in compliance with all applicable rules and regulations.
Automated workflows for loan fulfillment and servicing.
Capacity’s workflow automation features help lenders automate the loan origination and servicing process. This includes ordering appraisals and title reports, flagging problems with non-payment, and sending out loan closing documents. When your team is overwhelmed with loan applications, Capacity picks up the slack and makes sure that nothing gets overlooked.
Integrate with your most important apps.
Capacity integrates with popular applications, including Microsoft Teams and Slack. Lenders can connect their data into a single system and create a seamless workflow.
Automated onboarding support resource for new team members.
When new team members join your company, Capacity can provide them with automated onboarding support, including access to training materials, guidelines, and best practices. Then they can get the information they need without disturbing the rest of your team.
Request a demo of Capacity.
Capacity provides lenders with everything to stay ahead of the curve in today’s mortgage industry. By automating the loan origination process, lenders can provide a better experience for their borrowers while freeing up their team members to focus on more critical tasks.