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Using Automation and Capacity to Accelerate Loan Origination

by | Oct 29, 2020

Though it seems every other consumer experience is focused on instant gratification, the mortgage industry has been stagnant with legacy systems that create delayed responses. However, in recent months, the mortgage industry has adapted to new technologies, which have trickled into the loan origination process.

When it comes to loan origination, the conversation around the drawn-out process has recently led to major change. By streamlining the process, borrowers still receive the assistance, support, and resources that they’ve always gotten, it’s just on an expedited timeline. 

Because buying a home or property is a big decision that people should take time to think about, we believe the addition of automation to the process can help personalize the experience for borrowers and keep them more informed than they’ve ever been. Keep reading to learn how. 

Lead generation.

Lenders have been trying to figure out the best ways to inform prospective borrowers on all of the necessary steps and processes that they’re curious about. With automation, lenders can inform a borrower before they even enter the loan origination process and instill a sense of trust and expertise that turns prospective borrowers into customers. 

Potential borrowers search for answers to their questions at all times of the day. Lenders can use that information to their advantage by making a fully branded chat solution available on a lending website. With a chat solution available, lenders can rest assured knowing that their potential borrowers are getting all of the information they need to take the next step towards becoming a customer without any delays. 

In addition to providing instant answers at any time of the day, a chat solution can also provide accurate and timely answers. All too often, chat solutions are filled with stale and generic information. But an AI-powered chat solution is always improving and learning based on past interactions, feedback, and the knowledge base it’s connected to. 

An AI-powered chatbot with integration capabilities can even set up a meeting for the potential borrower to meet with your loan officer once they are qualified. A key benefit s of qualifying borrowers via chat is that loan officers have insight into the potential borrower’s interests and questions. 

By anticipating the borrower’s needs, the loan officer can come prepared with solutions before the borrower asks. And with streamlined solutions, comes a shorter yet improved loan origination process. 

Capacity was built with state-of-the-art natural language processing to interpret your customers’ and prospects’ FAQs. The questions that don’t yet have an answer are routed to the Helpdesk, where your support team can provide the answer that will be instantly surfaced from that point forward. Alternatively, they can jump into the conversation directly with Capacity’s LiveChat interface.

Borrower FAQs.

Now that a lender has fully qualified the borrower via chat, and the loan officer is working on getting them through the loan origination process. Automation doesn’t stop at lead generation and can support borrowers and the operation staff throughout the loan process. Typically the operations staff and the loan officer have to take multiple manual steps to access information and guidelines from loan origination systems. This can eat up valuable time and is also more likely to be susceptible to human error. 

The same way an external-facing chat solution can help prospective borrowers and customers access instant answers, an internal chat solution can support lending staff during the loan origination process.  

When borrowers ask their loan officer questions regarding loans, all the loan officer has to do is ask the chat solution for an instant and accurate answer. The loan officer doesn’t even have to work reactively. Integrations empower the loan officer with the ability to simply ask the AI-powered chat solution to show them the loan and then send those details to the borrower without logging into the loan origination system or email. 

The fewer time employees spend searching for information, the more time they can spend supporting borrowers, and ultimately, speeding up the loan origination process as a whole. 

Capacity works in parallel to your loan origination system and it includes direct access to guidelines from Fannie, Freddie, USDA, FHA, and VA as well as an automated mortgage glossary and FAQs pack. Our chat feature answers more than 84% of all inquiries without human involvement. If Capacity doesn’t know an answer, the question is escalated to the appropriate internal team member via a ticket or live chat, and the answer gets added to the Capacity knowledge base.