Self-Service Mortgages

February 17, 2021
Kourtney Manley

Impressive progress with mortgage technology has been made in recent months to enhance a customer’s mortgage application experience by making it virtually self-service. The updated technology was expedited when the Covid-19 social distancing restrictions all but eliminated the in-person mortgage application process. This digital transformation was a significant contributor to the mortgage market’s success in 2020 and will continue to evolve, per overwhelming positive customer feedback.

A mortgage customer can now complete and submit a mortgage application within minutes and at their convenience from the electronic device of choice, and they can upload bank statements and additional required documentation and send them to their lender immediately. Once the lender receives the required documentation from the customer, technology enables the lender to have direct electronic access to financial and other data necessary to complete and expedite the remainder of the verification tasks, thus eliminating manual data entry. This streamlined end-to-end mortgage process empowers everyone involved to work smarter, not harder.

General customer awareness of the necessity for digital services has been heavily influenced by the Covid-19 pandemic, even for those previously resistant to self-service options and rather, preferring in-person interaction. Almost anyone, when dealing with financial transactions such as managing their banking, loans, investments, and insurance, expects there to be digital self-service options available and has become comfortable implementing them. For many people, digital life-management options are a quality-of-life necessity. So, when choosing a mortgage lender, the digital benefits and features available to their customers so they can monitor and manage their loan after the mortgage completion, is somewhat of an expectation.

Life brings changes to everyone, many of which impact a customer’s financial situation, including their mortgage. Up-to-the-minute technology can make managing a mortgage simple instead of cumbersome and introduces cost savings that may otherwise be overlooked.  Simple functions such as changing the method of electronic payment or checking the current payoff amount can be done within minutes at the click of a button.  Or more invasive inquiries, like obtaining an additional equity-based loan or a refinance for a lower interest rate can be initiated via virtual chat at the customer’s convenience. Most often, easy-to-use instructional tools for how to navigate through the self-service options are available in the self-service portal. And to the customer’s advantage, the lender has the ability to occasionally push general or customized notifications out via email or text that may be a financial advantage.

A solid relationship between a lender and a borrower is imperative to a person’s future financial stability so choosing a lender that exhibits a clear understanding of what their customer’s needs are is imperative. Like all things in life, you want proactive, intuitive partners to help you seamlessly navigate thru life’s blessings and challenges.

Written by Kourtney Manley, Business Analyst at OnlineApplication

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