The mortgage lending industry experienced a technology revolution in recent years that has reinvented the way loan officers serve borrower clients. How lenders choose to leverage emerging technologies to keep up with evolving consumer-purchasing behavior will surely determine the mortgage companies’ that rise above the rest
There is no way to hide from it – the majority of consumers, especially millennials, prefer to purchase online, and many lenders have already made their move into the digital space. “There is a real push towards simplification of the mortgage process,” says Loan Simple CEO Jason Dozois. “A huge component of simplifying is moving what was a paper-driven industry over to a digital environment. This includes everything from borrowers being able to scan paystubs and bank statements to signing disclosures and documents with digital signatures.”
By leveraging technology in every way possible to create a better mortgage experience, Loan Simple has simplified and moved the borrower experience to a digital environment, which allows borrowers to perform the majority of the mortgage process on their phone, home computer or any other internet-connected devices. “We’ve automated the production side in order to simplify the work a loan office needs to accomplish. This frees the loan officer up to take care of new and existing clients,” he says. “Through technology we’ve been able to decrease the time it takes to complete a loan. This makes the entire process much more pleasant and helps everyone avoid the frustrations of a delayed loan process.”
With an in-house tech division that is dedicated to finding new ways of streamlining the home loan process for borrowers, loan officers, real estate agents and title companies, Loan Simple is working towards the goal of making a home loan as easy to obtain as purchasing shoes online. “Yes, it’s a lofty goal but we believe it is the future,” Dozois says.
As technology creates new avenues for lenders to serve the mortgage needs of clients, ensuring that the user experience remains top-notch is key for continued success. “Our technology allows our loan officers to stay in touch with clients long after the loan has closed. With automated reminders and market watching applications, we can continue to help take care of clients for life,” he concludes.