{"id":2491,"date":"2018-09-26T07:30:22","date_gmt":"2018-09-26T07:30:22","guid":{"rendered":"https:\/\/devbloglavaprotocols.nityo.in\/its-time-to-reinvent-the-mortgage-application-experience\/"},"modified":"2018-09-26T07:30:22","modified_gmt":"2018-09-26T07:30:22","slug":"its-time-to-reinvent-the-mortgage-application-experience","status":"publish","type":"post","link":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/its-time-to-reinvent-the-mortgage-application-experience\/","title":{"rendered":"It\u2019s Time to Reinvent the Mortgage Application Experience"},"content":{"rendered":"
<\/div>

By Jennifer Kim, Senior Recruiter, Salesforce<\/strong><\/em><\/p>\n

<\/p>\n

Most people would agree that buying a house is a huge and exciting milestone. But applying for a mortgage? Not so much. The truth is, the mortgage application process is intensely demanding and time-consuming. It requires sifting through heaps of paperwork (involving actual paper) and repeating the same process over and over again across multiple lenders.<\/p>\n

And surprisingly, even though many lenders have adopted more digital solutions in recent years, intending to streamline the labyrinth that is the mortgage process, problems still persist. In fact,\u00a0J.D. Power\u00a0\u2013 an American market research company\u00a0<\/a>\u2013<\/a> recently reported<\/a>\u00a0that overall borrower satisfaction in the mortgage application process has declined. This is partially due to the fact that it took about 36 days to obtain a mortgage in 2017 \u2013 an increase of seven days from the year prior.<\/p>\n

The takeaway? Improving the mortgage application process isn\u2019t just about\u00a0if\u00a0<\/i>new tools and digital channels are being used \u00a0\u2013 \u00a0it\u2019s more about\u00a0how<\/i>\u00a0technology is being used to give borrowers what they really want: an intuitive, flexible borrower experience catered to each individual.<\/p>\n

In Salesforce\u2019s latest e-book,\u00a0The Digital-First Mortgage<\/a>, they dive into the reasons why customer expectations have changed, as well as what mortgage lenders can do to make it easier for homebuyers to make what is often the largest purchase of their lives. Here is a sneak peek at a few of the key takeaways.<\/p>\n

\u00a0<\/p>\n

Why Borrowers Are Demanding More<\/strong><\/h2>\n

Digital disruption has\u00a0transformed customer expectations\u00a0<\/a>across all industries. The mortgage industry is no exception. Borrower expectations have evolved in a way that has already outgrown most processes that mortgage lenders have in place.<\/p>\n

Today\u2019s borrowers have become accustomed to transparent and efficient services like Amazon and Uber. They want more than just the ability to fill out a mortgage application online. Borrowers want options for how they complete each task: in other words, an entirely reinvented and wholly personalised process.<\/p>\n

They want the ability to engage with a team of experts whenever the need arises and on the channels they prefer.\u00a0Digitization\u00a0<\/a>isn\u2019t necessarily about replacing people or parts of the process. A digital-first mortgage approach is about enabling lending teams to deliver a better customer experience<\/a> overall.<\/p>\n

\u00a0<\/p>\n

Outsiders Are Taking Market Share<\/strong><\/h2>\n

Startups and outside lenders<\/a>\u00a0are giving traditional lenders a run for their money (no pun intended). Financial technology companies and non-traditional lenders such as\u00a0Amazon<\/a>,\u00a0loanDepot<\/a>,\u00a0and\u00a0<\/a>QuickenLoans<\/a>\u00a0have entered an already saturated market with tremendous success.<\/p>\n

These \u201cnon-banks\u201d are using a digital-first approach to acquire new customers, combining data and knowledge about their target customers to create unique mortgage solutions. They\u2019ve identified the broken components of the mortgage application process, proving to the industry that it\u2019s not a one-size-fits-all linear path. The ability of these outsiders to provide a more efficient and flexible choose-your-own-path borrower journey is a huge competitive differentiator. As a result, they\u2019re stealing away significant market share from traditional lenders.<\/p>\n

Related<\/strong>:\u00a03 Things You Need to Know About the Future of IT in Banking<\/a><\/p>\n

Using technology to reinvent the borrowers\u2019 experience can have a positive business impact in a variety of ways: help drive recurring business, generate referral business, and expand your network of customer advocates.<\/p>\n

Interested in learning more?\u00a0Email us at asklava@lavaprotocols.com<\/a> or call us at 03-7885 9720<\/strong><\/em><\/p>\n

\u00a0<\/p>\n

Article<\/a> first appeared on the Salesforce Blog.<\/p>\n

Lava is an <\/i>authorised Salesforce Partner <\/i><\/a>in Malaysia and has more than a decade of experience in cloud solutions which includes marketing automation, CRM implementation, change management, and consultation. We pride ourselves in not just being a CRM partner but in also understanding the needs of our customers and taking their business to the next level.<\/i><\/strong><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Improving the mortgage application process isn\u2019t just about\u00a0if\u00a0new tools and digital channels are being used \u00a0\u2013 \u00a0it\u2019s more about\u00a0how\u00a0technology is being used.<\/p>\n","protected":false},"author":1,"featured_media":2492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[18],"class_list":["post-2491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-blog"],"jetpack_featured_media_url":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/wp-content\/uploads\/2024\/10\/LPAug_260918.jpg","_links":{"self":[{"href":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/wp-json\/wp\/v2\/posts\/2491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/wp-json\/wp\/v2\/comments?post=2491"}],"version-history":[{"count":0,"href":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/wp-json\/wp\/v2\/posts\/2491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/wp-json\/wp\/v2\/media\/2492"}],"wp:attachment":[{"href":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/wp-json\/wp\/v2\/media?parent=2491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/wp-json\/wp\/v2\/categories?post=2491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/wp-json\/wp\/v2\/tags?post=2491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}