Update Lets LOs Share Benefits, Drawbacks of Different Scenarios

A new screen sharing function gives loan officers greater transparancy. Credit: © suphakit73 - Fotolia.com

Tactile Finance is rolling out a new feature for its Pro product for mortgage loan officers, a screen-sharing function which lets them remotely show and explain to their clients the benefits of different loan scenarios.

Tactile Finance Pro lets the loan officer cover such topics as amortization schedules, points, equity and fees as well as show the client the benefits or drawbacks of such activities as opting for an adjustable rate mortgage or refinancing. This new feature allows this demonstration to take place with the borrower in one location and the loan officer in another.

There are products on the market such as Go ToMeeting which allow for screen sharing. There are drawbacks to those technologies, noted Nicole Hamilton, CEO of the New York-based company, until recently known as Feel My Money.

It can be difficult for customers to use an installation-type product seamlessly, especially if time is of the essence, she pointed out.

Users of Tactile Finance Pro can now send the client a link via email. First the loan officer clicks the share screen tab, then copies the link and contacts the consumer.

The screen share function uses SSL technology, as does Go ToMeeting. However, consumers might not be savvy enough to use and install the needed software to use with Go To Meeting, she said, adding Tactile’s staff sometimes get frustrated when issues crop up with the Go To Meeting system.

This program takes away all those layers so the loan officer can work easily with the customer, Hamilton said.

With this system, unlike Go ToMeeting, only the browser tab which applies is shown to the customer not the entire screen. Go ToMeeting displays every item on the leader’s screen.

This function was developed, Hamilton explained, in response to a midsize bank in its testing group. It had been using Go ToMeeting to do a demo and bank commented that it would great to have something like that in Tactile Finance for the loan officer to show the screen to the customer.

The screen sharing function helps to further the reach of Tactile Finance Pro, which looks to create transparency and help users build relationships with their clients, leading to greater trust in the process, higher client satisfaction and increased referrals.

It allows the loan officer to answer quickly and effectively hundreds of questions their customers might have during the loan process.

Things become easier to explain to customers because Tactile Finance Pro has “dynamic graphs” which update as scenarios are changed, Hamilton said.

“Because many mortgage conversations occur over the phone, Pro screen sharing allows a higher quality customer experience, similar to if you were sitting right alongside your customer,” she said.

Hamilton added that loan officers who use Pro report a 50% reduction in the time they spend talking to clients explaining the various options and offers.

“It is a different level of transparency you can have with your customer when they are looking at these products,” she said. It takes something hard and complex to explain to the customer and makes it precise.