In a market where lenders are relying on purchase money mortgage business to increase volume, it is more important than ever that new and first-time home buyers see lenders as trusted financial advisers. Unfortunately, our lending process is notoriously confusing and unfriendly, especially for low- and moderate-income borrowers. Even after successfully closing on their new loan, many borrowers will admit they didnít know what all the paperwork was about and never really understood the process. This prevents them from referring new business to the lender and drives them to other companies when they next need financing.
Today, new technologies allow lenders to change this. Online tools, a blend of self-service and loan officer assisted service, collaboration capabilities, mobile access, and up-to-date communications and status can all contribute to new, higher levels of customer intimacy and satisfaction. This will lead to increased business for the lender, in a time when they most need it.
Learn how The Four Pillars of Mortgage Automation can enable Housing Authorities and lenders alike to put their customers first and realize significant operational benefits.
C.I.O., Minnesota Housing Finance Agency
Industry Solutions Manager, Kofax
This is a National Mortgage News Editorial Event