Bank of Idaho said that while gathering statistics on online mortgage applications can be challenging it has found meeting the challenge has been worthwhile.
The bank recently said it has been bringing loans to “clear-to-close” status 22% faster and increasing loan officer productivity by 67% by using point-of-sale technology from Mortgagebot.
Gathering online mortgage app statistics can be a challenge because so much about online lending can be subjective, said Larry Bell, Bank of Idaho's mortgage loan manager. Measuring LO productivity in this context is tricky because some LOs, for example, might ask, “Would you like to apply online?” upfront in the loan-making process and some do not, depending on the nature of the borrowers they work with.
“Consumers are different,” he said in an interview. “You try to make everyone happy.” Despite this, Bell said the company has found it worthwhile to “try to monitor our processing time and our clear-to-close time by the way we receive the application.” But he noted that automation in many cases has reached a point where there are some compelling reasons for both borrowers and lenders to use it.
“We would prefer more consumers would use the website,” Bell said, noting that those who buy online often can close sooner and borrowers can be told that.
He said technology also has helped the company compete with larger players. “It makes us look as big as they are.” Some anecdotal trends he has noted in online apps include the fact that the origination method generally resonates more with repeat buyers who have a certain amount of comfort with the loan-making process. Also online applications recently have been coming in more frequently outside of business hours, after 10 p.m. or 11 p.m. and before 6 a.m., he said.
