The benefits of implementing a digital mortgage POS solution explored.

Are you a mortgage executive with ambitious growth plans? Do you want to originate more loans, provide a superior borrower experience and win customers for life? If so, now is the time to retool your production goals and embrace new mortgage technologies, such as a mortgage point-of-sale (POS) solution.

Technology is driving fast change in the mortgage industry. It’s important to understand whether or not your current technology stack will fit in with your long-term business strategy and withstand the changes that are sure to develop in the near future.

To stay competitive, lenders will want to become familiar with the various technologies available to them and the benefits they offer.

The right mortgage POS will help originators and borrowers go deeper into the mortgage process, faster. This proves a tremendous benefit to lenders, as it allows for:

  • Higher conversion rates;
  • Faster closings;
  • Improved experiences for borrowers;
  • And, increased market share.

At heart, automating loan tasks streamlines processes and empowers lenders to originate more loans and improve the customer experience—both of which are central to a mortgage businesses’ growth and retention.

In a recent interview, Jennifer Wilkinson, SVP and Chief Lending Officer of San Mateo Credit Union, said that “faster, easier and smarter technology for a better user experience” has become the new standard in mortgage lending.

“In my position, I am constantly looking to improve both internal processes and the consumer experience, simultaneously if possible,” Wilkinson said.

A nice segue into our next points...

Let’s explore four reasons why every mortgage lender needs a POS.

Reason #1: Experience Higher Conversion Rates

A mortgage POS with an intuitive design will help guide borrowers through the application process to submission, improving their overall user experience.

Intuitive design is the interaction process between a specific user(s) and the design. Our UX team has built our software to suit the specific needs of both originators and borrowers.

For borrowers, when the platform is easy-to-use, and they aren’t forced to consciously think about what they are doing because the interaction process is so effortless, there’s a greater chance that they will stay on the application through to completion.

One of the ways BeSmartee ensures lenders experience higher conversion rates is through our newly released base branding configuration. With this update, made available to all clients, we were able to improve the look-and-feel of the borrower experience from within the Borrower Loan Dashboard.

Prior to this enhancement, we were seeing a consistent conversion rate of 85%. Now, conversion is at an all-time record high, coming in at roughly 91%.

Reason #2: Get to Closings Faster

With the right mortgage POS, originators will be able to go deeper into the mortgage process, faster. More specifically, they will be able to take their borrowers from application to appraisal in about 15 minutes.

By improving internal processes through automation, originators will be able to optimize their pipeline management by uncomplicating task-heavy systems and processes so that lenders can delight borrowers with a fast, easy and transparent digital mortgage experience—a win-win for both parties.

An article by Joey McDuffy in National Mortgage Professional Magazine said, “These new systems also leverage a higher level of automation in the origination process, which includes automatically populating loan disclosures with real-time fees and generating disclosures just moments after a borrower fills out an application. As loan circumstances change during the origination and underwriting processes, fees are then automatically and instantly recalculated, and disclosures regenerated. Ordinarily, these tasks could take hours. With newer systems, they take seconds.”

Closing a mortgage faster can mean two things for lenders:

  1. The faster you close, the more loans you can originate in any given period of time, increasing your overall production.
  2. The faster you close, the happier your borrower and the greater likelihood you’ll make them a customer for life.

With the BeSmartee Mortgage POS platform, lenders have been able to close loans by an average of 10 days.

Reason #3: Improve Your Borrower Experience

When LO’s work in tandem with their mortgage POS platform, they are able to increase their productivity, which offers them more time to focus on the borrower experience. LO’s will be able to ensure continuity of first-class customer service throughout the application process.

"There are multiple benefits to a fully digital mortgage," Teresa Blake, Managing Director of KPMG LLP, Charlotte, N.C., said at the MBA Technology Solutions Conference & Expo. "We use technology to improve our business, but it starts and ends with the customer. So when you ask, ‘why digital,' it's all about improving the customer experience."

With the right mortgage POS, lenders will be able to boost customer referrals and earn more business through a better borrower experience.

Additionally, lenders will want to meet borrowers in today’s economic landscape. With the mandated in-person work restrictions, caused by the COVID-19 crisis, remote capabilities and being able to offer fully digital transactions have become the new standard.

Reason #4: Increase Market Share

Lastly, with the right mortgage POS, you will distinguish and differentiate your business from competitors, while expanding your offering and targeting new markets.

To keep ahead of competitors and increase market share, innovation must be at the forefront of your mortgage marketing strategy.

According to the MReport, in order to succeed in the mortgage market, “lenders must have technology that is capable enough to get homebuyers into their dream homes faster, customize engagement with their unique customers, stay in contact throughout the process and respond to homebuyers’ needs on their terms.”

Roundup

The times and technologies are changing with all speed. For lenders looking to make the best decisions for their mortgage business and their customers, a mortgage POS platform is an effective and reliable strategy for growth, retention and a more secure future.

Remember, the right mortgage POS will help originators and borrowers go deeper into the mortgage process, faster, and achieve:

  • Higher conversion rates;
  • Faster closings;
  • Improved experiences for borrowers;
  • And, increased market share.

Seamlessly transition into the digital mortgage space. Book a demo with BeSmartee here.