Automation isn’t the way of the future- it’s the way of the present. And if you’re not automating your procedures, you’re missing out on a lot of potential revenue. About 20-30% of all revenue is lost due to manual processes, and about $2 Trillion is paid out in employee salaries for jobs that can be automated.
The mortgage industry is no exception to this phenomenon, and new technologies are constantly being developed that make our jobs easier and save us money. Here are four tools you should be using to automate your mortgage lending process right now.
Live Chat Support
Customer service is an essential part of any business, but you shouldn’t have to sacrifice leads, market expansion or product development at its expense. With live chat support and a help desk, you can give your customers an experience that’s seamless and knowledgeable. Remember, your clients are moving from bank branches to a comprehensive online lending experience. This means they expect you to be there 24/7, whenever they have questions.
By using digital signatures, you can reduce the hassle of shuffling paper documents back and forth between parties. In addition to their time-saving nature, well-known e-signature platforms are safe, reliable, and help protect consumer data. Some examples of popular digital signature platforms are Docusign and Hellosign. These tools make it easy for you to sign documents or send them out for signing.
Automated SMS Notifications
People never seem to get off their phones. Why not bring your services to them via text? With SMS reminders, you can notify borrowers of late payments, send personalized payment confirmations, and show detailed information about their accounts as SMS attachments. Bitrix24 is a great choice for SMS notifications, and is one of the world’s largest SMS marketing platforms, with over 4 million users around the globe.
Consumer-permissioned data gives lenders the ability to make faster, more accurate decisions, and gives consumers the ability to disclose financial data without the hassle of chasing down hard-copy bank statements. At a glance, the idea of consumer-permissioned data might make borrowers cringe, but research has shown that many are warming up to the idea. According to an Experian study, about 56% of consumers agree that giving lenders the ability to access their financial data would be more convenient than offering hard-copy bank statements. See how you can leverage consumer-permissioned data with GSE-approved VOA solutions.