Understanding how to most effectively incorporate technology into your business is not always easy, but mortgage workflow automation and other tech tools can optimize your team members' productivity without inadvertently costing their jobs. From tracking every stage of the loan application process to improving communication, mortgage workflow automation can help your business take full advantage of functioning in an increasingly digital world. Here is an overview of how mortgage workflow automation works, what makes it an increasingly popular alternative to manual loan processing, and how it can benefit both your borrowers and your business.
Centralized Loan Management
Your mortgage company relies on a variety of types of digital tools to stay organized and provide the best possible experience for your customers. While eliminating certain tools altogether is unlikely to be beneficial, keeping track of a variety of tools that were not designed to work together can be challenging. Workflow automation can consolidate many of the individual tools your company relies on into one convenient platform, such as your CRM, LOS, and POS. Streamlining these tools can help your business handle every step of each borrower's loan cycle more consistently, which can improve your organization and reduce potential harmful oversights.
Streamlined Client Communication
Communication is key when it comes to maintaining strong relationships with your borrowers and making sure that they understand every step of the process of applying for and carrying a mortgage, but keeping track of every detail is not always easy. Forgetting to keep a borrower in the loop about updates to their application status or respond to their questions can cause them to miss essential steps and have a negative impact on their opinion of your company.
Automation tools can help your team track every email, phone call, and other type of communication to make sure that every applicant or current borrower receives the information they need at any given time. Your team can schedule automatic email updates, follow-ups, and other important information to reduce omissions and make sure that your borrowers are not missing anything. Initiating all communication within our platform, including phone calls, also allows your team to create a complete paper trail to refer to as needed. Using automation to improve relationships with your borrowers can play a key role in keeping them coming back.
Faster Loan Processing Times
Applying for a mortgage is just one of the many steps borrowers work through when purchasing a home, and delays in their chosen lender's loan processing process can slow down other pieces of a much larger puzzle. Delays, errors, or other problems on your end can prevent your applicants from moving forward with other stages of the home buying process, especially those that can only be completed after a mortgage is secured. This means that such delays can have a significant impact on your borrowers' overall satisfaction with your company and your reputation among local real estate agents, banks, and other professionals your borrowers are working with.
Manual loan processing can take much more time and involve more frequent delays than automated loan processing. Relying solely on manual processing requires your team's finite time throughout every step of the process, which limits the number of projects your business can concurrently handle. Workflow automation prevents the need for a human to enter, complete, or approve data entry, loan status information, and other key tasks to make it possible for them to be completed much more quickly. By reducing the amount of time that passes between acquiring each lead and closing their loan, your team can boost customer satisfaction while increasing the number of loans you have the capacity to handle at any given time.
Enhanced Compatibility and Security
Adhering to industry standards is key when it comes to ensuring that every mortgage your business handles is handled properly. Applying for and approving mortgages are among the most complex loan processes, which means that there are many steps that have the potential to be unintentionally or dishonestly mishandled. Certain loan officers may take drastic measures to skew a particular applicant's results or gloss over potential red flags. While these concerns are rare, they can significantly impact the reputation of your entire business. By automating as much of your mortgage workflows as possible, your team can more carefully monitor the progress of every stage of each loan application and keep a closer eye on all forms of communication to ensure that they align with the latest compliance requirements.
Improved Pipeline Visibility
Being aware of the current status of every loan application is an important step in keeping your business organized. With this level of visibility, your business can always know exactly what the next steps should look like for each applicant, as well as periodically provide this information to applicants throughout the process to increase their peace of mind by reassuring them that their application is being actively worked on. However, this can be easier said than done, especially as the number of mortgage applications your business manages grows exponentially. Automating your mortgage workflow can give your team a clear at-a-glance look at the status of specific applications at any given time.
Reduced Human Error
Manual data entry and other essential but repetitive tasks can result in mistakes that impact both your loan applicants and your business. Entering numbers incorrectly or other simple mistakes can keep your team from staying organized and have a negative impact on how customers view your business. Even errors that are as easy to make as a missed or extra zero can lead to significant misinterpretation that can slow down application processes and result in incorrect mortgage decisions. Automating as many tasks that do not require human input as possible can significantly reduce your business's overall human error while freeing up time and other resources that can be better used to improve other aspects of your workflow.
Mortgage365 for Cutting-Edge Mortgage Workflow Automation
At Mortgage365, we provide mortgage lenders with innovative tools for streamlining every step of working with applicants and current borrowers. From improving communication to utilizing our Activity Center and signature WhyCloud Tagging system to optimize your understanding of where each borrower stands at any given time, choosing our platform ensures that you have all the information you need to stay organized while helping your borrowers build an in-depth understanding of every stage of the mortgage process. Contact us today to learn more about how we can help you create the best possible experience for your borrowers or to schedule a demo!
