You don’t need us to tell you how competitive the mortgage industry is, you’re in it every day. But there are things you may not know about your clients, and it could be costing you.
We’ve gathered the top complaints that borrowers have about the mortgage application process — along with ways that you can fix them — to give you insight into the consumer’s mind and give you a competitive edge over other lenders!
How To Fix Your Borrower’s Mortgage Complaints
“The application is too long, don’t have a scanner, and I don’t have time to go to their office.”
While the application really isn’t long, when you’re faced with line after line to fill-in and tiny boxes to check, it might as well be a college term paper. Even if the borrower takes the initiative to fill the application by hand, that still leaves the problem of finding time to actually go to the office to fax or email it, or just drop it off.
And it’s not just a matter of finding time after work. After work, there may be job number two, daycare pick-ups, and homework.
There could be visiting of elderly parents and then college extension courses late into the night.
Help them by making the mortgage process as EASY and CONVENIENT as possible.
True, you could be a sort of courier service and take the application to your client and pick it when it’s completed. While it does have a personal touch to it, it doesn’t make the best use of your time when you’re working on other prospects and trying to bring other borrowers to a quick close.
Instead, use a digital 1003! A cloud-based mortgage application allows your consumers to fill out the form digitally (much easier than writing it in!) and the mobile responsiveness makes so that your prospect can do it anywhere, from any device, and at any time!
“After submitting my application and all the docs, the loan officer tells me I’m missing some paperwork — but I know I turned it in!”
With so much shuffling of paperwork, human error is bound to happen. A doc gets put into the wrong folder or mistakenly dismissed. Although unintentional and minute in action, the consequences are far-reaching.
Missing paperwork frustrates your borrower, possibly to the point of losing referrals from them or even causing them to back out of the deal! Lost paperwork also costs you additional time to process and make you look less capable in the eyes of your borrower.
Even if the mishandling of paperwork is not your fault (perhaps the borrower truly did forget to turn it in, or it was misplaced during the underwriting), it’s still ultimately your responsibility to keep it all in order.
Minimize the potential for missing paperwork by taking advantage of a digital mortgage platform to handle the application and docs. A digital Document Uploader keeps sensitive docs SECURE and in one place. Pair it with a cloud-based 1003 and quickly send the entire package digitally to the processor and/or underwriter without losing a single doc!
“My loan officer seems to have disappeared after I sent my application. What’s next? Where am I in the process?”
There’s a lot of moving parts to getting a home loan. The trouble is that consumers can’t see the forward movement of their loan and they begin to think you “forgot” about them. You can’t blame them. Consumers are blissfully ignorant about the complexities of processing a mortgage — that is why they sought an expert, after all.
The result is that the uninformed borrower feels ignored and resentful. Or they may feel the need to “check-in” frequently to remind you about their loan.
You want to reassure the client that all is going as planned, but the extra attention that they need begins to drain your energy.
Further still, your consumer feels a loss of power over their financial future.
Sending an email or giving a quick call to update the borrow about the status is one way to do it, but it still doesn’t address the issue of the consumer uncertainty. Instead, give your consumers an enhanced mortgage experience that makes them feel in charge and confident in their choice of lender.
With a digital mortgage, your consumer can log-in and see precisely where they are in the process, in real time! Consumers feel EMPOWERED and appreciate the transparency of doing business with you.
“Car loans can close in just a matter of minutes. I know home loans work differently, but why does it take weeks instead of days?”
We live in an age where there are self-driving cars on the road and investors are trading billions of dollars through their smartphones. It’s no wonder that consumers are frustrated at the snail’s pace speed that the mortgage industry is moving.
Even small things like having to pinch and reformat a website on a mobile device look prehistoric to today’s consumers.
Have a mortgage website that takes more than 3 seconds to load? That’s considered archaic by modern standards.
Still asking consumers to fax a copy of their pay stubs? Is it taking several weeks to get from acquisition to closing?
To remedy this complaint it easy! A RELIABLE digital mortgage platform moves your business from the stone age to the digital age — where your prospects are waiting for you.