How does mortgage automation translate into better customer relationships? Mortgage automation means faster loan processing. To put this general statement in perspective, a SoftWorks AI client saw a 96% increase in loan processing efficiency after mortgage automation.
Differentiate Your Mortgage Application Process with Real-Time Service
While the statistic above has obvious implications for improving the loan approval workflow itself, there is a hidden, greatly beneficial consequence of this: faster approval means better service for borrowers. For instance, by the time a potential borrower has submitted a mortgage application, they’ve likely narrowed down their options to the point where loan rates and terms are no longer differentiating traits. What this means exactly is: If a mortgage lender can be the first to approve that borrower for a loan, they are more likely to earn the business than their competitors.
Further, automation can lead to such a large jump in mortgage loan approval speed that happy borrowers can be impressed enough to share their experience with their neighbors, friends and family. Before mortgage automation, a Fortune 500 financial institution spent 2 hours processing each loan packet, but after implementing automated classification and data extraction software, each packet took less than 5 minutes to process!
In the Digital Age, Stronger IT = Competitive Advantage
In the age of digital transformation, this is the real-time level of service customers have come to appreciate and even expect. When a need is met immediately it can translate to positive word of mouth and further dominance over less IT-savvy competitors. Through mortgage automation software, banks and financial institutions can not only improve internal loan processing efficiency but also provide an enhanced, streamlined customer experience.