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What Mortgage Bankers Can Learn from Amazon

Amazon is leading the charge in today’s on-demand economy, where consumers expect to get what they want when they want it. What makes Amazon so successful?

Shoppers rely on Amazon for every day purchases because it’s fast, efficient and easy to use.

Today's home buyers, who have become accustomed to Amazon’s efficiencies are looking for a similar experience when purchasing a house. However, their experiences are slow and arduous. As a result, buyers are searching for innovative companies, that can provide a faster and more robust customer experience.

In order to stay competitive in today’s economy, mortgage companies should turn to automation technologies in order to attract and keep prospective buyers on their websites.

Here are three ways leading mortgage companies are using automation to increase market share and retain clients.

1. Creating mobile-first experiences

According to Forrester, one-third (about $1 trillion) of all retail purchases will be made from a mobile device. Lenders are no different. In fact, just last year, Loan Depot unveiled a mobile app that enables customers to apply for a mortgage without talking to a loan officer. Their app allows customers to submit loan documents with a smartphone and allows the company to pull information from outside data providers. This enables customers to receive real-time feedback on their loan application. Although loan processing will forever be a highly consultative experience, lenders need to embrace mobile to shorten the cycle time and remain competitive in tomorrow’s market.

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2. Spend more time on helping customers

Prior to the advent of automation, loan officers spent a bulk of their day gathering documents to complete mortgage applications. Today, automation can ensure that the correct documents have been submitted and can instantly verify the information so that loan officers can spend more time consulting their customers. As regulations become more complex, customers want more education on new laws and how it impacts obtaining a mortgage. By spending less time on manual labor, lenders can be more valued advisors to their customers.

3. Allowing real-time tracking of customers' application status

If you think about today's retail experience, consumers are now accustomed to knowing exactly where their package is at all times. The same expectation is true for mortgage applications. Buyers want to know the status of their application, if any documents are missing, and when to expect a final approval, all in near real-time. For first-time home buyers, this technology can greatly ease some of the stress that comes with buying a home.

The modern consumer values convenience and simplicity above all else. As more qualified buyers enter the market, lenders need to streamline their application process and enable customers to get decisions on their mortgages faster and with less effort. By using automation to provide a better customer experience, mortgage lenders will be better equipped to eliminate waste, increase loan volume and generate higher profits.

Do you want to see how your mortgage operation can run like Amazon? Contact us to learn how.

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