The mortgage industry is undergoing an unprecedented digital transformation which compels lenders and banks to not only adopt new technologies. It may require a complete reimagining of how systems and workflows interact with each other. This comprehensive blog will help mortgage bankers and lenders to structure their systems and tech stack for the modern mortgage age.
Implementing an integrated LOS system
- An integrated LOS system like Encompass 360 which can handle loan origination, compliance checks, pricing, document management in a single platform will reduce the dependencies on multiple systems and improve efficiency.
- LOS should be equipped with reporting and real time dashboard features to give an overview of the loan operations.
- Workflow automation and email notifications based on triggers will automate the processes and reduce manual effort and errors.
- The LOS should also have API integration capabilities so that it can be integrated with any third party systems, CRMs, POS platforms, credit bureaus, pricing engines etc.
Setting up a POS system
- A digital POS system empowers borrowers to start and complete the mortgage application fully online at their convenience.
- POS solutions must be mobile responsive with an easily navigable interface with clear instructions to proceed at each step.
- Modern POS systems like Blend, Floify, Cloud Virga includes capabilities like document upload functionality and e-signature options to streamline the application process.
- POS systems should have direct integration with the LOS so that the information directly flows into the LOS reducing manual entry and human prone errors.
Implementing a CRM
- Mortgage specific CRMs can manage the lead information, track borrower interactions and nurture the leads and borrowers throughout the loan life cycle.
- Mortgage specific CRMs like Jungo, nCino, Velocify have preconfigured templates for communicating with borrowers at different stages of the home buying process.
- Customer segmentation and targeted marketing will increase the chances of lead conversion and will provide a better ROI.
- Integration between the LOS and CRM will give better visibility for loan officers and loan processors into the borrower interactions and their loan statuses or milestones.
- The reporting and analytics features of the CRM will give insights into KPIs like loan fallout rate, LO performance, and loan profitability.
Landing pages
- An intuitively designed and attracting landing page will help capture lead information which can then be converted into prospective home buyers.
- Prequalification forms embedded in the landing pages will capture this information which will directly flow into a CRM.
- Email notifications will be sent to the loan officers as soon an application is filled out and they will be able to access the lead information on their mobile devices.
- The landing pages or websites should be optimized for local and global SEO for the right keywords.
Seamless Integration with Third Party Applications
- Modern mortgage age operations depend on several specialized services making integration capabilities a key consideration when choosing technologies.
- Using API driven integration capabilities will reduce manual errors and improve workflows.
- LOS like Encompass and CRMs like Salesforce has API integration capabilities which makes it easier to integrate with any third party applications.
Looking for structuring your systems and tech for modern mortgage age or need help with implementing any technology solution within Encompass, leave us a message.
