An important dimension in the loan origination world is optimizing both the borrower and loan officer experience. The findings of a recent study reinforce this: 77% of respondents in the study said that customer experience was the top loan processing priority and 58% said that employee experience and productivity was important, putting both in the list of Top 10 priorities[i]. Organizations that use automation and predictive analytics to appeal to different customer types with personalization are the ones who will be able to support more customers and shrink cycle times in order to grow their business.

Furthermore, a 2019 study by BCG emphasizes the importance of  efficiency and customer satisfaction. This study found that “implementing point-of-sale (POS) solutions focused on user experience, with guided and intuitive step-by-step forms, has several benefits. In fact, various customers have reported increases of up to 20% in application completion rates, increased loan officer productivity of up to 10%, average reductions in turnaround time of up to 10 days, and NPS scores higher than 60.^[ii]”

Going digital for enhanced user experience

The right loan origination solution puts heavy emphasis on user experience and delivers an unparalleled digital experience for consumers. This is done using:

• Workflow automation and data aggregation to quickly qualify and complete the application accurately in order insure the loan is approved and closed faster once submitted;
• Robust, rule-driven loan scenario loan calculators to play out different loan scenarios and for accurate decision making; and,
• “Just in time” expert assistance from experienced live loan originators, chatbots,  and self-service tools. 

Loan originators are also equipped with sophisticated data and tools that speed up the loan manufacturing process while ensuring the ultimate borrower experience. Loans can be easily accessed from anywhere and includes: 

• Access to a variety of loan and customer data elements for review;
• Status of all loans in the pipeline;
• Information available  in an easy to use format;
• Property details for the transaction; and,
• Summary analytics and dashboards to understand their overall position. 

The right loan origination solution provides a superior and seamless user experience across the value chain of the loan origination process for everyone involved including the borrower, MLO, and the operations staff.  Providing an optimized user experience from the initial borrower portal interaction until the loan is closed and funded not only delights customers, but also assists in hiring and retaining key talent within the organization. 

To see how you can improve user experience and boost employee productivity to close more loan efficiently, click here. Our lending experts, with over two decades of experience in the industry, will ensure that your loan origination solution becomes a game changer.

References

ⁱ Automating Mortgage Loan Processing: Helping to improve efficiency and customer satisfaction while limiting cycle time and costly errors, SourceMedia (publisher of American Banker): http://independentbanker.org/wp-content/uploads/2017/09/AUTOMATING-MORTGAGE-LOAN-PROCESSING-White-Paper-8.24.17.pdf

ⁱⁱ  How digital mortgage solutions can help win the war against margin compression, Boston Consulting Group, http://image.bcg-email.com/lib/fe5c15707c62037c771d/m/5/667c3f90-632d-40d5-a9fa-c2f7a216fc15.pdf

Joey McDuffee, Director at Wipro Gallagher Solutions

Joey has been with Wipro for over 25 years, dedicated to designing, developing, implementing, and supporting its lending origination technology software products.  In addition to the current role as head of sales and marketing, he has worked with a variety of the largest banks and mortgage companies in the U.S. and other countries in designing and implementing mortgage origination technology solutions and assisted with transformational process re-engineering.