How are Mortgage Companies Improving the Applicant Experience?

While it is true that many potential borrowers shop for mortgages based on rate, in today’s competitive market a great rate isn’t enough. Mortgages are hefty, long-term commitments and applicants want to work with mortgage companies that provide them with a positive experience. They can find this information easily, with simple internet searches seeking out reviews of your organization. Here are strategies that great mortgage companies are using to improve the applicant process and close more loans.

“Real Estate in the United States is a highly valued asset that has provided tremendous wealth for many home owners. It is also a source of retirement for those with their homes paid off. Take the time to understand how the industry works, and know that there are real leaders in the industry who want to make this amazing opportunity a wonderful experience for you!” says Lauren Behar, Account Executive, Contemporary Staffing Solutions.

Modernizing The Digital Application Experience

Mortgage companies can lose applicants quickly in the actual application process itself. If there is no way to apply digitally or if the digital application experience is complex, slow, outdated or difficult to navigate, potential borrowers will simply go somewhere else. Savvy organizations understand that a simple application that is accessible 24/7 from any device is critical to providing an exceptional experience.

Contact Variety To Suit Various Preferences

A simple, digital application is a no-brainer, but some mortgage companies forget that not every applicant wants a solely digital experience. Lots of customers still want a personal touch and they want to feel like they have a human being to walk them through the process and answer questions they may have. Savvy companies provide variety for their applicants and borrowers in terms of communication channels. They provide an option for a personal application, and when it comes to customer service and assistance they offer options for phone, email and online chat 24/7, allowing applicants to choose the communication medium they are most comfortable with.

Communicate, Communicate, Communicate

Applying for a mortgage is a stressful process, and when the borrowers apply online, though it is convenient, it is also a bit impersonal.  Great mortgage companies understand the importance of frequent, clear and thorough communication.  When an application is submitted, the borrower should receive an email acknowledging their submission and a clear outline of the next steps and the timeline for the rest of the process. That email should include links to FAQs and links to contact a human being if they have questions.

If more documents are required in order to process the application, or if the application will be held up for any reason, it’s good business to both email the customer and have a human being call them on the phone. This shows that you care about their application and allowed them to understand the reasons why more information is required.

Extensive Training At Every Level

A single bad interaction with a customer service rep can ruin a relationship with a potential borrower. Every employee, from customer service to processing to underwriting and loan officers must be extremely knowledgeable, friendly and committed to providing an exceptional experience at every touchpoint.  Competitive mortgage companies invest a great deal of time and recourses creating a culture of service to ensure that every potential borrower is treated with the same respect and care as your biggest multimillion dollar client.

Ensuring that you have a team committed to providing an exceptional applicant experience starts with hiring the right people. If your company is seeking top mortgage talent, contact the expert recruiters at Contemporary Staffing Solutions today. Jobs in Mortgage processing, Mortgage closing, Mortgage loan officers are available in Jacksonville, Florida, Mount Laurel, New Jersey and near King of Prussia, PA.

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