Home >> Featured >> Delighting Mortgage Borrowers with a Digital Control Room
Print This Post Print This Post

Delighting Mortgage Borrowers with a Digital Control Room

By Scott Slifer

The most painful truth about the mortgage application and review process is that for both buyer and lender, it is too often a slow, expensive, and frustrating experience. The average cost of originating a retail loan increased by roughly 50 percent between 2010 and 2015, driven in large part by manually intensive, paper-driven processes that lumber like dinosaurs through a digital world that has passed them by.

Modern consumers armed with smartphones and laptops have no patience for this. They want a personalized approach, omni-channel communications, constant contact, and more control over the entire experience. Over 52 percent of refinance and almost 19 percent of purchase volume is now conducted via direct contact (online) rather than traditional loan origination methods[1].

Small wonder, then, that lenders are looking for innovative digital solutions from their mortgage process management/outsourcing partners. Those that can’t keep up—lenders and providers alike—will go the way of the Brontosaurus.

Sutherland Mortgage Services is taking the lead in making mortgage lending simpler, faster, and less expensive for both buyer and lender. Imagine walking into a “digital room” accessible from any computer or mobile device, where, with the click of a button, borrowers can interact with their realtor, loan officer, processor, appraiser, title agent, or any other pertinent person at any stage of the lending process. From application to funding, authorized parties can:

  • Electronically submit applications, documents, and approvals
  • View the status of the loan
  • Communicate with all parties via multiple, integrated channels, including text, voice, video, and email
  • Understand what documents are needed and why, and see which have been submitted and/or approved
  • Sign required documents digitally instead of manually
  • Schedule appointments and set deadlines
  • Initiate video conferencing directly from the application
  • Track timelines to close
  • Obtain instant access to a digital coach and online forums for answering questions

In a perfect world, the lending process is transparent, easy, and fast. It keeps customers informed and makes clear to all parties what documentation has been received and what still needs to be submitted, verified, or approved. It facilitates a clear understanding of key deadlines, and provides timely warnings as to what actions still need to be taken to keep the process moving smoothly. And it helps buyers get their questions answered quickly without waiting for busy agents to call them back.

Sutherland’s digital room offers all that and more, but not just to buyers. For the first time lenders also gain the ability to see and manage the entire process through a single app that interfaces easily with the lender’s existing mortgage systems. Mortgage officers can manage tasks, communicate with consumers, and monitor third party services. Enhanced workflows keep the loan moving in accordance with business rules that ensure required documents and other information are collected and verified. The app makes all documents centrally available, with the ability to send them wherever needed and review signatures.

This technology-centered solution leverages Sutherland’s twin strengths in innovative development and improving the customer experience. Lenders need to keep a laser focus on the customer, especially in this era of social media and viral communications that can make or break a brand overnight. Modern customers want and need a single digital application that provides a seamless, transparent view of the end-to-end loan process. One of the most important factors in digital mortgages is the ability to interact with the consumer whenever and in whatever way they want[2].  Sutherland’s approach integrates all contact channels, avoiding the common mistake of trying to force borrowers to use a channel that is convenient only for the lender.

Seizing the digital moment is the best way for any provider to help mortgage lenders give their customers a superior experience throughout the loan process. Sutherland’s approach focuses on helping customers and mortgage providers interact closely, with an end goal of getting buyers into their new homes faster and at lower cost.

Such a personalized, convenient, and easy process is the foundation of a truly delightful customer experience, one that enhances the lender’s reputation as well as its profit margin. The less time buyers spend worrying about the loan process, the more time they have to prepare for their move and look forward to their new homes.

And ultimately, isn’t that what mortgage lending is all about—bringing people home?

 

Scott Slifer is SVP and Global Head of Mortgage with Sutherland Mortgage Services. Scott is a mortgage industry veteran and brings deep domain and business acumen in this strategic industry vertical, bringing over 25 years of experience. He joined Sutherland in 2016, coming from PHH Mortgage where he was responsible for all aspects of growth and profitability for PHH Mortgage’s Private Label Solutions managing client relationships and sales/operations support to produce new originations. Scott has also held positions at Citi, Freddie Mac, ABN AMRO, and GE.

[1] “The State of the Digital Mortgage,” STRATMOR Insights, July 2016

[2] “The State of the Digital Mortgage,” STRATMOR Insights, July 2016

About Author: Scott Slifer

Scott Slifer is SVP and Global Head of Mortgage with Sutherland Mortgage Services. Scott is a mortgage industry veteran and brings deep domain and business acumen in this strategic industry vertical, bringing over 25 years of experience. He joined Sutherland in 2016, coming from PHH Mortgage where he was responsible for all aspects of growth and profitability for PHH Mortgage’s Private Label Solutions managing client relationships and sales/operations support to produce new originations. Scott has also held positions at Citi, Freddie Mac, ABN AMRO, and GE.
x

Check Also

FHFA Reports Increase in Minority, Female Workers

Click through to read more of the agency’s annual report to Congress.

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.