These days it is difficult to watch a football game, or in my case The Bachelorette (Admit- you watch it too!), and not see a commercial for a digital mortgage. What is a digital mortgage and is it as easy as pushing a button? The mortgage industry consists of many parts- customer acquisition, the mortgage application, process and closing. Many mortgage companies advertise a digital mortgage experience and have a lot of slick marketing on the front end with robust mobile apps, but on the back end, they are working through dated, inefficient and manual processes.
Technological advancement in the lending sector is fairly new, with most enhancements starting about five years ago. As Garth Graham (STRATMOR Group) commonly jokes, the biggest technological advancement in the mortgage industry prior to the digital mortgage was dual monitors! This new era of advancement continues to have rapid and substantial growth based upon consumer demands for a quick and simple mortgage experience.
Many consumers are savvy and expect their mortgage lender to provide a seamless mortgage experience with minimal phone conversations with a loan officer, uploading of all documents (this is even old school as some lenders ask for your bank and employer credentials to securely verify your income and assets! No documents needed from you!) and e-signing. On an equally important note, leveraging technology allows the cost to originate a loan to decrease which saves consumers money and makes lenders more profitable.
KEYSYS has worked with a number of mortgage companies, large and small. The biggest complaint that we hear about from our mortgage clients is that using an “out of the box” software package, like Calyx Point or Ellie Mae Encompass, creates inefficiencies in their mortgage process. Consumers today have hundreds of choices when it comes to selecting a lender so originators are demanding that their systems and processes provide a seamless and meticulous digital experience.
We have a team of experienced developers who are able to work through these inefficiencies within the software, but also through outside sources such as plug-ins. Our developers are also able to integrate multiple systems including loan pricing, automated valuation, automated approvals, reporting dashboards, mobile apps and websites.
We have colleagues who have worked in mortgage operations that are able to offer suggestions on what customizations and integrations will add the most value or consult on the mortgage process in general.
The reality is that the mortgage experience is rapidly changing for both originators and borrowers. And just like on The Bachelorette, will consumers and lenders “accept this rose” and live happily ever after in this digital world or will they be left “broken hearted” in a manual process?
Some of the most popular items that our clients have been interested in customizing are:
- Custom lender disclosure package
- Closing cost templates
- Milestone creation
- Alert creation
- Persona creation
- E-disclosure testing
- Custom input forms
- Field triggers
- Business rules and Milestone completion rules
- Automatic loan folder moves
- Credit card number encryption
- Custom performance dashboards