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Lifestyle: Millennials Demand a Great Mortgage Shopping Experience Online

By: Preethi Vagadia

Online shopping has completely transformed the mortgage technology landscape. Today’s customers prefer to get in touch with sellers remotely and do business online. They expect lenders to have active presence online and deliver a complete buying experience. The lenders cannot afford to ignore these aspirations and therefore, mortgage technology needs to keep pace with the changing needs of customers.

Today, a website and social presence is not merely to educate borrowers. It helps financiers to engage customers in all stages of buying. This helps lenders to be in touch with their potential customers all the time and deliver appropriate literature and information to support their claims and products.

One must meet customer expectations by delivering comprehensive product information and use applications to provide relevant inputs and updates.

Mortgage technology can truly revolutionize customer experience. However, to cause palpable change, these are a few must haves –

A great website

A customer-friendly website requires to be effective in branding and navigation for it to appeal to borrowers. A well designed mortgage website, which can be easily browsed, is a primary need. A good mortgage website should also have great findability, quick login and application processes, and content that is easy to understand and learn from. In a recent customer survey, minor infractions like grammar mistakes, lack of mortgage rate calculators or increased pop-up ads were found to put a dampener on navigation. Customers easily move on to competitor websites which offer better services.

Great content

Information is manna for the borrower. Mortgage for many is a serious business decision and therefore, it is important that all the pros and cons are checked. Good content streamlined from referral partners, blogs, and calls to action help better customer engagement. Many mortgage websites decipher the mortgage process by explaining jargon, presentations, case studies, and quizzes.

Mobile and tablet compatibility

Customers need to access their content on the go and reach out for information and to organizations while they are mobile. Mobile devices have made loan officers accessible at all times and in all places. If your website is not multi-device compatible and cross-platform, then your customer will look for those that are. Social media presence can also generate traffic to your website. Experts find that referral traffic from social media has higher conversion rates.

Loan processing is real time

The efficiency of the loan process is increased as the entire process is extremely transparent and quick. Borrowers can get instant response, and documents can be quickly processed while the customer is online with customer representatives. Mortgage technology solutions interlink back-office solutions and retail interfaces to effectively target customers with real-time solutions.

A great website and robust online presence can make a difference to the customer. Poor information, confusing navigation, and lack of follow-ups put off customers and they move on to your competitors. Mortgage technology solutions can help to link your web presence with customer relationship management and loan-processing tools to deliver a complete experience for borrowers.

Author Bio: Preethi Vagadia is a business architect worked in Mortgage and Finance software department with top notch companies and has over 8 years of experience in Mortgage Lending Technology, Mortgage Loan Servicing Software, mortgage management software, Mortgage technology solution software etc. She has also worked in several process improvement projects involving multi-national teams for global customers in warranty management and mortgage.


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