Communicate transparently: Let’s face it, to people outside of the industry or to an inexperienced borrower, much of the jargon used in the mortgage process can seem like a foreign language. Establish clear and transparent communication channels with borrowers. Keep them informed about the status of their loan application, any required documentation, and the overall timeline. Provide an opportunity for borrowers to ask questions and respond in a way they’ll understand.
Streamline for a seamless consumer experience: Today’s borrowers expect simple, fast and convenient online experiences. Many mortgage lenders struggle to meet borrower expectations because they depend on outdated systems. For example, many lenders rely on complex and time-consuming manual income and employment verification, which can increase costs and potentially extend closing dates. This is problematic for lenders and borrowers alike. Today’s lenders can save money, reduce buyback risks, enhance security, and accelerate time to close by leveraging the latest innovations in income and employment verification, including Experian Verify, to meet borrower expectations effectively.
The mortgage industry is uniquely positioned to change peoples’ lives for the better. By embracing a consumer-centric approach and implementing these strategies, mortgage lenders can not only weather market uncertainties but also thrive and contribute to sustainable business growth.
Take a minute and remember the last time you got a mortgage loan. What helped you feel confident, supported, and seen? Building trust, fostering loyalty, and prioritizing the consumer experience will undoubtedly set lenders on a path to success, regardless of the challenges that may lie ahead.