The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the mortgage lending software content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc.
Faster mortgage decisions. Greater confidence. It starts with engaging experiences, efficient operations, and connected data.
The digital era has created a need for speed. Whether it’s placing an order for same-day delivery or paying for that delivery with the click of a button, there’s an expectation that every transaction will be quick, easy, and convenient.
Then there’s the homebuying process. You could ask anyone who’s recently purchased a house to describe their experience, but it would probably be faster to just look up a list of antonyms for the adjectives above.
Some friction is necessary to protect against fraud, verify borrower information, and make sure buyers are prepared for one of the largest financial transactions of their lives. But necessary safeguards shouldn’t cause unnecessary delays.
Amid such uneven, rapidly shifting housing markets, every delay can cost buyers their dream home, and lenders the relationship.
Our Get More Mortgage Borrowers to Yes, Faster eBook follows three lender journeys—an IMB, credit union, and bank—to reveal the strategies and technology they used to remove friction, accelerate decisions, and get more qualified borrowers to yes.
76% of homebuyers found their lender via referral or existing relationship
Good borrower experiences win business, and they attract new business, too.
Redundant data entry, confusing application flows, and mountains of paperwork leave the door open to higher abandonment rates, and among those who do sit through the tedium and long wait times, few return for future transactions.
Simple, focused applications, on the other hand, carry borrower momentum from first click to funding. That seamless, connected journey is vital to building loyal relationships and expanding business by getting more qualified applicants across the finish line.
In fact, streamlining the end-to-end borrower experience with MeridianLink® Mortgage is how Intrepid Credit Union raised approvals within risk tolerance.
IN THE EBOOK
See the results Intrepid Credit Union achieved by streamlining its borrower experience. Get the full story →
Efficient teams create more capacity to close
On the lender side, handoffs, rekeying, manual checks, and limited workflow visibility all conspire against application progress and timely decisions.
Modern digital mortgage lending software is designed to eliminate these issues and keep applications moving for faster decision and closing timelines. That’s why Essex Mortgage decided to implement MeridianLink Mortgage.
IN THE EBOOK
Explore how Essex Mortgage streamlined its operation with a single mortgage lending platform.
Get the full story →
Hardworking data leads to confident, fast decisions
If there’s a bottleneck in your mortgage lending process, there’s a decent chance it’s happening in the document collection and underwriting stages.
As many as 75% of mortgage lending issues can be attributed to issues during these phases, and the extended cycle time these issues create can drive qualified applicants tired of waiting for an answer right into competitors’ arms.
A strong data foundation with unencumbered, complete data flow across systems can combat these issues, but that alone isn’t enough. The real impact comes from putting that data to work, and not all mortgage lending software can do so effectively.
Broadway Bank, for example, adopted MeridianLink Mortgage specifically because on top of ensuring consistent, full data access, the technology could also take that data and turn it into results.
IN THE EBOOK
See what happened when Broadway Bank put connected data to work.
Get the full story →
Different lenders. Different needs. One common goal.
A faster path to “Yes” is possible. Explore how these lenders removed friction and accelerated approvals without sacrificing the control, compliance, or human relationships at the center of their business.
