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Did you know almost half (45%) of Americans shop for other options before getting a mortgage through their primary financial institution (FI)? This is just one of the enlightening insights from our nationwide survey of over 1,000 Americans, shedding light on consumer behavior and expectations throughout the mortgage lending process. The results also note that roughly four in ten respondents said their financial institution does not offer personalized offers, process support, education, or other types of support around mortgage lending.
Shopping for a home and securing a mortgage marks a pivotal point in the consumer journey, presenting FIs a prime opportunity to make a lasting impression on borrowers and distinguish themselves amidst fierce competition. To effectively set themselves apart in an increasingly crowded landscape, lenders require a dependable partner capable of delivering simple yet powerful solutions that tackle the intricacies of market dynamics, unlock revenue opportunities, and surpass borrower expectations.
But how do you know if your mortgage loan origination system (LOS) is helping you succeed?
Mortgage Technology Trends
Digital advancements in lending have revolutionized the loan journey, making it smoother and more accessible from application to approval. This marks a favorable development in the home-buying process, aligning with the shared goals of lenders and borrowers—delivering effortless, transparent, and personalized experiences.
Key applications of technology in mortgage lending include:
- Digital application and point-of-sale solutions
- Underwriting and pricing tools
- Security measures
- Compliance and risk assessment systems
- Document sharing and e-signature solutions
These technological innovations empower both lenders and borrowers to navigate the mortgage process with greater convenience and efficiency.
Embracing digital mortgage platforms can yield substantial benefits for lenders, helping to streamline the mortgage process, enhance the borrower experience, cut down on risk and compliance expenses, and secure a competitive edge. Nevertheless, in a landscape filled with numerous vendors, the pivotal decision lies in selecting the ideal mortgage technology partner tailored to your strategic objectives and operational requirements.
Uncovering Mortgage Technology Tailored To Your Unique Requirements
Selecting the right digital mortgage partner not only grants you access to cutting-edge technology and specialized expertise but also enhances your scalability, introduces innovative features and functionality, and positions you with a competitive edge to thrive in any market.
As we approach the close of an eventful year for mortgage markets and transition into the season for goal setting and planning, it’s an opportune moment for reflecting:
- Is your current mortgage LOS helping you facilitate quicker loan closures?
- What’s the borrower experience like?
- Is staff training straightforward, and mortgage work queues and application volumes manageable?
- Are you able to easily stay compliant with evolving regulations and best practices?
- Can you describe your processes as frictionless, automated, flexible, or scalable?
If you encounter uncertainty or have questions in any of these areas, the digital lending experts at MeridianLink® stand ready to provide assistance. We can offer valuable industry insights, a keen ear for your challenges, and productive discussions on how we can address your specific needs, ultimately enhancing backend processes and workflows for the benefit of your FI and your borrowers.
Embark on your mortgage optimization journey today with MeridianLink! Download our infographic featuring six crucial questions that can help you assess if your mortgage LOS is powered by technology solutions capable of supporting your FI evolution alongside your borrowers.
