Posted by MeridianLink | October 16, 2023

Ready to Revolutionize Your Mortgage Borrowers’ Experience?

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 content herein. The opinions expressed in this article are the opinions of the individual author and may not reflect the opinions of MeridianLink, Inc.   

We’ve got your game-changing solution! 

We’ve all experienced the nail-biting anticipation that comes with major life purchases like a house or car—waiting for a decision can certainly be unsettling. And in homebuying and mortgage lending, the process can be particularly onerous. So, what are borrowers looking for when mortgage loan shopping?  MeridianLink® has taken the initiative to shed light on this question through our nationwide survey of more than 1,000 Americans, uncovering consumer behaviors and expectations during the mortgage lending process. The results reveal some illuminating pain points that your borrowers are likely grappling with: 

Mystery Surrounding the Mortgage Process: 22% confessed to being in the dark about the intricacies of the mortgage process, underscoring a considerable knowledge gap that borrowers encounter. 

Lack of Mortgage Lending Support: Even more concerning, 41% disclosed that their primary financial institution offered no assistance or support, leaving borrowers to navigate this complex landscape on their own. 

As a financial institution (FI) serving the needs of your community, we know you don’t want to disappoint borrowers and fall short on the desired experience, but it can be difficult to juggle evolving consumer expectations, market shifts, regulatory changes, and your day-to-day operation. Luckily, the digital innovation taking place in financial services empowers FIs like yours to drive positive transformation, shifting these challenges into opportunities. 

Power Your Processes With MeridianLink Mortgage Credit Link (MCL)  

As a trusted industry leader in digital lending, MeridianLink is proud to announce our game-changing solution that can help you remove unnecessary delays and cumbersome processes that often plague mortgage origination and replace them with speedy, easy-to-use experiences.  

MeridianLink® Mortgage Credit Link™ (MCL) is a plug-and-play, one-stop platform that streamlines credit and verification data ordering from mortgage origination to closing. One of the many ways MeridianLink Mortgage Credit Link can help your financial institution remove the mystery behind mortgage processes and provide the support your borrowers desire is through Automated Supplements.  

What is MCL Automated Supplements? 

Seamlessly integrated into your existing lending workflows, this modern consumer-driven digital tool is designed to expedite the verification of borrower financial information with near real-time results, keeping your FI and your borrower in the loop every step of the way. 

How can MCL’s Automated Supplements improve your mortgage lending?  

Customized, Transparent Borrower Outreach  

  • You’ll be able to quickly request the borrower information you need to process the mortgage through customizable email communications and include access to a secure portal link, making it easy for borrowers to understand and navigate each step. 

Fast, Efficient Turnaround Time  

  • The direct API integration and borrower-authorized credentials significantly elevate the borrower and lender experience by replacing time-consuming manual processes that once took days or weeks with quick, efficient results in just hours or minutes. 

Improved Borrower Experience  

  • The innovative design simplifies the verification process for both staff and borrowers, making it more efficient and user-friendly. With just a few clicks of a button, this tool empowers your loan officers to focus more on relationship-building consultation rather than getting bogged down in administrative tasks, leaving borrowers feeling at ease and well-supported.  

Ultimately, through the adoption of MCL Automated Supplements, lenders can replace what was once a laborious process with a user-friendly and efficient workflow, effectively addressing the pain points borrowers reported in our nationwide survey. 

By now, you must be wondering, how does it work? Using MCL Automated Supplements to improve the borrower experience is as easy as 1, 2, 3! 

Step 1: The borrower receives an email informing them that additional information is required to process their mortgage origination. This email will include a link that will direct them to the secure portal.  

Step 2: The borrower will follow the instructions enclosed in the email. Once they click the link, they’ll be directed to the secure portal where they can search for their specific FI.  

Step 3: Once the borrower selects their FI, they’re directed to the login page where they will enter their existing online banking credentials and click continue.  

That’s it! The borrower credentials are validated, their financial data is synced, and they’ll receive confirmation that they’ve successfully connected their FI to MeridianLink Mortgage Credit Link.  

It’s time to revolutionize the borrower experience.  

Discover how your mortgage origination process can be Powered by MCL. Request a Demo below

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