The right mortgage software improves the borrower experience

The right mortgage software improves the borrower experience

Avoid Negative Reviews, and Win More Referrals

One thing that we know for sure is that bad software almost always leads to a frustrating experience for anyone that must use it. The opposite is true as well: choosing a mortgage lending software, or mortgage automation system, that presents a clean, streamlined, and intuitive front to borrowers and other stakeholders can tilt the narrative in your favor and win positive reviews and referrals.

The Pitfalls of Poor Mortgage Lending Software

Like it or not, the internet has given consumers the ability to post their reviews and recommendations of businesses into the public forum. A recent BrightLocal survey found that 92% of consumers reported that they now read online reviews of businesses. A whopping 40% of consumers surveyed said that they form an opinion by reading just 1-3 reviews!

Think about it: you want to go out to dinner, so you do a quick search on your phone to find a good place to eat. Most, if not all people, will not even consider an establishment that has 1-3 “Stars” and a slew of poor reviews. They will move directly past those listings and focus in on the ones that have more positive feedback.

Why wouldn’t a consumer apply the same logic to their search for a quality loan officer? Some scathing reviews will undoubtedly cost you leads.

If you’re utilizing poor software, possibly because the cost is right or it’s all you’ve known, you run the risk of falling into the “pass” category. The last thing you want is to be negatively impacted by the merits of the lending system you’re using, instead of the quality work and expertise you provide your clients.

How to Make Sure You’ve Got the Right Mortgage Automation Software

One way you can go about flipping the script and turning negative into positive is to make sure that the consumer-facing mortgage lending software you’re using is providing a pleasant experience for your borrowers. Make sure you review your software from all perspectives (borrower, support staff, loan officer, referral partner) and ask some basic usability questions:

  1. Is the software intuitive and easy to use?
  2. Does the software provide on-boarding so unfamiliar users can get basic instruction?
  3. Is your mortgage lending software flexible? Every loan is different.
  4. Is the software overly complicated? Overwhelming users with features can lead to lack of adoption.

The other side of the coin if you want to win positive reviews is ensuring your software adequately addresses the portions of the lending process that are most often complained about (and conversely – most often celebrated when done right). After doing some research, we found there were a few items that were by far the most commonly included in negative reviews and complaints:

  1. Poor communication – calls, and emails were not returned within a reasonable timeframe.
  2. Borrowers are asked to send the same documents more than once.
  3. The process takes longer than average.

The software system that you want will answer all of these questions positively, put forth a smooth experience, AND make your life much easier at the same time by automating time-consuming tasks like document collection and loan updates.

Make the right choice, and you’ll find that you close loans quicker with less back-and-forth frustration, which will win you positive referrals and more business.