Christopher Hussain, CEO and Founder
Making the customer happy is the end goal for the mortgage loan originator (MLO). Happy customers are synonymous with creating and maintaining a successful business. It takes just one happy borrower or real estate agent to create a lifelong referral source. From there, an originator can build upon referral after referral to successfully grow and scale without relying on pricey lead-gen or painful cold calling.
Transparency, education, and setting expectations are key to becoming a top MLO that people return to. To help them get there, MLOs need the right tools and resources to educate borrowers in how the mortgage process works, and provide transparency into what documents will be needed, and if a delay occurs, explain why. Last but not least, MLOs need to set expectations on how each step works to keep the whole process moving forward.
Unfortunately, current processes and systems work against us. With so many built-in inefficiencies — from time consuming, manual processes, to spending hours or even days emailing and calling everyone involved in the process to keep them updated on progress, to the volumes of documentation that need to be right the first time so that the process does not experience additional delays in underwriting — MLOs have to work even harder to provide the best customer service. Because of these manual, burdensome ways of operating, ignoring the recent surge in applications, most MLOs only average 3 to 5 closings each month. The entire process is exasperating, because with the right tools, we could be doing so much more.
For instance, there are plenty of upgrades to today’s Loan Origination Systems (LOS) and Points of Sale (POS), but the overall process needs an overhaul. The POS gets minimal data and generic documents from borrowers. The POS is built with a focus on being a lead-gen tool that empowers the consumer to start the process, providing more data for the initial call with an MLO. Because the POS cannot logically force consumers down an exhausting list of tedious questions, the MLO has to revert back to the LOSs that have been in use for decades. Neither of these systems facilitate getting detailed requirements, such as supporting documents or letters of explanation from the borrowers. Add to that, they do not communicate with the numerous parties involved in each transaction. This means a lot of time wasted on daily calls and emails, along with tons of back and forth to get the right conditions necessary to submit and get the loan clear-to-close.
With the RealKey Digital Mortgage Platform, you can cut your mortgage processing time by about 50%, affording you the extra time you need to focus on doing more to make your customers happy and scale your business.
How RealKey frees up your time from burdensome processes:
- Each step of the way, RealKey walks your customers and third parties through the documentation collection process to ensure that everyone is getting the right conditions the first time, reducing the time spent going back and forth with each other and underwriting.
- All parties involved in the process receive automated updates, removing the need to email and call everyone to keep them updated on progress and open tasks to clear transactions to close.
- RealKey shares documentation with the right people accordingly, streamlining and automating communication, eliminating infinite unnecessary calls and emails.
- Through a centralized chat, those involved in the process can chat as a group or individually within document requirement rooms, greatly improving response times.
Are you ready to provide your customers with the best experience, increase referrals, and grow your business? It’s time to experience a more efficient way to process your loans, so you can do more and be more. Get started today. Sign-up here for a seven-day free trial.
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