Supercharge your loan application process with an automated mortgage client portal - PowerPoint PPT Presentation

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Supercharge your loan application process with an automated mortgage client portal

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It's getting harder to meet the expectations of modern borrowers. For starters, today’s mortgage customers want their loans to be processed much faster. For example, according to the Federal Reserve Bank of New York, the average loan processing time has decreased by 10 days since 2010, and keeps getting shorter. – PowerPoint PPT presentation

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Date added: 7 November 2020
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Provided by: setshape
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Title: Supercharge your loan application process with an automated mortgage client portal


1
Supercharge Your Loan Application Process with an
Automated Mortgage Client Portal
  • It's getting harder to meet the expectations of
    modern borrowers. 
  • For starters, todays mortgage customers want
    their loans to be processed much faster. For
    example, according to the Federal Reserve Bank of
    New York, the average loan processing time has
    decreased by 10 days since 2010, and keeps
    getting shorter.
  • At the same time, borrowers want an entirely
    online loan application experience with as little
    hassle as possible. In fact, research also shows
    that some 66 of homebuyers want a fully digital
    mortgage process, while 50 of borrowers chose
    their lender based on whether or not they had an
    online application portal.
  • And as the demand for faster loan processing
    grows, the bar for customer satisfaction is also
    rising. According to the 2019 Ellie Mae
    Borrowers survey, millennials are 6X more likely
    than previous generations to feel that their
    lender didnt reach out enough.

2
Suffice to say, the digital revolution is
realeven when it comes to applying for a home
loan.  Luckily, there are ways for modern
originators to meet the demands of todays super
savvy borrowers, without hitting pause on
business growth. In this article, well reveal
the benefits of a robust mortgage portal and
share step-by-step insights for how to integrate
an automated client portal to close more loans in
less time, while keeping your borrowers
satisfied.  Lets dive in!
Try Shapes Portal Today! Get Started
3
The Top 3 Benefits Of an Automated Mortgage
Portal Weve already established that todays
homebuyers are all about doing their business
online, but with a million and one AI tools,
chatbots and other shiny new automation systems
on the market today, how do you know an automated
client portal is the right tool for your
business? Here are the three main reasons to
invest in an online client portal for your
mortgage business. Take a minute to review each
one and decide for yourself if a client portal
makes sense for you. Benefit 1 Close More
Loans, Faster More and more borrowers want to go
online with their mortgage applications.
Investing in an online portal allows mortgage
professionals to scale toward higher volume and
bigger clientele simply by meeting clients where
they are.  But another reason client portals
help you grow your business is simply because
they allow you to process loans faster.  Without
spending your and clients precious time buried
under an avalanche of paperwork, or tracking a
dozen different documents from various file
folders and inboxes, an automated client portal
streamlines the whole process from start to
finish by integrating with the other tools in
your tech stack.
4
Heres how an online portal allows mortgage
professionals to close more loans in less
time Offer an entirely online experience.
Borrowers follow the entire process online, with
no wasted time commuting to the office or signing
stacks of paperwork. Reduce documentation. No
more chasing clients for key documents. With
everyone in one central online hub, borrowers no
longer need to spend days collecting paper
documents. Leverage automation. With the right
automation, the majority of tasks and document
checks can be performed without human
input. Track loan application status in real
time. Integrate your client portal with your CRM
and track every stage of a loan application,
helping borrowers keep their momentum from A to Z.
5
Benefit 2 Lower Loan Processing Costs So now
you know how a client portal can help you
increase your volume, but did you also know it
can help you reduce your loan processing
costs? Heres how an automated client portal and
document management system helps lower the cost
of processing every loan Fewer errors. The data
clients provide through the portal can be
automatically screened for typos, errors and
other costly mistakes. Because it reduces the
need for human input, it also reduces the margin
of error and lowers the likelihood of unnecessary
rework.  No administrators needed. With all your
documents in one structured and centralized
system, theres no need to spend time and money
hiring and training an administrator to navigate
all that paperwork. Benefit 3 Greater
Transparency for the New Generation of
Borrowers According to the 2019 Ellie Mae
Borrower Insights survey, its not just
millennials who love a good online experience. In
fact, the number one reason Baby Boomers liked
the online mortgage process is because it was
simple. 
6
And in this business, simple matters. Online
mortgage portals with a user-friendly interface
can help to demystify the loan application
process and guide borrowers to success using
interactive hints and automated checks. But
beware The survey also found that up to 60 of
borrowers will drop an online application if the
process is too complicated, so make sure you
choose a client portal with an easy-to-use
interface.
7
Why Choose Shapes Client Portal? Shapes Client
Portal makes it easy for you to connect and
collaborate with borrowers and help them complete
the mortgage loan process in an effective and
secure manner from clear to close. The portal
allows loan originators to easily upload and
eSign documents, monitor status updates and
approval requests, and create automated workflows
that maximize your online conversions and reduce
the time it takes to process each and every
loan. Below are the main benefits of Shapes
Client Portal, along with a few tips for how the
portal can help you convert more loans while
ensuring an unforgettable customer
experience.  Millennial-friendly Marketing
Automation With a little help from mortgage
automation link to mortgage automation piece
when its published, originators can streamline
their entire marketing to application operation
to consistently grow their business, without
dropping the ball on their customers. Shapes
Client Portal is directly integrated with our
sales platform, allowing users to streamline
almost every aspect of the loan application
process from start to finish
8
  • Be more responsive. Get instantly notified when
    borrowers start their online application process
    to provide them with real-time tips and encourage
    them to take the next step.
  • Eliminate duplicate entries. Shape automatically
    synchronizes portal customer details with your
    sales database so that you always have the latest
    information in front of you and can avoid making
    embarrassing mistakes.
  • Create automated verification workflows. Automate
    income, employment, and credit verification
    processes to save time and resources and qualify
    online leads faster. 

Better UI, Better Completion Rates According to
the same Ellie Mae report, almost 70 of
borrowers didnt complete their online
application process in one sitting, or abandoned
the process altogether. Yikes. For your average
borrower, online loan applications are about as
fun to work on as a high school algebra equation.
Shapes Client Portal reduces client overwhelm by
offering a user-friendly interface designed to
make the entire process as easy and intuitive as
completing any other online form. 
9
Because UI is a simple, yet crucial factor that
can have a massive impact on your completion
rates. And just to keep things extra streamlined,
the Client Portal also offers custom branding so
that the user experience is directly tied to your
unique business. Make Remote Loan Processing
Business As Usual With fully streamlined
e-Signature, you can completely eliminate the
need for borrowers to meet in-person. Now, they
can complete the entire loan application process
from the comfort and safety of their own
home. The eSignature module is directly
integrated within Shapes Client Portal and CRM,
saving you countless dollars on 3rd party
e-signature software.
10
Shorten The Path To Key Milestones According to
the Borrowers Survey, millennials were contacted
11 times on average by their lendersand still
felt that it wasn't enough. The way we see it,
this is a clear indication that timing is
everything.  After all, its always nice to get
a check in call to see how things are going, but
if you can solve the right problem at the right
time, you become a hero for life. Thats why its
crucial to make contact at the moment your
customers need it most. Using the Client Portal,
you can automatically synchronize important
tasks, dates, and reminders to put low-stakes
communication on autopilot and save your
bandwidth for when you need to be ready to jump
in and save the day. Here are some of the core
communication workflows youll find in Shapes
Client Portal
  • In-app group messaging. Millennials and Gen X
    borrowers were 3X more likely to communicate with
    their lenders using online chat, which makes this
    channel a perfect, futureproof option for
    communicating with mortgage clients.

11
  • Personalized email templates. Automatically send
    email notifications and follow up sequences
    pre-filled with key info from a customers unique
    loan application journey. No more navigating
    multiple files and screens just to write one
    simple email.
  • Instant loan status alerts. Shape integrates with
    your favorite loan origination software so that
    you can trigger specific email or text sequences
    and keep the communication consistent, even after
    the online application is completed.
  • Safe and Secure
  • When it comes to mortgage compliance, we always
    go the extra mile. 
  • When you use Shapes Client Portal, you can rest
    assured that the loan application process youre
    offering your customers is not only smooth and
    pleasant, but also completely secure.
  • Your client's data will be hosted on one of the
    most secure facilities available, guarded 24/7,
    using the most advanced network security
    protocols, and including regular comprehensive
    security and privacy audits. 
  • More Client Love In One Simple Hub
  • With an easily organized document hub you can
    quickly request, review, and approve documents
    from borrowersall from one simple system.

12
Coupled with advanced security and automation
features, the entire workflow of loan application
processing and document management suddenly
becomes quick and painless from the very first
contact. So, what are you waiting for? Try
Shapes new Client Portal for free and start
offering a better borrower experience
today! Article Source- https//setshape.com/blog
/mortgage-pos-customer-portal
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