How digitizing the lending experience can optimize margins

How digitizing the lending experience can optimize margins


For the past few years, players in the mortgage industry have put an emphasis on improving the borrower experience. Now, as lenders anticipate tighter margins in 2022 in addition to an already-competitive lending environment, providing an optimal lending experience is key to their success. 

In light of that, HousingWire Editor-in-Chief Sarah Wheeler had the opportunity to catch up with Network Funding, LP Head of Product Nicholas Ripple, BeSmartee CEO and Co-founder, Tim Nguyen and First American Docutech President Amy Brandt, to learn how POS software plays a role in improving the customer experience.

Both Ripple and Nguyen referenced 2016 as the “gamechanger” years that shifted focus to the customer experience.

“POS was all the rage,” Ripple said. “For us, the way we solve the problem is really simple. We try to automate everything. Less keystrokes, less clicks of the mouse, shorter consumer experience, less work for the consumer. Easier, faster and more transparent is really what it’s all about for us.”

And for all three companies represented, the goal of simplifying the lending process isn’t limited to making it easier for borrowers. Loan officers, other vendors and the multiple parties involved in the mortgage journey benefit from a unified process. 

“To the extent that you can unify that in a single UI and make it easier, that’s for the best,” Brandt said. “So at Docutech, where we create documents, we’re also creating a unified digital experience across those different systems.”

When asked what he would say to a lender who hasn’t yet digitized the application process, Nguyen’s answer was simple:

“If you don’t have a POS get a POS. If you have a POS, challenge it, consider what it can actually do for you.”
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