Time to Re-think Your Paper-based Mortgage Applications

The mortgage business is all about paper. Boilerplate forms and informational content have to be read, interpreted, filled out, signed, copied, and physically moved around to financial institutions, brokers and borrowers. Traditional paper-based mortgage applications can take hours, days even, of staff time to process. Much of that time is wasted waiting for documents passing from one stage to the next. Things are changing very slowly, with only 7% of banks being able to handle loan products digitally from end-to-end. Most lending organizations are still struggling to improve the practices necessary to manage these complex and lengthy mortgage transactions.

On paper or online mortgage applications often require borrowers to supply duplicate information. Paper-based forms or non-integrated forms systems used at different steps of the process rarely flow data from one step to the next, requiring borrowers to furnish the information again. The connectivity gap also makes it difficult for financial institutions to assess the progress of transactions; the lack of speed and transparency frustrates customers.

In an era where consumers can get immediate status alerts on their ride share car or track purchased merchandise from their phones, borrowers naturally expect the same level of transparency and efficiency from the process involving a home purchase – probably the largest financial transaction of their lives. They are often disappointed.

Introducing a Fully Digital Mortgage Application Process

Today, lenders focus on improving the customer experience, sales effectiveness, and technology-fueled efficiency to gain an advantage in the mortgage loan marketplace. Digital mortgage application processing is becoming a must-have capability. Financial institutions unwilling to modernize their systems will find it difficult to attract borrowers that have the option to take their business to lenders offering more satisfying customer experiences.

Online mortgage applications are much easier for lenders to complete and manage. Using interactive web forms like Xpertdoc Smart Forms, lenders can pre-populate much of the application with information available from their databases, reducing customer data entry activity; the borrowers simply verify the information is correct. In places where borrowers must add details, the Smart Form can guide them through the process with clickable definitions and warnings to ensure they provide all the required information the first time. Through configurable business rules, the form skips irrelevant sections and uses data already entered to control the context in which subsequent information is requested, making it easier and faster to navigate to the next step. A built-in calculator can recommend the best loan payment term for each borrower based on their needs and financial status. Borrowers can even create several scenarios they can discuss with their financial advisors.

Smart Forms from Xpertdoc enables easier, quicker, more accurate data capture and encourages borrowers to complete the process. Completed applications means fewer customers will be lost to the competition.

Integrations that Speed up the Process and Improve Customer Experience

Traditional paper-based mortgage applications are often slow and unresponsive, which can cause problems for some borrowers such as losing the ability to purchase a particular home. Mortgage statistics reveal that 29% of borrowers that have choose to apply for a loan online prioritize speed, so digitizing the process from end-to-end to make it quick and painless is advantageous.

A mortgage application process can be further streamlined by leveraging Smart Forms’ pre-built integration to Xpertdoc Smart Flows. Using this intuitive platform, business users can configure automated flows that ensure data-driven documents are swiftly generated, routed to appropriate stakeholders and stored. Integrations to electronic signature providers accelerate delivery of mortgage documents to borrowers and lending organization’s representatives who can sign from any computer or mobile device without delay, resulting in faster mortgage approvals and process completion.

Financial institutions switching to a digital mortgage application process powered by Xpertdoc Smart Forms lower costs associated with handling paper documents, speed up completion of transactions and improve customer experience, ultimately driving business growth and profitability.

To learn more about Xpertdoc’s document generation and document automation solutions, visit our Products section, request a free 30-day trial and follow us on Twitter: @xpertdoc@pamelavelentzas

COVID-19 update

The spread of COVID-19 continues to evolve and in this context, we wish to inform you that Xpertdoc is closely monitoring the situation and would like to inform you of the measures taken by our team to support its employees, customers and partners.

We do not foresee any impact on the delivery of our services and want to assure our customers that we are executing our continuity plans in order to ensure that our customers continue to receive our services without jeopardizing the safety and security of our personnel.

In accordance with the recommendations of government authorities, here are some of the measures being taken by Xpertdoc:

Remote work for all employees
Arrangements have already been made and we have requested that all our employees work from home. Our continuity plan includes a full deployment of remote work arrangements to ensure uninterrupted service to our clients and partners.

Hosting and cloud services
We have been assured by our suppliers that there are no known impacts to these services, and we are confident that we are able to effectively manage the delivery of our cloud services to all our customers.

Travel
We have cancelled all business travel until further notice for all our employees. If employees have or will travel for personnel reasons, they will be asked to respect the quarantine delay before participating in any business activities.

Events and gatherings
All our events have been postponed or cancelled. Our employees are no longer allowed to participate in any events, seminars or gatherings.

We are committed to providing the best possible service to our customers and partners, to ensure that you can continue digital communications with your own audience. In these critical moments if we can help please do not hesitate to contact us.

Regards,

The Xpertdoc Team

Mise à jour sur la COVID-19

La propagation de la COVID-19 continue d’évoluer et, dans ce contexte, nous souhaitons vous informer que Xpertdoc suit de près la situation et que notre équipe a pris des mesures pour soutenir ses employé(e)s, clients et partenaires.

Nous ne prévoyons aucun impact sur la prestation de nos services et voulons assurer nos clients que nous mettons en œuvre notre plan de continuité des affaires, afin de garantir que vous continuiez à recevoir nos services, sans compromettre la santé et la sécurité de notre personnel.

Conformément aux recommandations des autorités gouvernementales du Québec, voici quelques-unes des mesures prises par Xpertdoc :

Travail à distance pour tou(te)s les employé(e)s
Nous avons demandé à tou(te)s nos employé(e)s de travailler à domicile. Notre plan de continuité des affaires comprend des arrangements de travail à distance pour assurer un service ininterrompu à nos clients et partenaires.

Hébergement et services infonuagiques
Nos fournisseurs nous ont assuré qu’il n’y avait pas d’impacts connus sur les services d’hébergement et infonuagiques. Ainsi, nous sommes convaincus d’être en mesure de gérer efficacement la livraison de nos services infonuagiques à tous nos clients.

Voyages
Nous avons annulé tous nos voyages professionnels jusqu’à nouvel ordre, pour tou(te)s les employé(e)s. Si des employé(e)s ont voyagé ou doivent voyager pour des raisons personnelles, il(elle)s seront placé(e)s en quarantaine pour une durée de 14 jours, avant leur retour au travail.

Événements et rassemblements
Tous nos événements ont été reportés ou annulés. Nos employé(e)s ne sont plus autorisé(e)s à participer à des événements, séminaires ou rassemblements.

Nous nous engageons à fournir le meilleur service possible à nos clients et partenaires, afin de garantir que vous puissiez continuer vos opérations sans interruption. Dans ces moments critiques, nous sommes là pour vous aider. N’hésitez pas à communiquer avec nous si nécessaire.

Merci,

L’équipe Xpertdoc