As the mortgage industry grows, so does the tech industry, especially in relation to mobile-friendly solutions. More salient is the fact that there is an increasing number of users who are attracted to the convenience that comes with mobile experiences.
That’s one of the leading motivations behind mortgage software that focuses on a mobile-first experience. But as you can expect, that’s not where it ends. There are lots of benefits that make having mobile-first mortgage software a good idea. Here are the top five:
1. Appeal to Mobile-Native Consumers
Approximately 29 million Gen Zers might be seeking homeownership by the year 2026. What this means for mortgage lenders is that they should try their best to resonate with these consumers.
As you may expect, the most effective way to serve a tech-savvy generation of aspiring homeowners is to ensure that they have access to the most convenient lending solutions. For Gen Z consumers, mortgage software with a mobile app such as SimpleNexus is the right way to go.
Even if it’s just partial, a mobile-friendly experience can enhance the loan origination process a lot, compared to a conventional origination process.
2. Great Room for Accuracy
A paperless loan origination process can be a lot more accurate, compared to traditional processes. That’s in consideration that the data will mainly be transferred by computers.
A traditional loan origination process requires a lot of data entry, which is mostly done by humans. Such processes are prone to errors, whether they be computer-generated or human-instigated.
As such, introducing a little bit of automation can get rid of these errors and make room for more reliable information.
3. Allows for Competitive Pricing
Considering the number of mortgage lending firms that are available in any location, customers will want to pick the one that offers the lowest fees. For lenders, this increases the competition, hence the need to seek ways to offer competitive loan rates.
A mobile-friendly mortgage process can reduce costs significantly, thanks to a centralized and streamlined process. The faster closing times, fewer in-person meetings, and a paperless process also contributed greatly to the overall cost saving.
The more the costs a lender is able to reduce, the greater the savings they can pass on to their customers.
4. Greater Financing Flexibility and Customer Service
After a customer has successfully locked in their mortgage at a particular finance rate, there may be some changes that can it quite hectic to continue with that rate. When such times come up, it should be easier for the client to adjust the repayment plan directly from a web interface, and get in touch with the lender if needed.
In most cases, customers will want to avoid in-person meetings with the lender when it comes to making adjustments to their loan particulars. That’s in consideration that they will have lesser power in their hands.
Being able to request a change in the repayment plan from the comfort of a smartphone feels more on-point. That’s because the considering that the consumer can even leverage online solutions to calculate financial adjustments and ask for a change.
5. Less Hassle, and Faster Origination Times
Using mortgage software that focuses on providing a mobile-first experience is a game changer. First off, the lender can provide useful information that the borrower can access from the comfort of their phone, on the go.
And once the customer has settled on a particular loan product, there are lots of online tools such as mortgage purchase calculators or mortgage refinance calculators that make it possible for the borrower to define a plan that suits them.
When it comes to sharing financial information and documents with the lender, the borrower can do so hassle-free, from the comfort of their home.
And There You Have It
These five reasons should give you a better idea of why mobile-first mortgage software solutions are a must-have.
At SimpleNexus, we have seen both lenders and consumers take satisfaction in using mobile-friendly mortgage solutions, thanks to the convenience that they offer.
So if you are a lender who’s looking to streamline their loan origination process today, consider leveraging mobile-based technology and enjoy the above benefits and then some!