5 proven tips to close loans faster

During these fast-paced and challenging times, loan officers' days are jam-packed and finding the time to deliver a high-touch experience to every homebuyer can seem impossible. But did you know that delivering a borrower experience that builds relationships for life requires quick and consistent engagement throughout the entire mortgage process? While you can't make the days longer, by automating communications between your loan officers and borrowers, your team may find some extra time in their day.

Let automation technology accelerate the entire loan process experience, enabling your team to be more productive and your business more profitable.

Here are the latest best practices from our consumer engagement experts on how to leverage automated and intuitive communications to stay relevant with borrowers and close loans faster - all without added burden on your loan officers.

1. Minimize inconsistent borrower communications 

Seventy-five percent of lenders think they communicate enough with their borrowers. But did you know 38% of borrowers would prefer a higher touch rate than what their lender provides?1

Delivering consistent communications through the entire loan process at pre-defined milestones is critical to winning borrower loyalty. Let’s say a borrower completes an application, a lender can auto-generate a welcome email or text message letting them know their information was received and their loan is in process. Lenders determine the milestones and their borrowers are always aware of their loan’s status - from start to close. Eliminating days from the closing period is a win-win.

2. Reduce time-consuming document follow up

The time loan officers spend chasing down missing information and documents from borrowers to keep the loan progressing smoothly can add days to the loan process and even worse, make for a poor borrower experience. 

Save your team time by automating that process. When information is needed, borrowers can receive an automated text message and email notifying them that the document due date is approaching or has passed, providing a seamless borrower experience. This will keep the borrower in the loop every step of the way and expedite processing so the loan can close faster.

3. Reach out to incoming leads immediately

Thirty-three percent of leads don't receive a single call after submitting an online inquiry. By following up within a minute of receiving a lead, you can increase the conversion rate by 391%.2

Make it easy for your loan officers to quickly engage incoming leads, whether they come through a corporate website, a loan officer's website, or a marketing campaign, by setting up automated emails or text messages. These pre-set communications can immediately respond to online inquiries with a personalized message from the loan officer; meaning that every potential borrower that shows interest gets a timely response to their inquiry. They feel prioritized, special, and satisfied from the get-go and are more likely to be a life-long consumer.

4. Stay relevant

Did you know 30% of borrowers keep shopping for a lender even after they’ve been pre-qualified or pre-approved?1

Don’t give the competition the chance to capture your prospective borrowers by grabbing their attention, and their business, right at the beginning of the lending process through proactive, automated communications. By reaching out to that borrower with a text message or email from a loan officer offering to answer any questions they have or to schedule a call, you up your chances of capturing that business. This sets the tone for the entire process, making the borrower feel important from the start. 

5. Lower the rate of abandoned applications

More than 40% of consumers who start an online application never finish it.1

Start maximizing online applications and capturing more business by automatically engaging with interested buyers immediately. By quickly delivering a personalized message from your loan officer inviting the borrower to complete their loan application or offering to answer any questions, you can keep that borrower engaged and are significantly more likely to win their business. 

Ready to start leveraging these best practices to close more loans faster? See how Velocify LeadManager Essentials™ can help you easily set up and deliver compliant, automated communications throughout the homebuyer journey. 

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 1. The Digital Mortgage Opportunity: A Perspective from Lenders and Buyers eBook, 2019

2. The Ultimate Contact Strategy: How to use phone and email for contact and conversion success eBook, 2013

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