5 Ways Your Point-of-Sale Solution Can Help You Close More Loans

It’s no secret that today’s borrowers prefer digital tools over traditional methods to engage with their mortgage lenders. In fact, according to our 2019 Borrower Insights Survey, borrower demand for online options has increased 18% in the last two years alone. But, even as lenders adopt these digital tools, their perception of how they are being used doesn’t always match up with homebuyers’ behaviors. Based on findings from our 2019 Lender Survey, 39 percent of borrowers found their lenders online, but lenders report finding less than 5 percent of their new prospects online.

To capture the maximum amount of business online, lenders need to exceed borrower expectations starting at initial contact and deliver superior customer service. With the right point-of-sale (POS) solution, lenders can leverage automation and customization best practices that not only enable better engagement with prospective borrowers and customers, but also drive efficiencies that reduce the time and cost to originate a loan.

Here are the top five capabilities industry-leading lenders look for in their POS solution:

1. Deliver a modern borrower experience

According to the 2019 Borrower Insights Survey, 50% of borrowers said they chose their lender based on whether they offered an online application or portal. To compete in today’s digital market, lenders need their POS solution to deliver a modern, responsive online application that is easy for prospective borrowers to interact with from any device. Choose a POS solution that can help you close loans faster by offering borrowers the tools to accelerate the application process by running their own credit reports, securely sending and receiving documents, and even verifying assets online.

2. Expand brand presence online

39% of borrowers found lenders online (via their website or SEO) in 2019, a channel through which lenders reported finding only 16% of new prospects, according to our recent 2019 Lender Survey. Online presence is critical to today’s lenders and leveraging a POS solution that can help extend your brand presence online and ensure a streamlined experience for your consumers can be hugely valuable. Select a solution that offers customized interfaces and templates that can be tailored for your specific business processes and needs, and that can be embedded in your existing website.

3. Keep loan officers informed

Loan officers that engage with interested buyers immediately convert 4X more business, per our Velocify by Ellie Mae research findings. Ensure that your POS solution empowers your team to engage prospective borrowers the moment they express interest. With automated notifications, lenders can reach out to borrowers immediately after their application is received or if they abandon an application. And to ensure a superior experience throughout the mortgage process, your solution should also send the loan officers automated notifications when documents are uploaded into the borrower portal or alerts to any compliance obligations.

4. Reduce loan origination costs

The mortgage industry’s average loan origination cost is $8,957, primarily attributed to many lenders not using tightly integrated solutions throughout their mortgage workflow. Select a POS solution that works seamlessly with your existing workflows and business processes, so your loan officers, underwriters, and borrowers can stay on the same page. Integrating your POS solution seamlessly with your loan origination system can have huge impacts to reduce the turn times from application to close.

5. Ensure an accessible website

In October of this year, the Supreme Court ruled that consumers who are visually impaired have the right to sue retailers if their websites are not accessible. For mortgage lenders, being accessible and compliant with the Americans with Disabilities Act (ADA) regulations has never been more critical to both remaining compliant and providing the best consumer experience to all potential borrowers. Rest easy knowing that your website is compliance by selecting a POS solution that offers website templates, borrower portals, and loan application tools designed with accessibility in mind.

When selecting your POS solution, make sure it supports the above capabilities to build an online experience that captures maximum interest, turns that interest into applications, and offers the transparency to close loans faster.

 

See why Encompass Consumer Connect is the right POS soluiton for you.

With Encompass Consumer Connect, borrowers can easily complete an online mortgage application, instantly engage with their loan officer, and securely upload and eSign documents, making it faster and less expensive for a lender to process a loan.

Learn more

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