The Virtual Experience Top-5: Consumer Engagement Insights

In today’s market, responsiveness is key, yet 30% of new business opportunities are lost due to poor lender follow-up. Keeping borrowers engaged throughout the mortgage application process ensures a better experience for consumers and more loans for lenders. Automated and consistent communications between borrowers and loan officers (LOs) can ensure active borrower engagement, fewer lost opportunities and greater revenue. These points were touched on during Ellie Mae’s Virtual Experience 2020 and HousingWire’s Mortgage Tech Virtual Demo Day events. Here are five key take-aways:

1. Rapid response drives results: Borrower satisfaction is largely driven by lender responsiveness. However, it often takes 48 hours for LOs to respond to borrower interest, and 44% of them give up after one attempt to contact a customer. Moreover, a full-third of new borrowers never get contacted at all. This leaves an enormous amount of potential business on the table.

2. Borrowers prefer a multi-channel contact approach: Email, text, and good old-fashioned phone calls keep borrowers engaged, but can be challenging for busy LOs. New technology can solve this problem and help maintain these important relationships.

3. Integrated technology to the rescue: Using Ellie Mae technology, Securityplus Federal Credit Union increased LO revenue-generating activities by 50%, including a 25% increase in monthly loan volume. Their secret sauce was the seamless integration of Ellie Mae Digital Lending Platform solutions, including Encompass LO Connect and Encompass Consumer Connect.

4. Automated communications speed progress and save time: Using Ellie Mae’s new Velocify LeadManager Essentials solution, lenders can enable virtual communications to borrowers through automated emails and texts. This helps LOs engage borrowers earlier in the process, convert abandoned applications, close more loans, and simplify the entire borrower experience.

5. Technology adoption is the key to success: Adopting new technology can be scary, but the seamless interoperation across the Ellie Mae Digital Lending Platform eases training and on-going use. By taking the time to familiarize individual LOs with each solution, they will feel part of the process and be more likely to get on board.

These insights and best practices were discussed in the Virtual Experience 2020 sessions, “How to Drive Mobile Origination and Loan Officer Engagement”, “Automate Multi-Channel Borrower Engagement”, and HousingWire’s Mortgage Tech Virtual Demo Day session. Join the Ellie Mae ENGAGE community to receive ongoing news, insights, and resources related to improving the consumer engagement experience.

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