Working with the New Generation of Borrowers

In today’s lending world, it’s important that we connect to our borrowers at the right place, at the right time. This is the driving force behind our recently announced Encompass Consumer Direct, a solution that leverages the Internet to empower borrowers with useful information, insight and interaction, and help close loans faster with higher levels of customer satisfaction.

Let’s take a look at how an online solution such as Consumer Direct can enable lenders to create highly interactive, branded websites that provide a secure, convenient and easy way to collaborate effectively with lenders throughout the loan lifecycle.

Jane: The average first-time buyer

Jane is 32 years old and considering buying her first home. Both tech and Internet-savvy, she expects a highly digital, high-touch experience when she goes online looking for a lender to handle her mortgage. She’s used to buying things online, and thinks shopping for a loan shouldn’t be any different than shopping for furniture, clothes or household goods. She wants to find an online option that is secure, fast and easy-to-use, and run by a trust-worthy lender.

Jane is likely looking for a lender who offers an online loan application process that has the following characteristics:

  • Secure. Jane expects docs to be able to receive and send docs securely to and from her loan officer, so she doesn’t have to run around town.
  • Trusted. Jane doesn’t trust no-name lenders. She wants the expertise of a well-known, reputable lender. Perception is everything, so the way the website looks and works--branding and navigation--will have a significant impact on her decision.
  • Collaborative. Although Jane expects to begin her loan application online, she’s aware of the numerous steps and complexity of the process and wants to be sure that she can reach a real person if she has questions. Not only should the lender be easily accessible from the website, but it’s important that the LOS provides a means of communicating directly with the loan officer, via email, chat or other means.
  • Simple. Jane’s smart and web-savvy, but data entry isn’t her forte. She wants an interface that leads her step by step through the process so that no information is forgotten or left out. Although the site should empower her to do much of the work on her own time, from home, if it’s too complex and time-consuming, she may abandon the application and turn to another lender out of frustration.
  • Comprehensive. Not all, but most of the process has to be accessible--and do-able--online. This saves Jane tremendous amounts of time and energy. Again, access to lender contact information in case of questions is essential.

High tech doesn’t mean you’re out of touch.

Some lenders may think that automating the loan application process removes the human touch. Au contraire! Jane’s a busy woman; she wants a lender who understands her need for around-the-clock, secure access to her loan information and status, and the flexibility to complete the loan application when and where it’s convenient for her. She craves the control and interaction a web-based solution provides, and she appreciates a lender who leverages state-of-the-art technology to enhance collaboration and speed up the loan process. Security, speed, convenience and simplicity are her priorities--exactly the advantages a branded direct-to-consumer website can provide.

If you can meet these requirements, you’re not out of touch--you’re actually more in-touch with the customer than you’ve ever been.

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