Were you one of the many people who purchased or even refinanced a house in the last two years? You wouldn’t be alone. Today’s world is more and more about the customer experience and how we are treating the customer throughout the process. Imagine how putting the customer first would shake up the mortgage industry with not only how they are processing their loans but, also, servicing those customers after the loans have been funded by means specific to each individual customer and what that process looks like, thanks to AI and automation.
Connecting tech stack to surface data and insights
When starting the loan application, customers are starting with an easy process that allows the customer to begin online through a series of pictures that actually begins the loan application process. The second the loan application arrives in the system, a lead score can be assigned based on the completeness of the data within the application. The system can also use a score on the loan officer to ensure the leads that have been denoted with a high score and a likelihood to fund can go to the high producing loan officers.
That said, the lack of visibility into loan activity due to disparate systems and the inability to prioritize leads and applications can quickly turn customers and prospects away. It’s a common problem for mortgage companies. Learn about how Atrium enabled NewRez’s loan origination and servicing teams to be more efficient, by creating a single view of the customer; integrated, data-driven, automated processes; and cross-company collaboration, ultimately increasing loan recapture rate and improving the application to funding cycle time.
AI accelerates every step of the mortgage lending experience
Today loan officer’s are trying to increase operational efficiencies when processing a loan. On average it can take up to 30 days if not longer to process the loan application, but many companies are looking to reduce that time down to just two weeks.
By utilizing AI and automation, loan officers can reduce the amount of time it takes to obtain the documents needed for the processing of a loan. With new tools you can help scan documentation that will allow ensuring the right documentation has been provided. This will help to aid in moving from the application start process all the way through to funding.
Intelligent platforms are boosting the mortgagesphere
With the customer experience within Salesforce, you can allow them access through a customer portal to also communicate using their preferred method of communication.
Once funded with the right rate for the homeowners using a Customer 360 platform, such as Salesforce, allows the ease of transfer to the loan servicing team. With the history of the loan applicant, now borrower, the loan servicing team can provide excellent customer service to the homeowner.
AI-powered predictive insights and next-best action for mortgage lenders
Utilizing AI, the loan servicing team can gain access to insights and next best action recommendations when a homeowner calls in to pay their mortgage, make a complaint, or even open some type of case when facing an issue.
Depending on the frequency homeowners are calling in with a complaint or issue, a set of predictive analytics can be set up to help provide insights and add steps for creating a better customer experience. Within the system we can report on why customers are complaining to allow the serving team to get ahead of the issue, looking for commonalities and resolving the root cause.
Align market trends and data models
Through providing a better customer experience they can then work hand-in-hand with the marketing team to begin marketing to the customer for refinance or not market at the time if they are upset with their service.
As insights into market trends are presented we can help predict if we will see a boom in homeowners wanting to refinance their loans. Additionally, we can design and implement data models to help predict if a homeowner is likely to want to refinance.
AI at the forefront of customer satisfaction and retention
As we want to ensure a successful customer experience, we can provide call scripts that help the loan servicing team move through a phone call with a homeowner and the marketing team to reach out for making a decision for a refinance. We want to ensure the homeowner not only wants to refinance, but is getting a great customer experience along the way that they want to stay with the same mortgage company.
As soon as the homeowner says yes, I do want to refinance my mortgage, the servicing agent can send a loan application to the loan officer. At this point the customer journey will begin again with data models set to score those with a refinance at a higher lead score to ensure the homeowner is treated exceptionally. Moving the homeowner through the loan process even faster as we have the information as they have been serviced in the same location their loan application started.
Automation and customer experience
Not only are we seeing the overall mortgage industry change for the loan officers and the loan servicing teams, but overall the borrower’s journey is improving vastly as well with more visibility into their loans.
Spending the time not only investing in the correct models and automation creates a smoother transition of the application and servicing of the loan. The mortgage industry will see a huge shift in the customer service provided as well as retention of customers based on great customer experience.
Interested to see how you can leverage AI to improve your mortgage lending experience? Check out what Atrium can do for your team and the exciting work we’ve done.
