3 ways lenders can retool their tech stack to capitalize on record low rates

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3 Ways Lenders Can Retool Their Tech Stack to
Capitalize on Record Low Rates

• 2020 has been a historic year on many different
  fronts, but for lenders, a flurry of new
  borrowers due to the lowest interest rates in 50
  years has caught many off-guard. With an
  astounding influx of clients, loan officers have
  struggled to keep up with an immense amount of
  leads, finding it difficult to even contact most,
  let alone convert and keep them. Dont take our
  word for itthe data doesnt lie just 2 of 10
  borrowers will stick with the same lender after
  refinancing and lenders only retain 7 of their
  current customers in the market for a new
  mortgage, signaling a massive sea change is
  underway in the mortgage business. 

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Borrowers want more flexibility, freedom, and
personalization, but they also have more choices
than ever before. With the traditional lending
workflow and timelines flipped on their head in
the wake of COVID-19, lenders need to meet the
new digital mortgage challenges head-on if
theyre looking to outsmart the competition to
win borrower trust, loyalty, and their
business.  Lets take a closer look at why now
is the perfect time for LOs to retool their tech
stacks to better manage leads, nurture and build
better relationships, and optimize the lending
workflow for enhanced speed-to-contact,
conversions, and higher client satisfaction.  1
Improve Loan Officer Capacity Even just a year
ago, it would have been impossible to imagine a
scenario where banks are losing enormous sums of
money because loan officers cannot properly keep
up with record borrower demand. Like many
industries across the country, COVID-19 has
profoundly impacted how lenders are doing
business. Despite the current economic climate
suggesting a huge opportunity for lenders to
drive more business, many are drowning in a sea
of inquiries (low-quality ones, too) and cant
process loans fast enoughlet alone screen
applicants to see if they qualify. 
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To improve these capacity issues, loan officers
must find the right clients at the right
time. When we say the right clients, we mean
only accepting applicants who have already been
pre-screened with a lead scoring and AI
technology to save time and wasted effort. You
must stop investing your valuable time, energy,
and team resources into applicants who are a bad
fit for your business. By using this kind of
screening technology, lenders can expect to
save 70-minutes per applicant! With proper
screening in place, you dont need to chase down
applicants and clients who have abandoned their
online applications or arent considering
refinancing their current mortgage. Reducing
pipeline fall-out improves lead to fund rates and
improves process efficiency. In one case study
using AI technology, a large lender improved its
lead-to-fund rate by 5.
https//youtu.be/RrYDDsWgWs4
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2 Give Clients a Way to Self-Service with a Dash
of PersonalizationThey Want It! Your clients
need to know that you wish to inform, guide,
help, solve problems, add value to their lives,
and that working with you is more of a
relationshipyou dont bother them or reach out
in ways that only read as transactional. Weve
just talked about capacity and how lenders are
busier than ever, but apart from smart AI to help
source leads, you can leverage technology to help
build and nurture your client relationships in a
customized way that not only engenders loyal and
repeat business, but sets you apart in a crowded
field of competition.  Customer Self-Service
Information Access A key pain point for many
lenders comes about when applicants seek
information and arent able to find it
themselves. A recent J.D. Power survey showed
that nearly half of all customers who need
general loan information have to speak to someone
over the phone to get it. In todays digital
mortgage era, this isnt just costing you
businessits borderline business malpractice. 
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Provide a Client Portal One of the easiest and
most proven ways to boost personalization and
enable more of a self-service model is to
provide a client portal. Portals can be
beneficial for managing the necessary admin that
ties up your teams time, but can also empower
your borrowers to take action on their
applications, submit documents when and where
they need to, and help them keep tabs on their
applications in real-timewhich all add up to far
less of your time being spent on data entry and
management. 3. Use a CRM to Streamline Your
Entire Workflow One of the single most impactful
tools any lender can leverage to take advantage
of an influx of borrowers is a CRM that connects
directly with your POS and the rest of your
lending workflow. Connecting all your information
in one centralized hub is key for organizing and
scaling your business.  In addition to keeping
your communications and client documents stored
securely in one place, a CRM built for lenders
will enable you to track your pipeline, launch
marketing campaigns, manage and engage with new
leads, keep track of your teams tasks, and much
more.
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CRMs help loan officers become more efficient
with leads by boosting lead pull-through rates
and dropping total lead generation costsproven
to increase revenue by 27. They also help
simplify and organize everyday admin, freeing up
time you need to focus on what matters their
business. By automating routine tasks, lenders
can save up to 55 of the time employees spend on
non-selling activities like emails and simple
tasks.  
https//youtu.be/LDtLXb6g8X8
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• The 1-2-3 Combo Every Lender Needs in 2020and
  Beyond
• How can lenders create a seamless and efficient
  system that not only manages an influx of new
  leads but also simplifies the lending workflow
  and drives more conversion? By adopting these
  three proven tools
• AI powered lead scoring and management
• Self-service tools like a client portal and
  personalized borrower education
• A CRM designed for lenders of all sizes
• Sign Up for a Free Demo and Start Saving
• Sign up for a free demo of this powerful duo and
  you could earn up to 100 off of Shape waive
  your onboarding fees with Home Captain when you
  start a new account with Shape and Home Captain.
• Article Source- https//setshape.com/blog/3-ways-
  lenders-can-retool-their-tech-stack-to-capitalize-
  on-record-low-rates