Elevating Borrower Satisfaction in the Digital Age

The mortgage industry is in the midst of a digital revolution, where technology is reshaping how lenders and borrowers interact. Today's borrowers, accustomed to the convenience and speed of online transactions, expect a similar level of ease and efficiency when applying for a mortgage — 70% of homebuyers agree that it should take 10 days or less to get a mortgage* and 66% of all borrowers like the online application process because of a quicker time to close.** 

Lenders who embrace a digital-first approach and prioritize borrower experience are reaping the rewards of increased customer satisfaction and loyalty.

Benefits of a Digital-first Approach to Mortgage Lending

• Increased Customer Satisfaction: When borrowers feel valued and their needs are met, they are more likely to be satisfied with their overall experience. This can lead to positive reviews, referrals, and repeat business.
• Improved Loyalty: A positive experience can foster a sense of loyalty among borrowers, making them more likely to choose the same lender for future financial needs.
• Enhanced Brand Reputation: A lender known for providing a seamless borrower experience can build a strong reputation in the market, attracting new customers and differentiating themselves from competitors.
• Reduced Operational Costs: Automating manual processes and streamlining workflows can reduce operational costs, allowing lenders to invest in other areas of their business.
• Faster Loan Processing Times: A digital-first approach can significantly reduce loan processing times, leading to faster approvals and closings, which borrowers appreciate.

Instant Verification: A Key Component of the Seamless Experience

The speed of the verification process is critical to providing a seamless borrower experience. Traditionally, verifying employment and income information has been a time-consuming and cumbersome process, requiring borrowers to submit physical documents and lenders to manually review them.

Instant verification solutions, such as The Work Number® from Equifax, have revolutionized this process. By leveraging a vast network of 695 million employment and income records contributed by 3.4 million employers and payroll providers, The Work Number enables lenders to instantly verify employment and income details, minimizing the need for manual intervention and reducing the risk of errors.This not only helps to accelerate the loan approval process but also can improve the borrower experience. 

*2019 Equifax Consumer Study/SurveyMonkey
**Ellie Mae 2019 Borrower Insights Survey