2020 had no shortage of change for the economy. One of the most significant changes was an acceleration in the adoption of technology. Consumers and businesses alike turned to technology to help. This even held true in the mortgage industry. Although mortgage and finance industries have traditionally resisted wide-sweeping change, 2020 changed that. Indeed, more and more professionals turned to technology for help. This created a system with more borrower control over the loan process.

With the borrower expecting more control over purchases, it’s critical that you adapt to this trend. Because borrowers want more autonomy, it’s important to make sure your process is as self-guided and convenient as possible.

What Has Changed

The introduction of more borrower control in the loan process isn’t new. In fact, the trend started in recent years  with online applications and document upload sites. In 2020, things like digital closings streamlined the loan process and also increased borrower control of the process. With the high loan volume of 2020, lenders needed this kind of solution. However, as rates climb and inventory tightens, 2021 will likely be different. Even though lenders might not need borrowers to do as much legwork as last year, they now come to expect more control. This certainly means evaluating your current process. It’s important to make sure your tech stack holds up. Does your process support online applications and digital closings? There was no shortage of new “fintech” companies last year, offering faster turnaround times and streamlined processes. From blockchain-based technologies to AI, it’s clear that the lending landscape has changed.

Advantages of More Borrower Control

Although the rapid growth of technology in sales may be overwhelming, there are advantages. For example, the more borrowers can do on their own, the more free time salespeople have. Whether that free time is spent closing loans or prospecting, it’s valuable time to get back. Additionally, consumers like autonomy. The self-service sales model has seen significant growth in the past decade. This means that it’s important for your sales process to include ways to engage customers, giving them convenient ways to move through the sales process and interact with you.

Keep Up with Your Borrowers

Even though there are advantages of a borrower guided experience, you should still manage the process. With more borrower autonomy in the loan process, it may be even more important for a qualified professional to make sure they’re on the right track. Instead of controlling every step of the process, lenders can now monitor borrower activity. Review your tech stack to ensure you can access summary activity reports. These reports can help you quickly check in on borrowers and follow up if needed.

Additionally, providing step-by-step guides or borrower checklists can help your and your clients stay on track. These can also be good tools in intro meetings to review how much control the borrower wants over the process.

How CardTapp Can Help

Using a customer engagement tool like CardTapp can help manage clients as well.  You can use the CardTapp solution to create a “one-stop-shop” for borrowers where they can access the tools they need to advance to the next stage of the loan process. Then, with the solution’s engagement insights you can easily keep track of how borrowers are doing. Things like a CRM integration and tags can help lenders easily manage borrowers and streamline the loan process. The CardTapp solution also creates a borrower-facing interface that improves the customer experience and highlights their ability to drive the loan process. If you’re ready to get more control of a borrower-controlled loan process, schedule a demo today.

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