There are various industries that are using mobility solutions to do business. Mortgage lenders have also entered the fray to offer quicker solutions for their borrowers. Financial institutions like banks, brokers, and online portals have embraced the new methodology to service their clients. What makes this smart method so valuable for the new age lender?
In mobility solutions we trust…why the shift for mortgage lenders?
Mobility suites offer better access to products and services
For a consumer who does business on the latest smartphone, he need not apply for a loan in a conventional manner. He can simply use the phone and with the aid of a software/app, apply for it. It cuts down the time to deal with the entire process. Once he meets the requirement of the lender, the entire loan cycle moves forward on its own until the end. The mobility solutions involve getting the customer to agree for a mobile suite, seek a loan, servicing, collections, and operations.
Mobility benefits business of lender and customer
When the business consumer seeks a loan for a project or product, they are able to launch themselves in the market faster. Once launched, the operations become efficient and their customers have an enhanced experience. The risks are managed by the software for any frauds and credit checking. Today, mobile solutions are being offered to many industries that need loans. Individual customers also get them sanctioned for auto finance, real estate sector, personal loans, education, gold and credit card loans. Mobility helps in keeping the digital environment alive. The paperless workflow offers a viable eco-system to conduct business.
How the submissions work
A typical aggregator would develop a simple system for retail or commercial loan procurement. The process would be adaptable, responsive, and easy-to-use by the customer. It would involve:
- Pre-screening of the applicant
- Eligibility and credit check
- Application management that will process the data in the template provided
- Credit assessment done via software tools
- Validation and approvals that are monitored
- Document management
- Deviation and delegation to support the rules and workflow
- Dashboard that offers a function to configure reports
- Disbursement of the loan
- Third party applications, legal solutions, rating, and credit bureau systems
Eventually, the customer has a good experience
When a business consumer is able to use the mobility tools for loan origination solution (LOS), it leads to success and profits. They are able to pay the lender and the loan cycle closes faster. This is the most significant reason why mobile loan processing is gaining ground. With this method there is more trust involved between the two parties. The entire process is done on a single platform that allows room for getting more loans if and when required in the future. Most customers are then able to decide how to move on to the next project.
With the mobile platform, the lender gets visibility and can control the processes. Each transaction or payment is done in real time. It optimizes the audit trails and underwriting and also makes credit analysis easier. With adherence to compliances, the management is able to handle more loan accounts. It is now time to get the app and ping the new customer-Hello!