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Loan Origination: Advantages of Consumer Direct Portals

Loan Origination: Advantages of Consumer Direct Portals

Mortgage firms often use a Consumer Direct Portal to improve the quality and efficiency of loan origination. This is achieved by increasing conversion rates of mortgage applications. The self-service portal for borrowers helps in boosting profit margins simply by reducing the loan acquisition cost. By having consumer direct portals in place, lenders can offer their customers the opportunity to carry out research on various loan products, e-credit reports, rates comparison, e-sign documents and other loan and mortgage queries.

The best consumer direct portals can provide customers with high-quality user experience along with improved online collaboration. This also comes with the added features of intuitive customer service and device-agnostic behavior.With the help of these portals, a lender can easily reduce the loan origination cost as well as the time that is spent on the documentation processes.Nurturing customer relationships also becomes easy. Overall efficiency improves due to Loan Origination Software or LOS programs.

Basic features of Consumer Direct Portals used by various leading mortgage firms:

  • Support for loan application along with seamless connectivity
  • Efficient online support for the customers for comparing prices, uploading documents, checking status of the loans, and also using instant communication
  • Online loan application as well as online collaboration that enhance the self-servicing capabilities of the customers
  • Remote collaboration with the lenders during various points of the underwriting process, features such as real-time checks for application status, instant call backs; document uploads via mobile devices, as well as online viewing and signing the disclosures
  • Automated underwriting that facilitates instant online approvals
  • Improved online conversions presented by intelligent, intuitive TurboTax-like online 1003 applications
  • Advanced web analytics for evaluating consumer behavior as well as measuring campaign quality

Having a Consumer Direct Portal in place naturally offers a wide range of benefits for both, customers as well as for the mortgage firms. Here are some of the advantages of using consumer direct portals:

  • Improved revenue from consumer direct channel because of higher reach as well as greater conversion rates
  • Ease of access for the customers to the ideal solutions through the products and scenarios, thus resulting in early commitment from the customers
  • Highly accurate and the best quality online deals obtained through insurance computation and GFE with the specialized mortgage providers
  • Establishing better engagement with the customers and initiating customer-friendly communication on a real-time basis
  • Accurate breakdown of all extra costs such as insurance and computing fees along with improved disclosures, which helps to develop increased trust among consumers
  • Reduction in costs through the online customer self-service facilities and improvement in efficiency of the Loan Origination Software
  • Improved time-to-market along with third-party integration and easy access to real-time information
  • Higher brand loyalty and online visibility with greater nurturing of customer relationships

Consumer direct portals have been a recent development. They have helped many early adopters curtail costs and gain risk-optimized deals, especially after the meltdown. Among the many advantages of using such technology, access to data is a major one. With a full-fledged mortgage servicing software solutions suite, banks can also integrate their existing data and ensure all new data is used by analytics for future decisions.

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