COVID-19 is not only shifting the way we work, live and think, but it is also reframing the conversation behind which metrics successful companies focus on. Having worked in marketing for various lenders, origination and funding milestones were prevalent in their marketing. However, during this unique time in mortgage when most lenders are shattering previous origination records, focus is now drawn to new performance indicators.
Providing a seamless digital process
A recent McKinsey survey determined that consumer and business digital adoption vaulted five years forward in a matter of eight weeks at the beginning of the pandemic. And while this is generally true for business, many mortgage lenders may not have had the time or resources to update and modernize their processes due to massive origination volumes. When volume is good, companies wait to update their technology – either due to an “if it isn’t breaking why fix it” mentality, or, in the case of unmanageable volume, lenders can’t fathom disrupting their processes. Lenders that proactively streamlined technology and focused on digital adoption before the pandemic are leveraging and benefitting from the current mortgage environment. For lenders that did not digitize in time, the high-volume environment highlights their inefficiencies and unscalable processes.
Providing meaningful customer experiences
Forward-thinking, resilient mortgage lenders are also tracking how effectively they can provide meaningful customer experiences, for both their borrowers as well as their internal customers – their employees. For borrowers, it could come in the form of enjoying a seamless mortgage experience, being proactively kept abreast of their loan status, and the ability to interact and communicate with the lender in a manner that works best for their style. For employees of the company, this can come from feeling valued and listened to, with relevant and useful communications and resources to rely on during these uncertain times. It also comes in the form of providing the right resources for employees to perform at a high level during these times when it matters the most and working efficiently without sacrificing quality.
Investing in technology and your greatest asset, your employees, is the answer to how mortgage lenders can achieve these metrics which will help them stand out among their competition. As the refi heyday starts to show signs of impermanence, these differentiators will become more important than ever – and all lenders should be taking a proactive look now at how they can bridge their digital gaps. Mortgage lenders are coming out of 2020 with strong earnings and should look to allocate a part of these earnings towards ‘future-proofing’ through scalable technology that will ultimately reduce costs and continue to bring in qualified volume.
Join Experian Mortgage in accelerating the mortgage evolution and learn how we can help bridge your technology gaps.