In this low interest rate environment, many borrowers are jumping at the chance to refinance, and lenders are working around the clock to capture these opportunities and close as many loans as possible, as quickly as possible. However, as lenders work through their pipelines, the high volumes highlight problems that already exist in the process.
Efficient communication and data collection are two such problems and are particular points of stress for both lenders and borrowers. Both parties need to be able to collaborate in order to successfully complete the loan process, but outdated and inefficient systems can make this task very difficult.
Without an organized system for communication, data collection and storage, lenders often experience challenges tracking down and verifying critical borrower information. Trying to find the right documents can require a lot of back and forth between the lender, the borrower and the title partner.
Borrowers may have already provided the information, but the documents were misplaced or even lost among hundreds of other emails in a lender’s inbox. Lenders then have to send out repeated requests for the same information, leaving borrowers confused about why they are requested to send the same documentation over and over again. This creates frustrations for everyone involved, as lenders and settlement partners deal with delays caused by chasing down documents and borrowers become dissatisfied with their experience.
Fortunately, there is a way to efficiently gather and store data and improve communication.
As part of its MyHome suite of products, WFG recently released MyHome Exchange specifically for the refinance process. MyHome Exchange improves collaboration and data collection between borrowers, their lenders and title providers.
WFG’s MyHome suite brings participants in the real estate transaction – including lenders, real estate agents, title and closing professionals and consumers – together within a single, easy-to-use ecosystem, and the MyHome Exchange module helps streamline the loan process by simplifying communication, data collection and sharing. MyHome Exchange walks borrowers through a series of questions and allows them to upload requested documentation. Borrowers can then submit their personal information and supporting documents in a secure web environment.
“We have to ask a number of questions or acquire documentation on virtually every transaction,” said Dan Bailey, SVP, WFG Lender Services and WFG Enterprise Solutions. “MyHome Exchange enables us to proactively reach out to the borrower and provide them with access to a place where they can easily and securely answer these questions and provide the documentation that we need. It creates a shared, centralized data repository within our system, eliminating the need to chase this information down.”
According to Bailey, WFG Lender Services sends a notification to the borrower inviting them to log into MyHome Exchange, provide their information and upload supporting documentation. Those documents are securely stored and are accessible not only to the borrower, but to their lender and their title partner as well.
Using MyHome Exchange helps lenders work more efficiently by eliminating duplicate touchpoints. It also makes it simpler to acquire and store information and documents from borrowers. As a result, lenders are able to streamline the loan process and ultimately close more loans.
By giving borrowers an intuitive, self-service opportunity to provide their information at the beginning of the process, MyHome Exchange returns valuable time to all participants. Lenders spend less time on redundant requests, resulting in reduced application-to-close turn-times, less operational waste and more closed loans. In turn, borrowers spend less time resubmitting information and feel more confident in their lender. A faster more efficient process leads to a better overall experience and a more satisfied borrower.
“When you break apart the mortgage loan process, it gets rather complicated, and sometimes people come out with very broad-based solutions that are trying to solve everything at one time,” Bailey said. “With the MyHome suite of technology offerings, we’re breaking apart that process and finding simple solutions to problems that have significant positive ramifications in the overall lifecycle of a loan transaction.”
“MyHome Exchange is solving fundamental communication gaps that arise when we attempt to obtain information needed to resolve known title matters in the early stages of a transaction,” Bailey continued. “It enables us to acquire this information easily, upfront and, because itis stored in one location, we don’t have to repeatedly chase down information or inconvenience borrowers by requesting information they’ve already provided.”
For more information on MyHome Exchange and the MyHome suite of products and dashboards, download WFG’s white paper here.