Residential lending professionals often focus on offering the best possible terms to their potential clients. While that can be a productive way to approach the business, paying attention to the quality of service afforded can never hurt.
In fact, initiatives that aim at improving the level of service a lender offers can produce even more new business than lower interest rates might. As a detailed report at this website relates, one prominent lender doubled its loan origination totals with the introduction of a new and better way for borrowers to apply.
Borrowers Often Find the Process of Applying Confusing and Time Consuming
For residential lending experts who work with applications every day, the process of having them completed and assessed inevitably comes to seem routine. Would-be borrowers, on the other hand, regularly report being put off by what they see as too much complexity to be mastered and work to be done.
Despite this fact, relatively few lenders have ever tried earnestly to improve the quality and accessibility of their application processes. Often focusing much more intently on being able to offer lower interest rates or more flexible terms, they have traditionally overlooked this important aspect of the service they provide.
An Online Application System That Accounts for the Difficulties Borrowers Report and Face
One prominent residential lending company recently made some significant progress along this front. Having studied the issue for years, it commissioned the creation of a new, online application system that accounts for all the troubles that borrowers most commonly face.
Instead of needing to spend too much time deciphering application instructions and following them, applicants find themselves guided naturally through a streamlined online process. Without the need to take time away from work and everyday life to work in person with lending professionals, hopeful borrowers become a lot more likely to apply
As a result, the company’s loan application volume has more than doubled since the introduction of the new system. While providing this level of service is only part of what makes a particular lender an especially successful one, this is one area where many could stand to improve. As the report in question makes clear, doing so can produce impressive results in terms of increased business.