Whether you have started the transition to a full electronic mortgage (eMortgage) process or not, it is important to understand the process and the efficiencies that come along with this transformation. While eMortgages may seem like a difficult transition, the benefits are worth it. Yes, your customers are looking for a convenient digital experience, but let’s take a look at what it can do for your mortgage lending department.
John Harrell, USAA Bank Vice President of Mortgage, pointed out some benefits to going digital in an interview with HousingWire:
- Better customer experience through design and automation
- Efficiency which leads to lower costs, and the savings may be passed on to buyers
- Better from compliance and quality perspective, as it takes out the human error
While the benefits above will make an impact, there is one significant financial benefit as well. Moving to a complete eMortgage process may double your per loan profit by reducing origination costs by $1,100.* Imagine what this can do for your bottom line! We have been working with lenders who are at all different stages to guide them through the change and provide the necessary solutions. Take a look at this 70-second youtube video to learn more.