The New Normal in Lending Needs New Technology Solutions – NMP

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Author: Juan Villegas, Director of National Sales Calyx

We all know that the last two years have been significant for the industry, and over the past two years we have seen many new brokers enter the market, mostly working with refinancing loans. In 2020, there were approximately $ 2.6 trillion in refinancing loans and $ 2.32 trillion in 2021. So far, 2022 is the opposite – refinancing is projected to fall by a staggering 62% to $ 870 billion, with purchases now at the center.

With an expected buying market of $ 1.74 trillion (a new high), brokers need to have technology that can show them more potential borrowers, speed up their creation process and increase productivity. In fact, getting to know a potential borrower in the early stages of the POS lending process increases the likelihood of capturing their business by 70%.

It is believed that the transition to new technology is a time-consuming project and could be a real stumbling block for brokers; but implementing a simple, fast and cost-effective solution is now more important than ever.

Advanced digital mortgage technology allows brokers to make tangible improvements that speed up transactions and meet the ever-growing expectations of borrowers from the mortgage process. McKinsey reports that speed is a critical factor in overall customer satisfaction. In a recent study, borrowers said they prefer quick completion of a loan application, quick communication and quick closing. Without such a system, brokers are left with obstacles that complicate the timely management of high demand, while ensuring consumer satisfaction.

Consumer appetites for contactless mortgages are now stronger than ever, and borrowers are increasingly using remote tools such as online applications, digital filing, real-time credit updates and electronic subscriptions. Digital solutions are the new norm for many people who now prefer the lightness and convenience provided by technology. Seventy percent of all digital media time is spent on mobile phones, and 66% of consumers prefer to use their phones to complete a purchase. Therefore, it is very important to have a set of technologies to work with borrowers the way they want to do business.

Digital lending technology, such as Zeny from Calyx, allows brokers to solve and overcome these problems. Zenly is a cost-effective and intuitive solution specifically designed for busy brokers to help build better customer relationships, grow your business and reduce closing times. With Zenly the creators have an integrated, mobile-friendly point of sale to get more leads. Once Zenly is implemented, initiators can effectively follow the necessary steps to complete a mortgage application and deliver it along with the accompanying documentation to the wholesale lender.

Zenly offers a hassle-free implementation and can be ready to use in just 15 minutes. Both brokers and borrowers benefit from reduced process time and the convenience of an on-demand cloud mortgage experience.

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