The mortgage subservicing industry is undergoing a significant transformation, driven by the need to enhance the homeowner experience while also meeting your business goals at a lower cost. In today’s digital age, homeowners and lenders seek efficiency, convenience, and personalized service.
At the height of the COVID-19 pandemic, the “nice to have” digital asks from homeowners quickly became “needs to have” virtually overnight, putting subservicing technological advances into overdrive. While many subservicers were able to serve the immediate needs of their customers during COVID, more lenders and servicers now want greater control over the digitization and automation of customer-centric initiatives. This shift towards customer-centricity has led to the development of various digital platforms that cater to the intricate needs of the mortgage servicing sector.
Emphasizing User Experience in Mortgage Platforms
The focus on user experience is paramount. Digital tools are now designed to be intuitive and user-friendly, ensuring that homeowners can easily manage their mortgages. Features like simplified navigation, clear instructions, and immediate access to mortgage information are standard.
Call Platforms: Personalized and Efficient Communication
Advanced call platforms employ artificial intelligence (AI) to provide personalized communication. These systems can quickly access homeowner information, predict inquiries, and offer solutions in real-time. These platforms enhance borrower satisfaction by swiftly minimizing wait times and providing accurate information. For example, LoanCare recently redesigned its call platform to support understanding all interactions at the most granular level.
Comprehensive Websites: One-Stop Mortgage Management
Mortgage servicing websites have evolved into comprehensive portals. Homeowners can apply for loans, make payments, access account information, and receive assistance through integrated chatbots. These websites are encrypted to ensure data security, giving borrowers peace of mind. At the core of LoanCare’s homeowner website, for example, is retaining and interacting with virtually any existing data point, allowing for a more customized customer journey. Website highlights include the ability to communicate with homeowners through their preferred method – text, email, or phone – and language, English or Spanish.
Mobile Apps: Mortgage Servicing at Your Fingertips
Mobile apps have become a crucial touchpoint for customer interaction. They offer features such as payment scheduling, document upload, and notification systems for essential account updates. With biometric logins and mobile-responsive designs, apps are a secure and convenient option for borrowers on the go.
- Analytics and Personalization
Behind these tools are robust analytics systems that collect and analyze user data to personalize the experience. Lenders can offer tailored advice and services based on the borrower’s behavior, leading to more informed decision-making and improved customer satisfaction. - The Future: AI and Machine Learning
AI and machine learning will play a larger role in mortgage subservicing. These technologies can predict borrower needs, automate routine tasks, and identify trends to help lenders offer better services. LoanCare is taking them several steps further by developing clear waterfall paths that focus on solving customer issues, predicting the steps to follow when a borrower is delinquent, and using these predictive tools to curate scripts that can be used to ensure a more successful borrower interaction.
How do you meet the needs of your borrowers?
The first step in meeting the needs of your mortgage loan customers is to understand what they need and expect. As mortgage lenders, or the owner of mortgage servicing rights, your loan administration skills and tools interact with your customers not just for the loan origination process but for years, and during those years, customer expectations have changed.
One of the key changes is that mortgage loan servicing functions have been moving from phone calls and desktop computers to mobile apps. The homeowner is much more likely to use a mobile app than any other method to manage their mortgage. LoanCare is aware of the servicing products your customers demand and has recently rolled out the new My LoanCare Go app helps your borrowers schedule monthly payments, check escrow balances, and other tasks securely and conveniently.
- A Commitment to Customer-Centric Innovation
Integrating digital tools in mortgage subservicing signifies a commitment to customer-centric innovation. By improving the experience for borrowers and lenders, the industry is enhancing efficiency and building stronger customer relationships. At LoanCare, data integrity and the marriage of AI with human-centric solutions are at the core of everything it does, with the end goal being to put customers and borrowers in the driver’s seat on their journey. With systemic guardrails in place to protect borrower data, LoanCare can provide clients with the security they need to offer a more seamless customer experience while having the data to identify critical trends in their loan portfolio.
To learn more about LoanCare’s commitment to providing an exceptional digital experience for our clients and homeowners, contact our team. Follow the latest LoanCare news and updates here.
