The process of nurturing new borrower leads and application completions is fraught with friction. It’s stressful for borrowers to manually and independently work to move things along, not to mention the low pull-through rates and longer loan cycle times. The current process is completely asynchronous and time-consuming.
Lenders rely primarily on emails and phone calls to request borrower documents, which have to be manually archived and tracked by the loan team. Did the borrower receive the email? Open the email? Respond to the email? The manual follow-up work for the loan team is extremely demanding.
Plus, borrowers often consider multiple lenders and offers, which can make the application process stressful and cumbersome. And it’s very common for lenders to see significant dropoffs in the application process because borrowers disengage, overwhelmed or disillusioned by the cumbersome process.
Enabling SMS messaging and notifications can help drive borrower engagement and yield completed applications, but this can be costly and time-consuming for lenders. Plus, there are compliance requirements as well as user consent and privacy policies to implement and track, which come with their own set of deployment and management costs that can increase over time.
That’s why Blend is bringing an SMS notification service to Blend Mortgage — to help lenders increase pull-through rates and decrease loan life cycle times. Furthermore, Blend SMS is a fully integrated and compliant (TCPA and CTIA) one-way SMS notification service that helps lenders automate follow-ups, disclosures, pre-approvals, and close notifications directly through Blend throughout the application process. It’s simple, and it works.