In a tight margin market, moving borrowers quickly and efficiently through the pipeline is crucial. One way to help improve pull-through is to increase loan transaction speed. According to MarketWise Advisors’ ROI study for Blend, 73% of respondents indicated that Blend speeds up the processing cycle and helps close more loans.
Find out how the Mortgage Suite makes the most of lenders’ time to increase their ROI and ultimately, get borrowers to closing day faster.
Increased speed, increased payback
A faster loan transaction can yield a number of benefits, both for borrowers and lenders. A shorter loan lifecycle helps the borrower stay engaged as they approach their closing day faster, and fewer unnecessary touches allow borrowers to focus on more important tasks, like providing additional information or signing documents as soon as possible.
In addition, a faster origination process helps free up a lender’s time that would otherwise be used on repetitive tasks. This time can be used on building relationships with their clients and partners, following up with leads, and working on other business strategies, to name a few examples.
So the question is: how can a lender speed up the process without sacrificing the customer experience and file accuracy? Leveraging automation and using all the technology available at their disposal is one of the easiest ways to create a faster origination process and shorter loan lifecycle. By eliminating manual but necessary steps and leaving it to their tech, lenders can spend more time on current customers and business development — which can ultimately help improve closing rates.
In fact, according to MarketWise Advisors’ ROI study for Blend, responding customers reported an average 37% increase in transaction speed which also largely contributed to the average increase of 34% in borrower closing rates.
Tech tools can be the answer
Increasing transaction speed can be as simple as using the technology that lenders already have available to them. For example, Blend customers can take advantage of the Mortgage Suite’s vast library of tech tools and features, including customizable email templates and questions, automatic follow-ups, verification of assets, income, and employment, condition syncing, and loan structuring tools — all of this adds up to an average 9 hours saved per file.
How does this time break down during each step? Check it out below:
- Pre-application: 64 minutes
- Automation of qualification, verification, and document collection: 173 minutes
- Loan structuring: 139 minutes
- Conditions and disclosures: 169 minutes
- Total time saved: 9 hours and 5 minutes
Differentiate from the competition
One of the most important factors in succeeding in tough markets is leveraging the tools that help lenders do their job more efficiently. Blend’s Mortgage Suite provides a variety of tools and features that help streamline the loan process — saving time, lowering costs, and helping lenders increase their ROI.
No matter the market conditions, lenders can further differentiate themselves from their competitors by leveraging their tech as a competitive advantage.