This year came and went, didn't it? From our families to yours, we hope you've had a happy holiday season. Thank you for following along with our team this year and supporting our mission for a more simplified digital mortgage process.
A Holiday Message 🎅
As a small company, we take great pride in our software and the outcomes it provides mortgage lenders with - revenue growth, streamlined processes, better customer experiences, and more families under new roofs. Our gratitude for what we do certainly does not fall short. So thank you for partnering with us for a better future. And if we aren't working together yet, thanks for being here anyways. It means a lot. And we hope to earn your business in the year ahead.
May 2023 bring you abundant opportunities and good health!
The LenderLogix team at their 2022 holiday party.
Capturing Mortgage Leads 🏡
"Technology is a powerful tool in the quest for a truly modernized mortgage experience, but it's the partner behind the technology that can really change the game."
This quote is from a recent HousingWire white paper titled Origination Modernization, and it got me thinking...
What does your top-of-the-funnel customer experience look like? Could optimizing this one area of engagement drive increased conversions in the coming year?
I challenge you to click on your "Apply Now" link in your email signature or wherever else you make it available to your potential customers. Then, when you get to the landing page, think about what that experience looks like from your customer's perspective. Is it an inviting process that provides them with a seamless experience for submitting their information? Or is it a screen with warning signs or harsh disclaimers about how they must create an account before they even consider providing the lender with their information?
If it's the latter, have you ever thought about how many potential borrowers get to that page and simply stop? I assure you that you have lost leads without ever realizing it.
At LenderLogix, we are your partner behind the technology. We design software solutions for lenders but remain focused on the borrower's experience - and we are currently developing a product that removes the obstacles your borrowers encounter when trying to engage with you. Our solution creates an inviting and engaging process that will lead to more leads finding their way to you.
So stay tuned, as there is undoubtedly more to come on this!
- Derrick Enderby, Director of Customer Success of LenderLogix
Conversational AI 🤖
The latest technical wonder in the news is ChatGPT, a conversational artificial intelligence system that may be the beginning of how our work and lives change in the near future.
To use the system, you simply type in any question you’d like to ask. The first time you try it, it feels almost magical, like the first time you used Google or an iPhone.
Here are a few examples showing how powerful it can be:
Obviously, there is still room for improvement (the jingle isn’t that good), but technology improves at an exponential rate these days. So it’s clear we need to take this technology seriously and consider how we can apply it to our daily routine.
Could this help you strategize and draft marketing content for your potential homebuyers and referral partners? Let us know if you give this a shot!
- Scott Falbo, Chief Technology Officer
From the Team's Bookmarks 📌
Here are a few resources our team put together that we found interesting or helpful over the last month. And, of course, we included a couple of fun, holiday links too.
Collecting Mortgage Fees by Credit Card 💳
Earlier this month in Rob Chrisman's commentary, we asked why lenders are still waiting until after closing to collect upfront fees. Absorbing fees upfront (or entirely on loans that fallout) costs lenders tens of thousands of dollars yearly. Can lenders continue doing this with the raised credit report fees? Not likely. Unless losing money is your thing... in which case, carry on.
This got us thinking about how lenders collect payments. Many jumped on board this year with accepting credit cards as a payment method. And those lenders are onto something!
By accepting credit card payments, you could see increased pull-through and conversion rates for borrowers.
Why? Because the more straightforward the experience is, the more likely borrowers are to complete the payment. And the sooner they invest in the journey, the more likely they will finance with you. In addition, paying their upfront fees with a credit card also presents a handful of benefits to the borrowers that they wouldn't realize with a check or money order.
In our latest blog, Scott shares these benefits and why you should consider accepting this form of payment in 2023.
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