When most people think about the technology revolution, they immediately envision smart phones, smart watches, self-driving cars and drones. You know, George Jetson stuff. But for me, the biggest technology revolution won’t be what I’m wearing on my wrist — it’s in the way we’re about to transform the lending process.
For the past six months, my leaders at Caliber Home Loans have been talking about the “Ultimate Home Buying Experience.” I’d been hearing all about how this new “digital mortgage” experience will use cutting-edge technologies to revolutionize the way we do business.
Truth be told, I didn’t think it would be that big of a deal. Why? Well, my team had already figured out a way to consistently close loans in 15 days, with good customer service, despite all the regulatory hurdles.
Despite my skepticism, I was selected to be one of the first loan officers to use Caliber’s new Digital Mortgage platform this week. Let me put it this way: I have seen the light! I cannot stress enough the impact this will have on our industry.
What is the Digital Mortgage Platform? Simply put, the platform extracts and verifies all income, assets, and property valuations. That’s right. No more downloading documents, no more chasing endless lender requests for “more stuff” — our technology does the work for you.
Allow me to walk you through a timeline of events that took place for me and my lucky client this week:
8:24 PM – Borrower starts Online Application.
8:29 PM – Email sent to me stating the Online Application has been completed
8:30 PM – Scheduled phone call begins for loan consultation.
8:32 PM – Credit Pulled – Electronic Verification of Income Completed
8:34 PM – Digital request for assets sent to Borrower
8:36 PM – Borrower completes asset authentication on his Smart Phone
8:39 PM – Final analysis completed for loan products, mortgage rates discussed
8:40 PM – Asset verification report arrives for review and authentication
8:44 PM – Automated approval issued w/ requirement of only Photo ID & Title Report (appraisal waiver received)
Let’s put that in perspective. I accomplished what used to take about 10-14 days, in 20 minutes!
The client simply took a camera phone picture of his driver’s license, uploaded it via our secure portal, and I ordered the title work to get that moving. Loan Approved!
Who benefits from this amazing technology?
The Borrower – Day-One certainty will eliminate all worry; hassles of “we still need those documents before we can work on your loan” or “the underwriter wants more stuff because we are supposed to ask for more stuff” calls will no longer happen. The client can focus on what is most important – preparing for their big move!
The Realtor – Realtors’ frustration with the mortgage world carries an underlying theme of “undue stress put on us and our clients as a result of the mortgage process.” With our new Digital Mortgage Platform, mortgage stress is completely eliminated. A clear mind without worry prospers! Imagine a world where financing struggles disappear – contracts close on time and clients have 100% satisfaction.
The Mortgage Company – This is one of the most important beneficiaries, at least to me. The Digital Mortgage Platform will allow my staff to actually enjoy their job while remaining competitive and efficient, because now they can do what they do best — counseling our clients about which loan is right for them, instead of chasing paperwork. Traditionally, when we close loans in 15 days, it is hard … very hard … but only internally. The outside world (agents/borrowers) experience a flawlessly fast process and repeatedly say “Wow – how do you do it?” We do it by absorbing all of the stress internally and leaning/pushing/prodding/begging our processors, underwriters, and closers … but it was worth it, because our borrower won their contract and got their new home. With the new digital mortgage, my staff will instantly see an enhanced quality of life. That is my biggest win of all!
Loan Officers –The term that was used when I first got in the business was “loan originator”. The definition of originate is “to create or initiate”. Well, it is safe to say that loan officers today should be called “loan babysitters” because they spend countless hours managing, worrying, policing, checking, and rechecking the file to make sure it closes on time. With Caliber’s new Digital Mortgage Platform, loan officers can now get back to what they do best, counseling clients on major life decisions, goals, passions, investment philosophies, and building relationships. After all, that is why most we got into this business in the first place!
I’m here to tell you that effective immediately, the ultimate customer experience has come to the mortgage industry with Caliber Home Loans’ new Digital Mortgage Platform. If you would like to learn more about this amazing technology enhancement and how it will help you, please give me call at 202.899.2603 or email at John.Downs@CaliberHomeLoans.com.