Snapdocs CEO Aaron King wrote an op-ed for the December 2015 print edition of National Mortgage Professional Magazine, which has around 191,000 readers. The piece, “Going Modern: Embracing Technology for a Seamless Consumer Closing Experience,” offers advice for 2016, fitting with the theme of the magazine’s forward-looking issue. In February, King’s article was posted online here.
In the piece, King underscores the power of referrals. From the intro:
Word of mouth. It’s one of the most powerful phenomena in human history, and its influence has only grown over the last two decades. Far more efficient than Paul Revere, the Internet puts a megaphone to the lips—or fingertips—of every consumer. For the mortgage industry, upgrading the consumer experience has never been more critical to success.
The lifeblood of lenders is referrals. While referrals used to mean asking your cousin which lender he used to finance his beach house, they now often involve soaking in the reviews of countless consumers who collectively comprise a trusted source. Every interaction with consumers during the mortgage process shapes their opinion of the experience, but those final steps en route to the closing table, in particular, leave a lasting impression.
Consumers are now accustomed to same-day delivery, finding popular tourist attractions while sightseeing in a new city, and hailing a ride to the nearest corner with the tap of a screen. Convenience is indispensable for creating a positive consumer experience today and, when it comes to the homestretch in the mortgage process, that means making a kitchen table, a café table or a library table the closing table. Borrowers want to have the option to sign their loans remotely, away from a local bank branch or title office and instead in the comfort of their own homes, for example.
For lenders and title companies, mobile closings have long been a thorn in their sides. From the article:
Scheduling and managing off-site loan signings has long been a painful, manual process for consumers and closers. The traditional process of tracking down available, quality notaries is a tangled mess of phone calls and Excel tracking, and it unnecessarily drains time, money and manpower. Transferring sensitive loan documents online for mobile closings carries serious security risks, as well.
But King, who founded Snapdocs to simplify remote closings, sends an encouraging message to mortgage pros:
In 2016, commit to seek out technology partners that will help eliminate the mortgage process hurdles that caused your company day-to-day headaches in 2015. While making legacy tools history may seem like moving mountains, it will be more than worth the effort.
Read King’s National Mortgage Professional article for more info on how technology can deliver “comfort and confidence to today’s digitally dependent consumers.” Are you a settlement services company with questions? Give the Snapdocs team a buzz at 1 (866) 930-0601.