The demand for digitally-driving consumer processes is far from new. For years, there has been a steady shift in how the consumer wishes to interact with brands.
From clothes and home goods to banking and home loans, the onus has been placed on the companies to catch up. Some have done this better than others – they have recognized, embraced and innovated while others have resisted and relied on old school methods.
In the current, uncertain, evolving times of early 2020, those who saw these digital advantages are uniquely positioned to stay ahead of the curve as digital interaction is becoming a necessity. This is especially true within the home loan and mortgage industry.
DIGITALLY FOCUSED, FROM START TO FINISH
Wyndham Capital has for years positioned itself as a digital home lender. But what does that mean? Simply put, it means Wyndham has invested the time, money and effort to build out an end-to-end digital process, from loan application to close, all online. With the institution of robotics, digital platforms and artificial intelligence to streamline data collection, input and processing, there has been a steady streamlining of the loan application experience.
For instance, starting at the first interaction a potential borrower makes with us, there are efficiencies built in to help advance through the process. An online application and pre-approval remove the old practice of waiting for a loan officer to reach out and gather preliminary data in favor of digital input and immediate contact by a loan officer who has armed with the necessary information to kick start the loan verification.
This continues through to loan lock and close, where menial tasks have been replaced by robotics and the overall time from application to closing consistently beats the industry average by 60 percent.
BENEFITING ALL INVOLVED, ACROSS THE BOARD
Where the true difference between Wyndham and most of the organizations coming into the digital lending space more recently is how in-depth the benefits run for all parties involved. Not only does digital home lending make the process easier for the borrower, but it also gives loan officers the ability to provide top-level service with a focus on each customer unburdened by the time-intensive smaller tasks of before.
Overall, digital focusing hits on three main benefit areas – convenience, service and value:
Decide to start your application over the weekend? Ready to close on a Tuesday evening? Don’t have the time to take out of your day to go sit down for a lengthy signing process? Not a problem – anytime, anywhere that works for the borrower to begin, continue or finish the process works with these innovations. Not only is there an increase in convenience, but the technological innovations applied to take much of the human error potential out, increasing accuracy while not sacrificing efficiency.
Speed and Service
Two factors that were previously in competition with each other, neither speed or quality of service are sacrificed. Gone are piles of paperwork and hours of data gathering, replaced with easy-to-navigate online forms where data is gathered securely and ahead of time so that when a loan officer makes the first contact, they are steps ahead toward the loan lock and close, which simplifies and speeds up the processes to benefit all parties.
The inherent lower costs associated with a move to a digital home loan process are passed directly on to the borrower in the form of no fees and better rates overall. In a highly competitive marketplace, these can be determining factors in the overall loan amount. Additionally, value is applied in the ease and time spent on the process – a summation of the value and speed benefits listed above.