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Tech Tools to Improve Borrower Communications

Dec 7, 2021

family looking for mortgage

Technology has helped speed our society and improve our ability to communicate. And it has changed the back end of the mortgage loan process. But how can banks use technology to support the front end — communicating with borrowers as their mortgage loan moves through the process?

There are many technology options. Here are the ones that institutions use widely and are best suited for the different parts of the loan process.

Meetings with Borrowers: Zoom

Videoconferencing has hit the mainstream. Many borrowers have used Zoom for business meetings and virtual friend and family get-togethers. Therefore, they are familiar with it and probably already have it installed on their computers and phones.

Use Zoom for meetings at different stages of the loan process to keep the personal connection. Make sure you’re using best practices, such as a waiting room and passwords for all meetings. You may also want to make your meetings even more secure by requiring users to authenticate in Zoom to participate.

Updates on the Loan Process: Text

Nearly everyone has a text-capable phone — and people are already using text to stay in touch on pretty much every other topic. So it makes sense to use this communication method to give quick updates. You can also ask for a call or Zoom meeting when you need to give updates that you can’t easily cover in a few text messages.

Although many users have facial or thumbprint recognition or strong passwords on their phones, act as if your messages aren’t secure. Avoid sending personal information through texts. Also, encourage your borrowers not to send private information by text. You can send links to secure websites – those that have https:// in the URL — as they will protect your borrowers’ information. This is also good advice for e-mails.

Secure File Transfer: Dropbox

Dropbox offers high levels of security on all files stored and transferred, so it makes a great option for sending and receiving files that contain personal information. Like Zoom and text, people also widely use Dropbox. Your borrowers are likely to have accounts or at least have heard of it.

Encourage borrowers to delete files once they’ve confirmed you’ve received them.

Electronic Signatures: DocuSign

Although there are many secure signature options, DocuSign is well-known and respected within the personal finance industry. You can rest assured that your signatures will be secure, and most lenders will accept them.

One Other Important Tool: A Customer Relationship Manager

Although you may not use a CRM for direct borrower communications, it is a highly useful tool to track what you have communicated. That way, any team member can step into a conversation when needed without having to play the “now what did we tell you?” game. You can find free and low-cost versions, such as HubSpot, or invest in a paid CRM tool, such as Less Annoying CRM or Salesforce. As a bonus, some of these tools also include e-mail and SMS marketing tools to serve multiple needs within your broker business.

With these technology tools in your business, you’ll be able to manage borrower communications with ease.