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For most mortgage servicers, the processes associated with creating and updating borrower communications are slow, cumbersome, costly, and inefficient. The time has come for mortgage servicers to change their approach to borrower communications. This ebook explains how mortgage servicers can take back control of borrower communications.
Research shows 60% of borrowers are comfortable completing the entire mortgage application online without phone or in-person support. As borrowers become more comfortable with digital mortgage origination, they’ll expect servicing to offer the same level of convenience. As time goes on, the gap between what borrowers expect and what most servicers deliver will only to continue to grow. Traditional servicers that fail to modernize will lose ground to digital-first players that move faster, operate leaner, and are equipped to deliver the seamless digital experiences borrowers increasingly prefer.
Between mounting regulatory pressure, aging technology, and narrow margins, most traditional mortgage servicers are struggling to modernize. McKinsey & Company puts it bluntly: “Servicing processes are still slow, manual, labor-intensive, and fragmented—in other words, ripe for disruption.”
Borrower communications processes are no exception to this. Common issues include:
Mortgage servicers don’t need to rely on programmers or third-party PSPs to create or update borrower communications. Much of this work can now be handled by business teams using modern SaaS solutions that intelligently manage content across channels. To take back control, organizations should embrace these eight best practices:
Ensuring borrowers receive accurate and up-to-date information is critical. Unfortunately, the technology and processes some mortgage servicers use…
Read the articleToday’s customers demand digital access and information from every business they interact with, including their financial service providers…
Read the articleFor most mortgage servicers, the processes associated with creating and updating borrower communications are slow, cumbersome, costly, and…
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