This article highlights the benefits of adopting digital 1003 software for loan applications. Learn how it streamlines workflows, improves accuracy, and enhances client experiences. Digital forms save time and reduce errors compared to traditional methods. By the end, you’ll understand why upgrading to digital 1003 is essential for staying competitive in today’s lending environment.
These days consumers don’t only want things in a real-time, on-demand timeline. They also want to do it from the comfort of their own home. As digital technologies and the internet continue to evolve, things that were traditionally done in person, at an office or retail location are seemingly more and more able to be done from the comfort of someone’s home. From apps and websites, you can do everything from taking care of banking needs to purchasing a car. As these things have become increasingly normalized, consumer expectations have shifted to make the home loan process the same way. Digital 1003 software that can be added to your mortgage brokerage can make this happen smoothly.
What Is Digital 1003 Software?
Digital 1003 tools take the loan application process online. Most platforms come with automated sequences that take the borrower through the initial application process to the uploading of necessary documents to live updates on the status of the loan and then of course the final closing. These tools meet the demands of today’s borrowers and make their loan application process easier and more convenient.
Effectively Manage Your Borrowers Loan Process
An effective, customizable 1003 tool is essential for your brokerage to be able to craft a digital experience that balances between the need to get a certain amount of information from a potential borrower and scaring them away with a list of questions and requirements that is too long for them to be willing to invest their time in.
From a workload standpoint, 1003 tools that are well versed in automation become a mortgage broker’s friend. Many of the day to day updates you generally have to manually pass on to borrowers either via emails or phone calls can be automatically deployed via your 1003 tool. This makes you more efficient and allows you to scale your business effortlessly.
Must-Have Features For Your Digital 1003 Tool
As we’ve noted above, customization is a key factor when it comes to your 1003 tool. Here are some key features you want to evaluate when searching your options:
The tool needs to be 100% digital
The tool should allow for easy customization of forms
Automation and alerts should be part of the platform
You borrowers should have login access, allowing them to stop mid-way through an application and come back to it later
The tool needs to integrate seamlessly with your CRM
Top Digital 1003 Software
Now that we’ve described some key features you’ll want to take into consideration when choosing your 1003 tool for your Mortgage website, let’s take a look at a few of our favorite ones.
Loanzify is a fully customizable platform that uses analytics and tracking to keep both borrowers and lenders and their teams in the loop and up to date with everything that is going on with a home loan.
Pros
The platform has very customizable analytics you can use to track loan progress
Everything that goes on with the loan is cataloged and archived for easy retrieval
Their timeline tool keeps borrowers moving along the home loan process
Cons
It lacks integrations that other platforms include
They do not appear to have a free trial to test drive their app
The platform lacks CRM features other offerings have
Clust is an all-in-one software for the modern mortgage brokerage. It helps brokers and teams collect, review, approve, and share online submissions without hassle. They have a free trial you can use to test drive their product.
Pros
Their platform includes automation alerts to make you more efficient
Their platform has in-app messaging, eliminating the need for you to bounce back and forth from the app to your email inbox
If you have processes you repeat frequently from client to client, you can automate those
Cons
Customizing forms is a bit more difficult than other platforms
It lacks integrations that other platforms include
Users report the learning curve when getting started can be longer than desired
BNTouch has developed a streamlined application process with their improved and completely customizable digital 1003 mortgage application. Their tool is very easy to use and has many customizable features. It’s also fully integrated into BNTouch’s mortgage CRM thats accessible from custom borrower portals and can be easily added from their mortgage website builder.
Pros
Form sections, fields and questions can all be completely customized
Their process is 100% digital
Their tool allows borrowers to save their progress at the end of each form section and come back to it later
Cons
It lacks integrations that other platforms include
CRM migration is required if you’re not already using BNTouch
The platform is lacking in integrations other platforms include
Key Takeaways
Streamline Loan Applications
Digital 1003 forms simplify the loan process for both clients and loan officers.
Improve Data Accuracy
Reduce errors with digital tools compared to manual form-filling.
Enhance Client Experience
Provide a seamless, efficient application process that clients appreciate.
Commonly Asked Questions
What does Digital 1003 software simplify?
It simplifies loan application processes for clients and loan officers, ensuring a smooth experience.
How does it improve data accuracy?
By automating data entry, it reduces errors commonly found in manual submissions.
Why is Digital 1003 preferred by clients?
Clients enjoy a faster, more convenient application process compared to traditional methods.
What is a standout feature of Digital 1003 software?
Its ability to streamline and accelerate the application process from start to finish.
