How To Create A Digital LO Experience – The New Virtual Loan Officer

by Aidan Paringer

Digital mortgages are growing. They are becoming more available and more in demand. Home buyers and owners love to be able to just go online and get what they want, without having to take time out of their day to go to a mortgage office, or be subjected to hard sales pitches. However, while digital 1003 loan applications, e-signatures, and the ability to upload underwriting conditions are spreading, many borrowers will need live help at some point. Choosing the right mortgage, and understanding them is still complex, right? So, the leading loan officers of the future (and today) are those who can provide a virtual and human experience.

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How Do You Create A Digital Loan Officer Experience?

There are five pieces that you can implement now in order to create your first digital loan officer experience. The first two steps are live chat on your website, to the ability of video conferencing on demand. You’ll need to learn how you can set up your digital presence to work with voice assistants like Alexa and Siri. Finally a digital 1003 and closing tool to take borrowers through the loan process digitally.

  1. Live Chat On-Site

Mortgage Live Website Chat
One of the most basic functions that loan officers can use to deliver a virtual experience is a
live chat feature on their websites. This isn’t a brand new concept, but the technology is getting better. Today’s live chat tools can provide instant service, and can connect multiple loan offers and assistant to an online chat, so that live help is always available. Today, this is much more desirable to consumers than having to wait for an email response or to try and navigate a horrendous phone system.

  1. Video Conferencing

Loan Officer Video Conferencing
Live chat is nice, but it still isn’t human or interactive enough for many. Video conferencing can be far more engaging and personal. Real estate agents have been hosting live virtual open houses with Skype and Facetime or Google Hangouts for years. Why shouldn’t loan officers be using these tools too. It can build that personal connection, trust and loyalty needed to sign more loans and keep borrowers in the game until the closing, and long beyond that.

  1. Alexa Flash Briefings

Alexa For Mortgage Brokers
We already know that Siri, Alexa and Google Assistant are becoming a more important part of staying visible and discoverable in the mortgage business. There are many ways to leverage these digital assistants. One which many loan officers may not be aware of is being able to create their own flash news briefings for Alexa users via Amazon. It’s not just good for feeding consumers with mortgage news, but for providing daily updates on rates, new programs and other industry trends to your referrals sources, like Realtors, attorneys, and investors.

Want to learn about more mortgage technology trends that can make or break your business?

  1. Virtual Closings

Virtual Mortgage Closings
It’s great that borrowers can do remote closings on their own. Yet, while some will go smoothly, this is a critical and emotional moment when being present as a loan officer can really make a huge difference. Hosting a video conference with the title rep, Realtor, yourself and the borrow can give that experience and ensure all questions are answered and nothing derails the deal, without negatively impacting efficiency.

  1. Text Messaging

Text Marketing For Loan Officers
Consumers and homeowners seem to enjoy texting far more than email or phone calls today.
SMS broadcasting is a great way to stay in touch with leads, loans in process and past clients. It also keeps you right there so they can text you for live help whenever they need it.

  1. Video Advice

Mortgage Video Advice Channel
Youtube and PPC Youtube ads using Google Ads can be a great way to be found and educate people about the mortgage process and their options today. You can even run your own channel with FAQs, and daily updates. Or use Gmail ads to drop right into users’ inboxes when they are searching for mortgage help.

  1. Be Truly Social

Social Mortgage Marketing
Some rave about how Facebook and other social platforms are working for their businesses. Others still can’t figure out why it’s not working for them years on. Try being truly social again. Look at Twitter, Instagram and Facebook as your storefront or office. People aren’t just dropping by to pick up a free newspaper from your racks. They want to interact, ask questions and get answers. Be there to answer live. Use and respond to DMs just like personal text messages, and use chabots when you can’t be on live.

Ready To Build A Virtual Loan Officer Experience?

Aidan Paringer
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