Digital Mortgages? Closing Is about Building Trust with the Borrower: Here’s How

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Digital Mortgages? Closing Is about Building Trust with the Borrower: Here’s How

For MLOs, digital mortgages and digital closings are becoming more and more common. With added convenience, however, comes added responsibility to your clients, and that means you have to build trust.

Small businesses have to worry about how they represent themselves to their clients. In the mortgage industry, MLOs are especially prone to perceptions that might hurt their ability to conduct business.

If you originate loans, you have to be on your toes in every interaction you have with your clients. On top of that, your job requires that you navigate successfully through complex regulations while delivering great customer service. During the closing process, which is one of the most complicated tasks MLOs have to complete, building trust is paramount.

Keep reading to learn how.

Put Yourself in the Borrower’s Position

To learn how your clients perceive your business, you first must look at things from their perspective.

Think about what your clients imagine when they read or hear about digital mortgages. They probably picture a process that is entirely done online. After all, today you can buy and apply for all kinds of things online. Why not mortgages?

The reality, though, is much more complex.

Today’s digital mortgage solutions attempt to simplify as much as possible, but the truth is, some of the documentation needed to complete a mortgage does not fit into the available systems. Furthermore, some clients might actually prefer to submit documentation in person rather than trust a computer system.

For closings especially, clients cannot complete much of what they need to do online. They have to sit down a sign a bunch of documents by hand.

Now imagine that you are a client who thought they could do everything online. You feel pretty misled, don’t you? The key to building and maintaining trust with your clients and prospects is communication. Throughout your time working with each client, you need to keep them in the loop about how things work and what they will need to do to get through the mortgage application process.

Until Digital Mortgages Are Completely Legal, Hybrid Closings Are Key

Before COVID-19, 23 states allowed online closings to be completed through a remote online notary. RONs became legal in a few states following the pandemic, but many states still need to sign on. Until all the states allow digital mortgages and closings, you will have to use a sort of hybrid approach.

When communicating with your clients, it is critical to keep them up to date on how the hybrid closing process will move forward:

  • Tell them that some documents may need to be signed twice, once digitally and once in person.
  • Tell them that you understand that it can be frustrating, and if they have any questions, they should contact you.
  • Reassure them that you are on top of all the details, so they don’t have to worry.

Once you have explained how the process will go for your clients, you just have to maintain the trust you have built with excellent customer service and great results. Sounds easy, right?

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