BUILD-A-BROKER
What Homebuyers Want: Automated Processes And Human Help Brokers who provide outstanding customer service now will win for years BY DANIEL AKIVA | SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL
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fter April’s 18% decline in home sales, May saw a 26% month-over-month jump in new home mortgage applications (up 10.9% from 2019). The trend accelerated in June, with a 20% month-over-month increase (up 54.1% from 2019) Pent-up demand, combined with historically low rates, means those who can buy homes are eager to do so. But it’s not just the return to buying that’s important right now. It’s also the way people are buying. Demand is high but stock is low, meaning sales for desirable properties are happening fast. What’s more, ongoing social distancing means many buyers and sellers are reluctant to share space more than necessary, making digital
tools more important than ever. And yet housing remains the biggest purchase many people make. So for wholesale lenders (and the brokers that offer their products), automated tech to speed and distance processes isn’t enough. They need to have human support accessible and at the ready. If they can leverage automation to create an accelerated homebuying experience, while also providing pathways to human support when things get tricky, wholesale lenders and brokers can help borrowers feel empowered, educated, and confident in their decisions. Automation and human support don’t have to be at odds with each other. A closer look at the specific features customers want during the mortgage process shows how the
Wholesale lenders need to equip their brokers with the tech that both empowers them to automate the origination process and enhances their legendary customer care skills.
two can work hand in hand. Here, I’ll highlight key findings about contemporary borrower expectations for the mortgage application process and explain how wholesalers can meet those expectations to win more customers.
HUMAN ENGAGEMENT: FOR THE UNEXPECTED To understand how today’s homebuyers see automation and human engagement as complementary forces, take a look at Amazon’s customer support. Say a customer intended to order a single hand-soap dispenser but rushed the buying process and accidentally ordered 24. Rather than hoarding them all, they can instantly contact a representative through the mobile application, either over the phone or through a chat feature. In other words: as long as everything’s going as expected, customers like digitized, automated processes. If the customer ordered what they intended to, there would be no need to contact a customer service rep. But when something goes wrong, CONTINUED ON PAGE 61
PEOPLE ON THE MOVE //
> Narayan
Bharadwaj is the new senior vice president of automation for Indecomm Global Services. Bharadwaj will be responsible for automation strategy and execution.
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> Mortgage
banking company Merchants Capital hired Dwayne George as executive vice president, national head of production.
| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE
> LRES
Corporation, a real estate appraisal, valuations and asset management company, named Tina Suihkonen senior director of commercial services.
> Julie M.
Joseforsky was appointed director of fulfillment servicers for The StoneHill Group.
