First of all, what is OnlineApplication?
OnlineApplication is a SaaS solution that provides a streamlined mortgage application process for brokers and lenders. The traditional mortgage process can take months, with mountains of paperwork and hassle. OnlineApplication focuses on eliminating multiple pain points in this process not only for brokers but prospective homeowners as well. OnlineApplication’s loan origination system is powered by smart systems and AI, allowing prospective homeowners to upload the necessary documents and digitally approve their application in a fraction of the time it would typically take.
How does OnlineApplication’s solution benefit brokers?
The typical mortgage process can take weeks or even months to process end-to-end with a large number of manual efforts. By focusing on automating many of the broker’s manual steps in the cumbersome mortgage process, OnlineApplication’s platform gives the broker the ability to work more efficiently leading to more clients. This system eliminates tedious manual errors such as missing or duplicated forms, leading to an easier process for the broker while improving profitability. By improving profitability, OnlineApplication’s system boosts a broker’s competitiveness in the market through an unparalleled client experience. Through the utilization of AI and smart systems, digital mortgage approvals are packaged and sent to the bank. This smart system allows lenders and brokers to tailor their recommendations as precisely as possible to fit a client's financial profile, which leads to a better fitting loan. Prospective homeowners, especially if they are first-time buyers, don’t always understand all of the ins and outs of the mortgage process. Factors such as fixed or adjustable interest rates, duration of the loan, and the amount needed to borrow all affect payments throughout the entirety of a mortgage. Knowing how to tailor these factors to fit your specific financial needs is essential to getting the most efficient and effective mortgage. OnlineApplication’s loan origination system helps match the client to the most efficient mortgage available. If brokers can match a loan that is tailored to a client's needs, it reduces default rates. On the flip side, this system allows prospective homeowners to compare the details of different loans, which again, leads to a better fitting loan. Combining the recommendation of the broker and the selection of the client based on their needs, prospective homeowners will be able to select the best available loan at that time.
OnlineApplication’s digital mortgage application system allows clients to apply from anywhere, anytime, and from any device, which reduces or even eliminates the meeting time clients would have to set up with their broker. By streamlining the mortgage process, OnlineApplication allows brokers to work more efficiently with their clients. Both prospective homeowners and mortgage brokers don’t want the hassle of a mortgage taking too long. The faster a broker can close a case, the happier both the client will be, and in turn, happy clients make happy brokers. By removing the paperwork and pain points from this process, brokers can work more efficiently, as they are able to improve client turnover time, giving the broker the ability to pursue more leads.
Interested in learning more about how OnlineApplication can help improve your mortgage brokerage? Click the link below
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