3 Ways Canadian Financial Institutions can Improve the Mortgage Process in 2021
Despite a challenging 2020, many Canadians are choosing to start 2021 with one more big change—a new house.
COVID-19 forced us to spend more time at home than ever before, whether we were working remotely, homeschooling, or simply sheltering in place. This experience made many people rethink how and where they live, which is part of the reason the average home price in Canada continues to trend higher, while the number of houses for sale is hitting record lows.
As Canada experiences an uptick in housing activity, many lenders are already thinking about how to make the mortgage process better and more efficient for their borrowers. Below are three strategies that can help:
1. Create More Transparency in the Process
Home loans are one of the most important financial commitments that consumers make. As consumers continue to apply for mortgages, financial institutions (FIs) must seamlessly meet customers’ needs for personal service, speed and transparency as they navigate the stressful experience of buying or selling a home. This means creating a mortgage lending process that is as streamlined as possible, and facilitating faster funding by improving communication between lenders, brokers and borrowers.
2. Prioritize Digital Mortgage Tools
Mortgage providers are increasingly encountering an environment where digital mortgages are table stakes for comprehensive customer service—something fintech competitors with speedy digital processes have already figured out. To compete, financial institutions must digitally transform their mortgage lending process to offer a more automated and efficient application process. In today’s environment, prioritizing digital mortgage tools is paramount to any FI’s success, as transformations will only continue to accelerate in our post-pandemic world.
3. Offer Less Friction with nCino’s Mortgage Solution
No one likes a slow and inefficient process—especially when their future home hangs in the balance. Home loans, however, require financial institutions to collaborate, not only with consumers, but with multiple third parties, historically making them some of the most cumbersome financial products. nCino's Mortgage Solution provides FIs with a complete and integrated solution that spans the entire origination lifecycle, from multi-channel application and pre-approvals through underwriting, offers and closing. FIs can manage customer and third-party relationships across home loans and other retail lending products, allowing them to manage the entire consumer portfolio with ease.
As we start a new year, one thing remains clear: financial institutions can and must create a frictionless experience for customers by marrying the personalized service and brand maturity of their FI with a modern digital experience. With the right vision, the right partner, and the right tool, this combination has the power to make 2021 your institution’s best year for mortgages yet.
To learn more and schedule a demo, visit nCino’s website.