6 Mortgage Point-of-Sale Features That Help Credit Unions Better Serve Their Members
Building a personal connection with prospective home buyers and communicating your credit union’s people-centric approach to the mortgage process is a great first step towards a strong home lending operation. The battle isn’t won yet, though: At this point, it’s vital to deliver on the digital capabilities your millennial and Gen Z mortgage applicants expect.
While today’s home buyers highly value person-to-person interaction, they equally prioritize a modern, technology-led mortgage experience. According to ICE Mortgage Technology data, 60% of those looking for a lender reported that they were influenced by whether the institution offered online mortgage applications. Meanwhile, 59% said they sought online portals for uploading documents, and 60% found online portals for signing and notarizing documents important. More and more, consumers will seek this functionality—augmented by personalized support—as fast, seamless digital experiences become vital in the mortgage space.
As a credit union, how can you deliver on your members’ mortgage expectations while infusing a supportive, personal element in the process? By leveraging the right technology, you can drive a member experience that combines modern, digital functionality with human touch points. This approach will help you meet the varied needs of millennial and Gen Z home buyers while ensuring the personal approach for which your credit union has become known remains at the forefront of the home-buying experience.
When it comes to point-of-sale technology, many options exist in the marketplace, but not all are created equal. Here, it’s key for credit unions to carefully consider the individual features offered by technology providers. Your goal is to ensure the solution you choose has thoughtful functionality that meets the needs of today’s home buyers while letting your credit union’s supportive, relationship-driven ethos shine through. In other words, your point-of-sale technology should fit seamlessly into your business—removing tedious manual labor from your team and expediting the process for your members, but retaining your credit union’s core feel.
Specifically, to cater to millennial and Gen Z home buyers, features you may want to pursue include:
An end-to-end digital experience with native eClosing
From application to closing, you’ll need to deliver a fast, seamless mortgage experience that performs just as well on a home buyer’s mobile phone as it does on their desktop. The right solution will streamline the closing process so you can exceed member expectations, reduce delays and errors, and handle more closing volume.
A fast, achievable process
A recent industry survey found that only about half of those who begin an online mortgage application finish it one in one sitting, with the rest either returning over multiple sessions to complete it or abandoning it altogether. The number one reason for application abandonment is that it took too much time. Technology that reduces the borrower workload by pre-filling required fields in the loan application can combat abandonment by making the loan app approachable and easy to fill out.
eSign capabilities
By eliminating the need for manual signatures and the time-consuming process behind it, you’ll add another layer of convenience for home buyers. Your members will love being able to sign documents within the point of sale, anytime, anywhere.
Spanish-language loan app
According to Statista, around 25% of millennials and 38% of Gen Zs identify as Hispanic. Ensure your POS allows your members to complete the loan application in Spanish and that the resulting loan file still meets all language and information requirements in the LOS.
A personal feel
Just because you’re building a technology-driven lending process doesn’t mean home buyers shouldn’t feel connected with and supported by your credit union team. Well-designed point-of-sale solutions include easy ways for lending professionals to assist home buyers throughout the process. If your members are able to screen share when they need help, for instance, LOs can better walk them through issues in real time.
The ability to customize the experience to your unique business
Perhaps most importantly, your point-of-sale technology should support your credit union and the members your credit union serves.
“You shouldn’t have to change the workflows you know work best, and your mortgage process should reflect the same supportive, values-driven experience your members have come to expect,” says Michael Salichs, Maxwell VP of Expansion & Strategic Partnerships. “The solution here is customization: If you can fully tailor point-of-sale workflows, business rules, and user experiences, you can help your credit union shine with a differentiated mortgage experience.”
For example, by configuring application templates, email reminders sent to home buyers, and landing pages, you can infuse your credit union’s unique look, feel, and values into the entire mortgage experience.
Educate your borrowers to differentiate yourself
Prospective home buyers across the country are hungry for information and a supportive, intuitive lending experience. As a credit union, that gives you a major opportunity to continue being the trusted source in the financial lives of your members.
Home buyers in the foreseeable future will be predominantly inexperienced millennials and Gen Zs, many of them first-time home buyers.
If you want to stand out from your competition and build a reputation as a go-to lender for these demographics, you’ll need to invest in both member support and leading point-of-sale technology. Providing top experiences in both of these areas will be key to earning trust from today’s uncertain buyers.
By meeting each member who interacts with your lending institution with supportive touchpoints and a seamless home buying process, you’ll do your part in opening access to the life-changing benefits of homeownership. And in helping your members through this process, you’ll support their financial wellness for years to come.
Learn more in Maxwell’s new eBook: How to Pair Mortgage Technology with Human Support to Drive Homeownership in Your Community
Want to get insight into choosing the right mortgage technology for your credit union while retaining the human-led approach your members love? Download our new eBook, created in partnership with ACUMA, to learn:
- The life-changing benefits of home buyer support—and how credit unions can play a major role in this area
- Actionable methods to provide expertise and resources to home buyers early and often, creating a lasting bond that translates into long-term business
- How to select technology that wows your members while retaining your credit union’s look, feel, and values throughout the lending experience
- Ways to balance human-led support with leading technology to create a world-class home buyer experience
Download your copy to get exclusive advice from Maxwell and ACUMA leadership.
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