When it comes to credit union mortgage lending in today’s slow-recovering economy, having any kind of advantage to attract members is a positive position for lending longevity and profitability, especially when rates increase.
One of the key tools in achieving this longevity and profitability is having a robust, convenient and easy-to-use online mortgage lending process.
With credit unions migrating to nearly every financial service online and/or mobile these days, it’s only natural for a credit union to have a web-based mortgage lending application that makes it incredibly easy and inviting for a member to embark on the home loan process.
This online move is not only great for empowering members to conduct the lending process on their own, but it also increases the value of the lending experience with the credit union from easy 24/7 access to loan approval. In addition, it’s an ideal way for credit union members to get the latest rates available and quickly find answers to their questions.
To capture members’ attention that will prompt increased usage of their online mortgage lending solution, credit unions should follow a few pieces of advice for a most likely boost in business.
Listed below are five key practices they should have on their websites to increase online mortgage lending:
- The fewer clicks, the easier the find, the better chance of sealing the deal. Optimal placement of mortgage information from the front page of the credit union’s website is an essential first step. The fewer the clicks to the online application the better. The more the member has to maneuver around your website to find what they need, the more frustrated they become and the less likely they are to get to the application page. Remember, the more members who start the application, the greater the chance of finalizing the loan.
- Increase your coverage. Consumers view websites in various ways. Some find a horizontal menu easier to maneuver while others prefer a vertical menu. Whatever menus you include in your website, make sure you are including mortgage lending in all of them. Your goal is to capture the audience with ease. Providing them multiple ways to find information will provide the strongest response. If you use Web banners, make sure to include mortgage products with them, too. The more visibility the stronger the response you will have.
- Make it personal. Personalize your connection with your home loan team or partner to the member. Whether you have an onsite loan officer or you simply need to explain your relationship with the home loan solution partner, use your website to make the transaction more personal for the member. They will be sharing very personal financial information within the loan process. They need to feel comfortable with their lender and who they will be working with.
- Make transition statements inviting. If you must have a message of transition from your credit union’s website to the outsourced online mortgage website application, make it brief and inviting. Don’t scare potential borrowers away by stating you have nothing to do with the website to which you are transitioning the member. They are going to provide very personal financial details on an online application and they need to feel confident with whom they are giving this information. Make sure they understand you do support the efforts of the transaction and use soft language to encourage them as they transition to the application website.
- Provide confidence in the lender they will be working with. Whether your online application is simply a tool for your team to use or it’s a portal of collecting data for an outside vendor, ensure the trust and confidence in what you and/or your partner can provide in mortgage lending. Explain your commitment to service. Explain your commitment to privacy protection. Explain your relationship with the outside partner, if necessary. Explain the ease of use and quick response of applying online and how a decision can be made in minutes.
Follow these five practices and get your member started in the right direction with their online mortgage application. The ultimate goal is to bring in more applications, satisfy the member with the immediate availability of a rate and approval 24/7, and ease of use.
It all begins by communicating well and helping them to find what they need quickly and easily. These initial steps will help credit unions reach new levels of success in the mortgage lending arena, one of the most profitable areas of any financial institution.
What is your credit union doing to foster online mortgage lending business?