Use Digital Mortgages to Better Member Experiences

Online mortgage loan

It comes as no surprise that closing on a mortgage is still perceived as a stressful, cumbersome, expensive and lengthy process by many borrowers. Historically, this perception has been perpetuated by an abundance of documents requiring repeated information, lack of understanding of the language within those documents and errors at the closing table, among other stressors.

According to data recently published by the CFPB, borrowers reported that their biggest pain points during closing were too much paper, difficulty locating who to turn to for additional information and a general feeling of being overwhelmed by the process. As credit unions strive to provide an excellent experience for their members, how can those originating mortgages ensure that this process is as seamless and easy as possible for borrowers?