{"id":48113,"date":"2021-06-23T04:00:02","date_gmt":"2021-06-23T11:00:02","guid":{"rendered":"\/us\/en\/blog\/?p=48113"},"modified":"2022-12-30T04:57:40","modified_gmt":"2022-12-30T12:57:40","slug":"build-a-better-mortgage-client-experience-with-cloud-communications","status":"publish","type":"post","link":"\/us\/en\/blog\/build-a-better-mortgage-client-experience-with-cloud-communications\/","title":{"rendered":"Build a better mortgage client experience with cloud communications"},"content":{"rendered":"

Highlights<\/b><\/p>\n

    \n
  1. Communication challenges hamper the mortgage industry\u2019s ability to provide exceptional client experiences.<\/span><\/a><\/li>\n
  2. Cloud communications solutions meet the challenge in multiple ways.<\/a>\u00a0<\/span><\/li>\n
  3. Cloud communications solutions can facilitate better collaboration internally<\/a> and better client communication via multiple channels<\/a>.<\/span><\/li>\n
  4. Built-in security<\/a> and high-quality service<\/a> across all channels enhance the client experience and build trusting, long-standing relationships.<\/span><\/li>\n<\/ol>\n
    \n

    When you think about the phrase \u201cmortgage client experience,\u201d the words that come to mind are most likely \u201cfrustrating\u201d and \u201clengthy.\u201d However, it doesn\u2019t have to be that way.<\/span><\/p>\n

    With the right technology, mortgage communications can be streamlined, leading to a positive, efficient client experience.<\/span><\/p>\n

    \t\t\t<\/p>\n

    \n
    \n\t\t\t\t\t\"The\t\t\t\t<\/div>\n
    \n
    \nThe mortgage lenders’ guide to cloud communications<\/h3>\n<\/p><\/div>\n
    \n\t\t\t\t\t\tLearn more<\/a>\n\t\t\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n

    \t<\/span><\/p>\n

    <\/a>The challenges facing the mortgage industry<\/b><\/h2>\n

    Today, the mortgage industry faces a good problem: demand for mortgages hit record highs in 2020. As of November 2020, the market was on track to top\u00a0<\/span>$4 trillion in originations<\/span><\/a>.<\/span><\/p>\n

    Yet, the high volume of mortgage originations created a problem for fulfillment teams and originators. It made it more difficult for them to communicate with borrowers about\u00a0<\/span>extending closing timeframes<\/span><\/a>. Moreover, mortgage clients have been<\/span>\u00a0frustrated with the process<\/span><\/a>, and they haven\u2019t been referring their lenders to family and friends.<\/span><\/p>\n

    Let\u2019s also not forget the impact of Millennials on the mortgage industry. In 2020, Millennials (those born between 1981 and 1996) made up 52% of residential property purchases and\u00a0<\/span>42% of all mortgage loans<\/span><\/a>. They comprise the largest home-buying demographic today\u2014ahead of Gen X\u2019ers and Baby Boomers. Yet, they are also the least satisfied with the mortgage process; they gave the second-lowest Net Promoter Score (NPS for short\u2014a mark of customer satisfaction) to the mortgage industry after Gen Zs, the age cohort born after Millennials.<\/span><\/p>\n

    How can the industry improve mortgage communications to build a better mortgage client experience?<\/span><\/p>\n

    <\/a>The right technology: cloud communications platforms<\/b><\/h2>\n

    A cloud communications platform is a set of unified, Internet-based communications tools that include:\u00a0<\/span><\/p>\n