MReport: Building Trust in Digital Mortgage Closings

Total Expert Founder & CEO Joe Welu was featured in MReport to discuss the impact of digital closings and how to ensure your customer experience delivers on all fronts.

“Brand” means many things, but it’s mostly about customer perception. Your brand – that is, your customers’ perception of your company – is affected by every interaction, which means you must think about how each one builds or erodes trust. 

Mortgage lenders must comply with complex regulations while delivering a wonderful customer experience, even during the toughest parts of the mortgage process, like closings.  

Since the start of the pandemic, there’s been a push in Washington to change closing regulations to improve the process and customer experience. Here, I’ll dive into customer perceptions of closings, how COVID is affecting e-closing policy, and what lenders can do to ensure closings remain a trust builder, regardless of policy. 

Be Aware of What “Digital” Closings Feel Like to Customers 

The typical customer hears a lot of messaging and advertising about a simple digital mortgage. And remember: they don’t know mortgage law, so “digital mortgage” sounds like an entirely online process that’s as easy as ordering on Amazon or watching Netflix.  

The reality, as we all know, isn’t that simple. 

Some customers prefer to submit documentation through old-fashioned channels. Some documentation doesn’t neatly fit into the digital systems we’ve built. The result is that most mortgages today are in reality hybrid digital-human processes. 

Read the full article on mreport.com.