.svg)
Advances in technology over the past few decades have given us the ability to not only fact-check names and dates on the fly, but also look up the current weather conditions in any city anywhere on the planet, or check our bank and retirement account balances with a few taps on a phone.
Real estate is still catching up with other industries when it comes to technology, but in some ways, it’s evolved leaps and bounds from the old ways of doing business. Home buyers can get pre-approved for a mortgage, receive instant notifications when a house that fits their budget and lifestyle is listed for sale, or walk through it virtually.
Technology has made shopping for a house much more convenient, but there are still security concerns involved with digitized home purchases, and much of the process is therefore still managed without digital involvement. For a lender working with buyers who expect a digital loan experience, it’s a tightrope walk between giving clients what they want and ensuring a safe and secure transaction for them, too.
Mortgage lenders work with two types of borrowers: individual homeowners, who are buying a house to occupy themselves and who probably haven’t gone through the loan process very many times (if ever); and investor clients, who have been to this rodeo before and therefore know what to expect from the mortgage loan process—and who are also typically handling multiple possible real estate deals across one or many markets.
Both of those borrowers have many of the same questions about their loans:
Answering those questions for each and every borrower is time-consuming for the lender, and it can be frustrating for borrowers, who are accustomed to more instant gratification. Spruce’s easy-to-use dashboard gives those borrowers the immediate answers to their questions without lenders having to commit any staff time to responding to them.
There are a few different reasons why borrowers (and the lenders who serve them) love Spruce’s interface.
First and most obvious: They don’t need to wait for someone on the lender’s staff to see their question and formulate a response. Critical closing tasks and viewing documents can be done instantly, with a few button-clicks.
The dashboard also eliminates some of a borrower’s privacy and security concerns. Sending settlement documents for viewing over email (for example) isn’t the safest or most secure way to share them, and having documents sent by courier can offer risks, too—car accidents and theft among them. Giving borrowers the ability to view and download documents using a secure portal is a better option.
Using the dashboard, a borrower can not only view available settlement documents, but also schedule a signing appointment with a notary (if the borrower isn’t using RON, or remote online notarization), as well as link their bank account (via a secure Plaid integration) to initiate earnest money transfers.
The dashboard is intuitive and easy to use, and it’s geared specifically toward individual consumers. (In fact, the platform only works for individual borrowers, not trusts or groups.)
Buying a house (or selling one) is a stressful time in anyone’s life, and it’s no wonder that everyone involved in the process wants to feel like they know where they can access the critical documents, what’s happening and when, and how much money they’re going to need in which account when closing day arrives. The more technology advances, the more these desires become expectations in the eyes of consumers who solve almost every problem digitally.
Talk to our sales team today to learn more about how our borrower dashboard can provide clients with an additional level of control over the process, meeting and exceeding those expectations.
Sed ut perspiciatis unde omnis iste natus error sit vol uptatem accusantium doloremque laudantium, total merem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae nugit
Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt.
Sed ut perspiciatis unde omnis iste natus error sit vol uptatem accusantium doloremque laudantium, total merem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae nugit
Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt.
