5 Reasons to Switch to a Better Mortgage Lending Platform

street view of a nice home

Does your current mortgage lending platform help you build relationships with borrowers? Or provide support for various closing scenarios? Does it manage incentive compensation programs for your mortgage business? If it doesn’t do all of these things, it might be time to switch to SimpleNexus.

This full-service, cloud-based mortgage management solution enhances your mortgage production model and workflows with single-platform simplicity. That provides you with a single source of truth for all the data within your organization. Here are five reasons to invest in SimpleNexus’ range of mortgage management tools. 

1. Build Stronger Relationships With Collaboration Tools 

With mortgage demand falling to its lowest levels in 22 years as of July 2022, lenders need to capitalize on pre-application customer touchpoints and move more leads toward closing. While other mortgage solutions might target borrowers early on in the homebuying lifecycle, Nexus Engagement builds personal connections with these potential customers.

This white-label lending platform lets you personalize an online portal and mobile app with your contact details, bio, photo, NMLS number, state license information, and other details to connect with borrowers as they consider different mortgage options and interest rates. Borrowers can also access mortgage calculators, receive pre-qualification for a loan product based on their credit score, and find properties that match their budget with an integrated home search. 

Nexus Engagement’s lending platform helps borrowers build more productive relationships with partners such as real estate agents and settlement service providers. Realtors, for example, can add their business details to the collaboration tool and share this information with borrowers via email or text.

White-label lending and collaboration tools help build and nurture relationships with borrowers at the beginning of the mortgage pipeline. For instance, you could even target Spanish-speaking borrowers at the start of a loan inquiry and make lending solutions more accessible to these potential customers. 

2. Mobile-First Tools for Maximized Efficiency

The average mortgage takes 49 days from application to close; however, various factors can extend this timeframe. For example, waiting for borrowers to sign physical documents can delay mortgage times. Nexus Origination’s lending platform provides a mobile-first toolkit for borrowers that speeds up the lending process, allowing you to close loans more quickly and easily receive monthly payments. Borrowers, in turn, enjoy a streamlined loan application process on their smartphone or tablet.

Here are some of the ways Nexus Origination improves efficiency for borrowers:

  • Borrowers get a simple one-platform experience in which they access features using a single login
  • Borrowers can e-sign disclosures and other important documents directly through a mobile app rather than visiting your physical location
  • Borrowers can upload documents on the app instead of sending paperwork through the mail to your location
  • Borrowers can pay for your mortgage services with Nexus Pay

All these features reduce delays in your mortgage pipelines and help you close more deals. 

Nexus Origination also gives real estate agents increased visibility into mortgage processes with real-time loan statuses and milestone updates. 

3. Traditional, Hybrid, and eClosing Support

Because of the COVID-19 pandemic, the majority of U.S. states now allow borrowers to complete closings without visiting a lender’s business premises. However, many mortgage management solutions aren’t capable of contemporary, remote closing workflows and require borrowers to visit a physical location to sign documents and verify their identity. The Nexus Closing digital lending platform offers support for all closing scenarios, helping you complete your preferred workflow. 

Nexus Closing lets you automate these closing types:

Hybrid Closing

In this scenario, borrowers e-sign the majority of closing documents and wet-sign their remaining documents in person with a notary.

RON + Hybrid Closing

Remote online notarization (RON) lets borrowers e-sign notary-required documents in a secure video call with a notary, removing the need for borrowers to visit your location. 

Full eMortgage Closing

This optimizes the entire closing ceremony by offering traditional, hybrid, and fully digital closings to borrowers. If you provide this convenience and flexibility, you can improve the customer journey and lending experience.

Traditional Mortgage Closing

If you’re not ready to implement remote services in your organization, Nexus Closing offers support for traditional closings. Borrowers wet-sign documents in-person at your location. 

4. Actionable Data With Mortgage Business Intelligence 

Generating data insights about the loan origination process can improve your services and help you identify leads to move through your funnels. While other mortgage lending software might provide limited metrics, the Nexus Vision lending platform has a range of key performance indicators that track every process in your lending business, including KPIs around performance, turn-time, loan quality, and profitability. 

You can use Nexus Vision to:

  • Discover the percentage of loans your business makes that are government loans (FHA, VA, or USDA)
  • Learn how long it takes (number of days) for a borrower to receive closing documents after applying for a loan
  • Find out the percentage of a borrower’s income that goes toward debts (debt-to-income back ratio)
  • Identify the number of times an underwriter reviews a home loan while it was in underwriting suspended status

Nexus Vision lets you view these insights with out-of-the-box scorecards, reports, and dashboards, improving visibility within your mortgage company. 

5. Simplified Incentive Compensation Management

There are numerous incentive compensation management tools on the market, but CompenSafe is the only one designed for mortgage lenders like you. This tool streamlines mortgage compensation workloads by integrating with your LOS system and handling compensation when a loan closes and funds. With CompenSafe, you get 100 out-of-the-box reports that track loan pipelines, commission draws, performance, production, revenue, and other insights on demand. Share these insights with team members so they have a better understanding of your compensation program and when they will receive their commissions. 

No compensation structure is too complicated for CompenSafe. The tool helps you manage splits, guaranteed minimums, and overrides, ensuring loan officers receive the commission they are entitled to. CompenSafe also ensures you comply with CFPB requirements.

Final Word

SimpleNexus provides single-platform simplicity for mortgage lenders, removing the need to use several tools to execute workflows. Switch to this lending platform to build stronger relationships, provide a mobile-first toolkit to borrowers, complete multiple closing types, generate business intelligence, and streamline incentive compensation management. 

Discover more about how SimpleNexus’ mortgage lending platform benefits banks, credit unions, mortgage lending companies, and other financial institutions when you sign up for a demo today! 

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