Advantages & Benefits of Digital Lending Software

Woman using mortgage management software on laptop

The global digital lending software market was worth $7.04 billion in 2022 and for a good reason. Digital lending platforms, in a real estate context, let loan officers and other professionals offer, close, and manage loan products without potential borrowers visiting them in person. That speeds up the mortgage lifecycle and makes it easier to complete loan origination tasks. 

SimpleNexus’s range of tools takes digital lending to the next level by uniting the people and processes in the loan origination workflow and creating an end-to-end solution that increases efficiency. These tools include Nexus Engagement, Nexus Origination, and Nexus Closing. Learn more about the benefits of digital lending software like SimpleNexus below:

Increase Speed

simplenexus platform overview

Digital lending software provides an alternative to traditional mortgage workflows by allowing potential borrowers to complete a loan application online.

No longer will customers have to meet a loan officer face-to-face at your physical location, improving the user experience. Potential borrowers can fill out forms, communicate with officers, and learn about the specifics of your loan products — such as interest rates and repayment terms — from the comfort of their homes. Your company can customize customer-facing digital lending tools with links to your website, social media accounts, and other online resources. 

Nexus Origination makes life even easier by providing your customers with a mobile app for completing all the aspects of the application process. This app requires a single login, allowing users to apply for a loan, upload documents, and e-sign disclosures from their preferred device. That helps potential borrowers navigate the loan process quickly and effectively. You can share this mobile app with customers through email or text, kick-start the home-buying workflow, and make lending solutions more accessible to your audience.  

Improve Engagement

Digital lending software improves engagement by allowing mortgage professionals to communicate with customers anytime online. Loan officers can send potential borrowers customized communications based on their preferences and provide loan status visibility updates. For example, a loan officer might send a customer a push notification on their phone when it’s time to sign a closing document.

Nexus Engagement builds stronger relationships between loan officers and potential borrowers through a mobile app. It provides users with the resources they require to complete the loan application process, such as a payment calculator showing interest and repayment terms for loan products. Users will also benefit from integrated home search, custom links, and automatic milestone updates. 

One of the best features of the Nexus Engagement lending system is its live chat tool, which enables customers and loan officers to exchange information about loan products. Officers can answer simple questions about a loan application without a customer having to send an email or make a phone call. Answering these questions can speed up the mortgage process and allow officers to close loans more quickly. Another feature lets officers send mortgage pre-qualification letters to customers via their devices, encouraging potential borrowers to apply for your loan products. 

Offer More Closing Options

Digital tools allow your customers to sign closing documents remotely, removing the need to visit your location or wait for paper documents in the mail. The best tools provide multiple closing options for your specific workflow, allowing you to automate and speed up the entire closing process. Nexus Closing lending software provides four different closing options for your customers. Potential borrowers in your mortgage business can: 

  • E-sign the majority of closing documents remotely and wet-sign any remaining paperwork in person via a notary (known as hybrid closing)
  • E-sign notary-required documents via a secure video call with a notary (RON + hybrid closing)
  • E-sign all closing documents from a remote location (full e-mortgage closing)
  • Wet-sign all documents in-person at your physical location (traditional closing) 

The great thing about Nexus Closing is that customers can e-sign documents (if they wish) with the same user account they created earlier in the mortgage workflow. That removes the need for multiple logins. If potential borrowers have trouble signing paperwork remotely, they can always reach your loan officers via Nexus Closing’s live chat feature and get real-time support when needed. 

The #1 Digital Lending Software for Mortgage Companies

A digital lending platform increases speed, improves engagement, and provides more closing options than the traditional lending process. These tools make it easier for your company to facilitate loans and can improve the customer experience. SimpleNexus’ digital lending software optimizes the mortgage workflow further by allowing customers to complete loan application tasks on a mobile app, access home-buying resources, live chat with loan officers, and choose from various closing options. 

SimpleNexus is a digital lending tool that provides an end-to-end solution for mortgage professionals and their customers. Use it to automate your loan origination workflows and provide more value to potential borrowers during the homeownership journey. Request a demo now! 

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