Managing mortgage related charges doesn’t have to be difficult.
We teamed with industry-leading Global Payments Integrated (GPI) to provide proven, payment processing services on the backend that powers our Nexus Pay functionality for the SimpleNexus platform. Nexus Pay provides a flexible solution where lenders customize payment requests for any mortgage-related charges (appraisals, credit checks, first month’s payments, and more) and deliver them to borrowers within the SimpleNexus platform. Borrowers get a notification and click to pay. There’s no additional sign-in or transition to another platform that can delay the payment process. Mortgage professionals can benefit from an all-in-one-place payment function in a number of ways.
1. Reduced Delays
Any delays or unexpected tasks during the mortgage process drive up costs for lenders, and lengthen time to close. Efficiency is key at each stage of the homeownership journey. Nexus Pay allows lenders to organize payment requests in one data-secure location within the SimpleNexus platform, meaning they can reduce the need for manual labor, thereby decreasing the risk of human error.
“Nexus Pay has been great for efficiency in collecting appraisal payments, said Jeffrey Timpe, Mortgage Sales Manager, Consumers Credit Union. “We are fully using Nexus Pay now and are ready to discontinue use of our old portal.”
Lenders can confidently accelerate the mortgage process and streamline payments while minimizing labor costs. When lenders spend less time fixing confusing mistakes, they can focus on delivering a better experience for their borrowers.
2. Better Client Relationships
Buying a home is often confusing and frustrating, even for seasoned homebuyers, and the borrower-lender relationship can turn fraught as a result. A recent article from Notarize notes that with a 20% increase in “fully digital” users across all industries, professionals in financial services are particularly incentivized to build trust with their clients.
Nexus Pay offers security and convenience to borrowers, allowing them to easily monitor and pay mortgage-related charges, and communicate questions or concerns to the lender more swiftly. By offering borrowers a seamless method for managing their additional costs, lenders can alleviate their clients’ stress and build stronger relationships. When borrowers have more transparency, they have more trust in their lender. And when lenders cultivate trust, they earn more referrals.
3. Elevated Tech for Everyone
Single-sign on, automated push notifications, split payment options, and customizable payment titles, descriptions, and amounts mean that Nexus Pay makes managing mortgage-related payments seamless for all parties involved. Lenders can restrict mortgage payment type to ACH or debit, and can see each payment request’s status until it is paid in full. Meanwhile, borrowers receive notifications in-app and quickly pay on their smartphone. And, with one McKinsey report noting that more than four in five Americans used some sort of digital payment in 2021, the demand for simple and accessible payment options is only expected to grow. Consumers are already accustomed to using tech to pay for everyday transactions. It’s only logical to provide that same convenience to consumers making the biggest purchase of their lives. Elevated technology solutions mean an accelerated experience for both lenders and borrowers.
This exciting release of Nexus Pay is only the beginning. We are continuing to enhance this powerful tool, and will be introducing new functionalities in the future.
To learn more about Nexus Pay, contact sales@simplenexus.com to discuss this new functionality.
Global Payments Integrated is a service mark of Global Payments Inc.® All rights reserved.
