Lenders must make product and pricing information readily available to remain competitive. With numerous choices out there, consumers are eager to compare products, deals, and costs to attain the best available option for their needs. However, it is astonishing that most lenders have preserved many of their current methods this long when clients expect complete openness and convenience (the case of the Amazon experience). While the ordinary shopping experience has vastly improved in recent years, the mortgage point-of-sale experience has not so much.
Put yourself in the shoes of your potential customers for a moment. You are ready to buy a house or refinance your loan, so you go online and look at some lenders’ websites. Customer testimonials, executive team photographs, and promises of a customized mortgage experience may all be seen on the website. However, there is something crucial missing in most cases: Products and pricing offered by the lender. It may be difficult for many lenders to break with precedent and make product pricing public. Nevertheless, on the other hand, consumer expectations have shifted and will continue to do so. Those lending organizations that do not adapt to shifting consumer expectations risk failure.
Fortunately, advances in technology and Application Programming Interfaces (APIs) enable lenders to present accurate product and pricing information when and where their consumers want it, from websites to self-service applications and everything in between. Consumers may now search for the best mortgage package and price on their own, whereas this work could previously only be accomplished by an originator, thanks to APIs.
At the top of every lender’s priority list should be addressing the issue of product and pricing transparency. Fortunately, this problem is easier to solve than ever before, thanks to contemporary technology. To read more, click here.
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