Benefits of Going Digital in Mortgage Lending

August 8,2018

Convenience is the name of today’s game in financial services and that means going digital – especially in the mobile sense. So why not segue that digital convenience into your credit union’s mortgage lending application process? If you’re not, you’re woefully behind the curve.

It’s time to get up to speed because your Millennial members, who are entering their prime earning years, are looking to buy homes – and, as we all know, they do everything on their smartphone. Having a digital mortgage lending capability lets them know your credit union is thinking about them and catering to their needs. That’s huge.

This mobile capability is a major attraction for your credit union – not just to Millennials but to nearly all your members and probably prospective members, as well. It sends a message that your credit union is not resting on its laurels but is consistently looking for cool and convenient ways to serve members.


It’s probably the top benefit to having a digital strategy when it comes to your mortgage lending capabilities. Going digital, especially in the mobile sense, adds a level of convenience that hasn’t been seen before. For decades, the process revolved around reams of paper, phone calls, and faxes. Those clunky and cumbersome items just don’t cut it anymore.

If a member sees a house they like, they won’t wait until the branch is over to talk with a loan officer. Provide them with the digital, omnichannel tools and make it easier for them to finance a home.

Accessible – Having your information easily accessible on any channel segues nicely from convenience. No matter where your members are, they have access to their mortgage app information: mobile, desktop, branch, etc. But it’s digital that gets the ball rolling.

This accessibility is so important in today’s fast-moving business – especially in world of real estate when just about anything can happen when it comes to the lending process.

Trackable – All along, we’ve been talking about the benefits to the member. How about your credit union’s mortgage lending staff? Instead of fumbling with heaps of paperwork that can either get lost or out of order, causes unwanted stress for both the staffer and the member. Digital, however keeps all info in order, easily searchable, and free from loss.

Cost and time – Yes, the initial investment in going digital might be a bit steep. But in the long run it certainly pays for itself in more ways than one. The processes become more efficient, which means faster service for members. This efficiency means a massive time-savings for everybody involved – which saves your credit union loads of labor, while enhancing service to your members.

Also, the cost of not going digital can leave your credit union in a lurch, stuck in neutral while everybody else speeds by. This idling has a ring of Blockbuster, Tower Records, and many more business that didn’t keep moving.

Relevancy – Keeping up or keeping ahead of today’s disruptors is essential for credit unions. Going digital, even with your mortgage lending services, is vital in our current, immediate gratification environment. It’s actually a "have-to," as your credit union will eventually get left behind.

Apple, Amazon, Uber, and others have set the digital services bar very high – and today’s consumers, your members, are and will expect the same level of digital capabilities at your credit union. That’s how you stay relevant.

Cool factor – On the lighter side, having a contemporary and convenient digital mortgage lending service is definitely the trend. It continues the message to your membership that you are not about to sit back and be passed by. You are answering the bell with the latest, yet proven, technology to not only serve your members today but well into the future, too.

When one member experiences your credit union’s digital mortgage lending process, they’re going to talk about it. And when one person tells two people, those two people tell two more people, and so on, and so on. Word of mouth is powerful and having a convenient digital mortgage lending service gets people talking and ultimately turning to your credit union for business.

If you’re still considering going digital, you’re already behind the curve. Talk with our team today and learn about our technology commitment and initiatives. We’re eager to share how easy it can be for your members and the latest technology resource.


by CU Members

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