Visionet Systems Inc., a global services provider to the mortgage industry, has published a new whitepaper entitled, “Why and How Lenders Can Use Mobile as a Competitive Advantage.” The paper is aimed at mortgage originators working to grow their businesses in this difficult lending environment, the company announced in a release.
With loan volumes falling and interest rates rising, lenders are competing for a smaller set of home loan borrowers. Lenders are seeking an effective strategy to drive sustained growth for their business. As lenders work to shore up falling loan volumes, mobile can be a winning and differentiated strategy.
“There is a great deal of pain in the industry today as a result of increased competition, for fewer borrowers,” Visionet Systems Managing Director Alok Bansal said in the release. “Lenders need a strategy to serve the borrowers, where they are, on their mobile devices and then allow them to track the entire lifecycle of their loan application, right on their mobile device. They need to adopt a mobile strategy. Since most lenders are ill equipped to make this transition on their own, they are now seeking out qualified partners.
“It’s not realistic for lenders to compete on rate or even loan fees, as all lenders are tied to the same secondary market investors and third-party service providers,” Bansal added. “They need to evolve their businesses to meet the changing expectations of the American home loan borrower. That means they have to go mobile.”
The new whitepaper by Visionet, which has more than 25 years of experience in the mortgage domain, goes into details of the current needs of the new generation of mortgage borrowers, the evidence that points to mobile as the only viable strategy and describes the technological requirements that such an approach requires.