Loans and Mortgages are key elements of today’s economy and there is a likelihood that every adult at some time or other has been part of this process. With time and technology, our methods and practices of taking and paying off mortgages have changed a lot for the betterment of both lenders and loaners. Today, more than 37% of active residential loan appliers are young, digital-first buyers, always looking for better and faster solutions. However, closing a mortgage remains a tedious and laborious process, that takes anywhere from 40 to 50 days to complete. Most of the delay is caused by data processing and verification at different levels of stakeholding. To expedite this uncomfortable delay, Salesforce has added a mortgage feature to its Financial Services Cloud. The new Salesforce mortgage innovation is targeted at streamlining the process of mortgaging and make it highly borrower-centric to ensure customer satisfaction.
Don’t forget to check out: 8 New Features of Salesforce Financial Services Cloud
Striking new Mortgage features of Salesforce Financial Services Cloud:
Home Loan Guidance- Salesforce has added a new feature to smoothen the flow of residential loan applications. The days when loan officers needed to upload the details manually and do physical paperwork are now over with the Salesforce mortgage feature. Such manual tasks are the root cause of delays and errors in the application, but now there is a way to prevent them. The Salesforce Financial Services Cloud now comes with a prebuilt, step-by-step manual that can be used to capture the relevant information easily while giving out suitable recommendations for resident loan applications. This method ensures the authenticity of entries and significantly shortens the time consumption.
Mortgage Data Model- The Financial Services Cloud mortgage innovation is equipped with 13-pre built mortgage objects, which are essential for filling a loan application, like the applicant’s address, age, employment, etc. These objects help loan officers to view specific contexts of the borrower’s households, financial accounts, and other such fields to validate the applicant’s claims. Also, with Salesforce Financial Services Cloud, all this information can be further used by lenders to generate new business lines and opportunities.
Easy Tracking Solution- The new Salesforce Mortgage latest feature offers a simplified, but effective way of collecting documentations with template checklists and automated approval management. The Financial Services Cloud provides a secure portal that directly connects the loan officer and the applicant, thus avoiding red tape and other delays.
Mortgage Innovation for Financial Services Cloud and Customer 360 Platform:
Salesforce Financial Services Cloud update and its new mortgage feature has been an instant hit with the lenders and has proved to be an excellent tool for loan officers. Now, Salesforce is even opening up its customer 360 platforms for the mortgage industry so that that money lenders can engage their customers in the early home buying phase with the help of market intelligence and analytics. Altogether, the Salesforce Financial Services Cloud is a highly beneficial product for the mortgage industry, as it provides a personalized, pleasant, and quick 1-to-1 journey to the borrowers. Many leading mortgage firms like Guild Mortgage, Alterna and Grey Stone have already adopted the Financial Services Cloud new feature. And, they are basking in the benefit offered by the new innovative mortgage assistance feature as it accelerates their loan cycles.