The COVID-19 pandemic has accelerated the digitalization of the home buying process, with title agents and lenders looking to technology solutions to safely and efficiently transact business during these unprecedented times.
But what will lender-title relationships resemble following the pandemic? That was one of the topics of discussion during the webinar “Evolving Lender Relationships.”
Moderated by Qualia’s Director of High Growth Accounts Jamie Kump, featured subject experts were Kate Steineman, senior vice president and business liaison at Wells Fargo Home Mortgage; and Landy Liu, general manager of Better.com.
Liu said the shift toward digital closings is probably the most important outcome of the coronavirus. In response to the pandemic, Better.com began offering additional digital, contactless options whenever possible. These included smart phone appraisals, remote online notarization closings, remote ink-signed notarization options, and hybrid eClosing options.
“I’m excited about the developments in technology and integrations so we can share information more quickly and better partner together,” Liu said.
Going forward, Steineman said lenders and title agents will need to use technology in a way that meets consumers wherever they are, as opposed to adopting one-size-fits-all models.
“A utopia would be getting to a place where we can meet customer needs to offer digital options how and where they want it,” Steineman said. “We need to pivot with the needs of the customer as opposed to shifting 100 percent digital or 100 percent [in-person].”
Liu said a perfect balance would be mortgage lenders offering an omnichannel experience in which consumers could pick various digital options throughout the process.
“It’s about finding those needs instead of creating those needs with technology,” he said.
Both Liu and Steineman said relationships with title partners are more important than ever. They said the elements of strong partnerships between lenders and title agents include understanding, proactivity, strong communication and empathy.
To view this complimentary webinar click here.