Retail Lenders Can Increase Lead Conversion by Over 20%

By November 27, 2018 November 25th, 2019

In retail lending firms, loan officers have dual role to play,

  • Engage with potential borrowers and on-board more loans for the lender
  • Engage with borrowers already on-boarded and co-ordinate document exchange pre-underwriting and pre-funding

Usually it is common to see a 60:40 split between the above 2 points, but if the 40% starts increasing, then it is reason for worry. In this case, the loan officer is spending more time on borrowers already on-boarded, rather than talking to new customers and on-boarding them. This can easily be avoided if the retail lender takes a few initiatives.

  • Enabling a Mobile app for the borrower

Mobile apps for MortgageA lot of time and money is wasted in back and forth communication with the borrower related to documents that are needed for processing. With a mobile app, this can be simplified, and the borrower can just upload his documents by scanning them using the mobile and upload them directly to the portal. This not only saves time involved in back and forth document collection, but also money wasted in shipping.


  • Set up Loan officer assistance services

Loan officer assistance for mortgageIn this program, much of the activity that the loan officer had to do for borrowers that are already on-boarded is done by a virtual team. This could include email follow-ups, phone calls and organizing all the documents and getting it ready for the pre-underwriting phase. The virtual team can also set up real time analytics and reporting into the loan officer’s pipeline. With this taken care of, the loan officer benefits significantly as he is able to close these loans faster. With the increased and organized communication with the borrowers, it also increases the chances of lead conversions.

Visionet offers an accelerated Loan Officer Assistant Program , where you can increase your conversions with your mortgage borrowers by over 25%. Visionet provides youreal-time support to convert your leads into closures faster and efficiently. We can deliver this to clients as per their customized needs and leveraging our proprietary technology.

Alok Bansal

Alok Bansal

Alok Bansal is Managing Director of Visionet Systems Inc. and has 21 years of experience in managing strategy and global BPO operations. He excels in optimizing and leading the growth of financial services companies who are looking to take their mortgage operations to the next level.

Leave a Reply