Reputation Management for Vendors

This is a three part series. Please read part one here.

In part one of our series, we discussed the impact of issues surrounding communication and how this can not only affect your ability to complete processes but your reputation as a lender. Through research, we learned that trust is something that all lenders seek to build. Trust brings us business, and it also impacts our bottom line when it comes to daily operations. In research done by Ignyte, we learned that “85% of consumers say they trust online reviews as much as personal recommendations.” This shows us that what we do as lenders (or don’t) can impact trust in the eyes of those that are outside of our organization. People are swift to post “rants” or reviews because social networking sites are a breeding ground for impulsive outbursts. 

In part two of our three-part series, we will explore the tribulations of document management and how poor document management practices can quickly derail your business and create reputation management issues. Most organizations do not realize how easy it is to reign in these issues with the right tools. To begin with, we will explore what happens when we need to send the same documents more than once.

It’s somewhat common knowledge that borrowers know when they start the lending process that there will be requests for numerous personal documentation as required. They must gather bank statements, payroll stubs, past tax returns, and more. Then once received, they must be reviewed and then sent to the next leg of their journey. 

From the perspective of the borrower, this is the most time-consuming part of the process and a tedious aspect of the lending process. Varying levels of technological knowledge significantly impact this process, which alone can create great deals of stress for borrowers.

After the documents are sent, being told that the loan officer can’t find, has lost or “never received” your documents is one of the most “vented” experiences a borrower can go through. It signals to them that the processes or worse the company “doesn’t know what they are doing” or create fear surrounding your ability to do “due diligence” to assist them in securing a loan. No lender wants to hear that a borrow posted “don’t use them; they could not even keep my documents in order.”

This doesn’t need to be a pain point for anyone. Embracing a mortgage document management system that is based in an easy to use consumer-facing portal will all but eliminate these issues for your organization. A document management system such as the Cirrus secure document portal gives you a simple to use but a comprehensive solution for your loan processes and policies. It not only works to ensure smooth access to all documents in a single portal but that you can securely review them anytime or anywhere. Having a robust process in place like those designed by Cirrus will not only show your borrowers that you’re dedicated to “the process” but also when used correctly, decrease or even eradicate lost documents. The status of their documents can easily be managed by loan officers organized on a file-by-file basis. If something is not submitted or upload is not appropriately completed, you’ll be able to request it with the confidence that it was not mishandled by your team. 

Best of all, the documents are placed into a secure cloud environment that is easy to access and organize. 

Now that we’ve helped you solve both the issue of communicating and how to avoid the “we don’t know where that is” statement, in part three we’re going to explore why some processes take longer than average and a few ways we can train our team to work through those faster to create faster closings. 

Read the final part of this article here.