This is part three of a three part series. Read part one here.
Time. We all want it to move faster for processes that get huge rewards and slower for those that don't. When it comes to reputation management; communication and length of the process go hand in hand. In part three of our three-part series on mitigating reputation management concerns for lenders, we'll explore different processes lenders have and where roadblocks are often inadvertently created.
Why the process takes longer than average
Process issues tend to be compounded by the first two common complaints we hear: communication and document organization. There are always going to be roadblocks that cannot be avoided on the path to closing a loan, but what really frustrates borrowers is when this isn't communicated because no one knew they needed too. Once this is brought to your attention, it can create external chaos.
- What else did we drop the ball on?
- What else are we missing?
- How is this going to affect our timeline?
- Is this a common issue for this department and how long has this been happening?
For many borrowers, not closing on time is something that they understand, as long as they know the reasons why and a solution to get them to closing has been implemented. Agents often speak to how frustrating it is when a loan officer they've been working with for weeks doesn't bring up issues with the loan until it is no longer considered salvageable in the original timeframe. Trying to fix the problem and get the loan back on track, of course, is something that needs to take precedence. Remember it's better to under-promise and over-deliver.
By creating standard operating procedures (SOP) and using reliable software such as the Cirrus secure document portal that keeps files organized, you create opportunities to communicate early and often with your borrowers and avoid these common negative remarks.
In fact, by taking control of these issues, providing excellent communication and a well-organized platform, you can populate positive reviews and referrals because your so easy to work with.
To recap our series:
Problem: Communication Breakdown
Solution: Using the Cirrus checklist, you can easily track and manage documents in one place. This prevents email confusion issues. You'll know what you have, what you are missing, and where it is at in the loan process.
Problem: Poor Document Management
Solution: The Cirrus secure document portal allows you to group documents in files stored virtually in the cloud and track those documents. Everything for that loan is in one place and safe. Documents stored in the portal allows access to them from anywhere in the world. You can restrict who may access them, but the company is never "locked out" because they are stored on an agents laptop or in a physical file that nobody can locate.
Problem: Processes are lacking or not in place
Solution: For compliance reasons, it's essential that there be a process for every procedure and that there are tools in place to monitor those processes. Methods for collecting data so you can see where you need to improve can create opportunities for managers to excellent tune processes and assist those struggling with consistency stand out. Most instances of document chaos occur because planning, organization, and implementation steps are full of holes or not there at all. With the Cirrus secure document portal, checklist and customizable processes, your team can go from reputation management disaster to well-oiled machine in no time.
Cirrus provides our clients with a high-performance software-as-a-service platform that streamlines the collection of commercial loan documentation in an encrypted, cloud-based portal—replacing the clunky collection mechanisms of the past with a sleek, comprehensive system designed for their needs. For more information, contact us today.