Talk’uments Specific Value to Lenders
1.) Consumer Preferences. All things being equal, if you are a loan applicant, which lender would you choose: one that provides you with the ability to ask your phone for an answer about your loan, or a lender that does business as usual, requiring you to call, email, or review your documents for answers?
2.) Business Development and Sales. Talk’uments provides technology that addresses the changing demographics in our nation. We are the ONLY known technology platform that provides a step-by-step guide in Spanish and to include offering a Spanish LE and CD. In various states, including California, lenders do not advertise for loans in Spanish due to fear from limited English proficiency (LEP) laws. Once this current refi boom ends, it will be a purchase market for some time. Those lenders who look for opportunities from cultural diverse loan applicants will have a tremendous advantage over their competition.
The value of Talk’uments as a business development and sales tool:
- Ability to systematically address our changing demographics to increase loan volume through advertising, joint ventures, and promotional events in a compliant manner
- A systematic process to source loans from culturally diverse applicants. LO recruiting tool as well as an LO retention tool
3.) Talk’uments technology transfers value to consumers. No matter what crystal ball you read to determine future technology trends in the mortgage industry, automation to explain loan data and disclosures to consumers will evolve and become a reality in our industry—saving our industry time and money. We live in a world of Alexa, Siri, and Google. As usual, the mortgage industry lags behind.
4.) Online Originations. Stationed between POS and eClosing technology is Talk’uments, a digital home loan guide. You cannot complete a true and meaningful online experience without a personalized, multilingual, step-by-step, digital home loan guide. Without Talk’uments as part of the online experience, transactional clarity is absent. As referenced, Talk’uments is the first to provide an automated way to explain loan data, costs, the mortgage process, and disclosures to consumers.
Talk’uments Value for online originations
- Data shows that the vast majority of consumers start the home buying process online. The value of a lender offering a multilingual step-by-step digital home loan guide to a consumer is a competitive differentiator.
5.) Word of Mouth Referrals. Lenders that are early adopters of Talk’uments have the ability to capture market attention. A step-by-step multilingual digital home loan guide offers much value to consumers, particularly first-time home buyers, Spanish-speaking home buyers, GenXers and Millennials, leading to WOM loan referrals.
6.) Talk’uments delivers the highest form of regulatory and legal compliance. All lenders should provide a digital home loan guide to every loan applicant. Not only is Talk’uments a consumer educational platform, we are also one large interactive loan disclosure. In multiple ways, Talk’uments provides lenders with insurance protection from various forms of compliance, legal, and regulatory risk—all which cost the lender.
7.) Talk’uments increases productivity. Talk’uments provides mortgage lenders with workflow efficiencies through the automation of manual steps along with consumer self-service capabilities outside normal working hours. Automating the manual process of explaining and re-explaining loan terms, concepts, costs, documents, and the mortgage loan process, lowers labor costs (inputs) from LO’s, LO assistants, processors, and closers, resulting in higher productivity (output).
8.) Talk’uments decreases miscommunication. Wells Fargo told us that the one word that describes the basis of 80% of their consumer complaints is miscommunications. Many times the issue with an unmonitored manual transfer of loan information by LO’s and staff to consumers is not what was said, but what was not said. Talk’uments preserves a lender’s reputational image—important in today’s online world—by vastly improving upon the variability of human communication. By providing standardized, consistent, and verifiable information to all loan applicants, Talk’uments helps to reduce labor costs associated with addressing complaints, which in some cases may lead to possible regulatory and/or legal action.
9.) GSE Value of Talk’uments, Opportunity to Partner with GSE, the Expansion of Credit. According to GSE studies, a correlation exists between loan education (home counseling) and lower delinquency rates, especially among first-time home buyers (up to 29% less). The issue with home counseling is cost and that it only affects a small percentage of loan applicants.
Talk’uments is not home counseling, however. We are a financial literacy and loan educational tool. Talk’uments is inexpensive and readily available to all loan applicants, including first-time homebuyers, minority homebuyers and LEP loan applicants. If we can demonstrate (through pilot programs) our effectiveness in promoting consumer understanding and financial literacy (leading to lower delinquency rates), our participating lenders might then be able to expand credit to lower FICO, or no FICO, loan applicants. Talk’uments is a competitive differentiator.
The value of Talk’uments lenders working with GSE’s:
- Expansion of credit to more homebuyers—more loans
- Basis point incentive for loans that go through our educational portal (loan quality)
- Day 1 certainty status
- Rep and warrant relief for borrower certification