Case Study: Mortgage Broker
Streamlining The Mortgage Application Process with Gatheroo
John*, a seasoned mortgage broker, was well-versed in the complexities of the mortgage application process. However, one aspect of his job was particularly challenging – collecting necessary documents and information from clients.
There were several aspects of the process that John identified as areas he needed to address:
Organisation
John found himself in a never-ending loop of follow-ups as clients would often forget to send documents, miss emails, or provide incomplete information. The scattered nature of email communication made it difficult to keep track of what had been received and what was still missing. This disorganisation often led to overlooked emails and lost documents, causing further delays.
Security
Handling sensitive client information was always a concern. Email, while convenient, was not the most secure method for transferring such important documents. John worried about the potential for data breaches and the implications for his clients and his business.
Client Frustration
The constant back-and-forth was not just frustrating for John; it also impacted his clients. They were often confused about what they had already sent and what was still needed. This confusion sometimes led to frustration, which could potentially harm John’s relationship with his clients.
Challenging Process
John’s team members were also involved in the mortgage application process, but the disorganised nature of email communication made it difficult for them to stay updated on the status of each application. This lack of transparency often led to miscommunication and inefficiencies.
Traditional Methods Failed
John implemented various strategies to improve this process, including:
- creating separate email folders and labels for each client,
- tracking the status of document collection using spreadsheets,
- using shared drives to collect documents,
- experimenting with project management tools, and
- arranging physical meetings with clients to collect documents.
These methods were time-consuming, did not provide the level of security he needed, didn’t stop the constant search for emails, and did little to help clients to share their information in a more timely fashion.
The reason mortgage brokers find it difficult to get information from clients
You may have heard of the concept of “the paradox of choice”, where having too many options or too much complexity can lead to decision paralysis and increased stress. But have you heard of “task paralysis”?
Task Paralysis
Task paralysis can occur when an individual perceives a task as so big or complex that they don’t know where to start, leading to procrastination or complete avoidance of the task.
Clients may feel task paralysis when faced with the large and complex task of gathering and submitting all the necessary documents for their mortgage application. This could be one of the factors contributing to the delays and difficulties in the information collection process.
This complexity increased the cognitive load for both John and his clients, making the process stressful and less likely to result in prompt responses.
Read out our 5 tips to elevate your business
Ad-hoc Touchpoints and Reminders
John had to manually remind his clients about pending requests. This was not only time-consuming, it also left the door open for “individualisation or customisation bias”, the belief that each situation (or client), is unique and therefore requires a unique approach or solution.
While this bias can be beneficial in some cases, as it allows for flexibility and personalisation, when it comes to processes, it can lead to inefficiencies and inconsistencies.
It increased the cognitive load on John and his team, as it requires constant decision-making and adjustment of the process for each client.
This customisation of touchpoints and reminds was another reason why the information collection process was so difficult and time-consuming.
The desire to tailor the process for each client led to a lack of standardised procedures, making the process more complex and less efficient, and often missing the critical reminders to busy clients.
No Progress Tracking
Without a way to visually track the progress of each request, it was hard for clients to see how close they were to completing their tasks. This lack of progress tracking demotivated clients and delayed the information sharing process.
Security Concerns
The lack of a secured process for sharing document and information was often raised by John’s clients, often preferring to wait for John to be in the area to pick up the documents in person.
Disjointed and Disorganised
Without a centralised area for all the communication with clients in one place, clients were experiencing frustration at their emails being missed or team members not being able to access information that had already been shared. This also impacted the perceived professionalism of John & his company.
Discover Gatheroo
John decided to start a free trial with Gatheroo. He was immediately impressed with the easy-to-use interface and the ability to create reusable templates for information requests. He could now create a list of all the documents and information needed from his clients for mortgage applications and send it directly to them via Gatheroo.
See a Gatheroo request Demo link for Mortgage Brokers
The benefits John values the most from his Gatheroo subscription are:
Efficiency
John and his team have created various templates to use depending on the client situation. Unlike email templates, the whole team accesses the same templates, yet they are still flexible enough for little tweaks in the questions where necessary.
The added efficiency John loves with Gatheroo is the built-in reminders. The team no longer had to spend time following up with clients. The system automatically reminds clients about pending requests, saving John & his team valuable time and brain cells.
Organisation
All the information and documents are collected in one secure location. John, or any of his team, can easily track the progress of each request and knows exactly what is still pending.
Clients also love being able to see what each applicant has already answered, and to keep track of their own information, easily updating documents and answers as needed.
Secured Portal and Encrypted Documents
Gatheroo’s secure requests feature give John peace of mind. His clients’ sensitive information is protected, and they don’t need to create an account to provide the requested documents. By activating passwords and 2FA, John knows he is doing all he can to protect his clients’ information.
Gatheroo Is An Invaluable Addition to John’s Process
With Gatheroo, John has transformed the mortgage application process for his clients.
He saves time, reduces stress, and provides a better experience for his clients.
“I don’t know how we ever worked without Gatheroo, and my clients love the extra step I take to keep them safe, it’s a great way to differentiate how I work.”
– John, Mortgage Broker
Start Your Free 14-Day Trial Now!
Like John, you too can streamline the finance application process for your clients with Gatheroo.
Start your free 14-day trial today and experience the benefits for yourself.
* Names have been changed as requested by client
