Low interest rates have led to a dramatic increase in refinancing, sending lenders and title companies into overdrive to keep up with the high transaction volume. According to an article posted on HousingWire.com November 13, 2020, this heavy demand has exposed bottlenecks in the lender pipeline created when “outdated and inefficient systems” result in poor communication and hamper data collection.
Gathering and uploading required documents and information from the borrower is the foundation of a transaction, yet too often, a preventable lack of communication and clarity between the borrower and lender delay the process or even derail it. In either case, the end result can leave the borrower dissatisfied with the experience.
As the HousingWire article explains, “As part of its MyHome suite of products, Williston Financial Group recently released MyHome Exchange specifically for the refinance process [to improve] collaboration and data collection between borrowers, their lenders and title providers.”
Dan Bailey, SVP, WFG Lender Services and WFG Enterprise Solutions, tells the writer that MyHome Exchange enables lenders and title companies to “proactively reach out to the borrower and provide them with access to a place where they can easily and securely answer these questions and provide the documentation that we need. It creates a shared, centralized data repository within our system, eliminating the need to chase this information down.”
Including in the story is a link to a comprehensive WFG White Paper on how the MyHome suite of products and dashboards was developed. The White Paper can be downloaded here.