Salesforce on Tuesday announced a series of updates to its Financial Services Cloud designed to streamline the mortgage application process. The new tools, which include a guide for the residential loan application process, as well as a new mortgage data model, should make the mortgage application process easier for both lenders and borrowers.
Salesforce rolled out its Financial Services Cloud in 2016 for banks, insurers and fintech companies. Since then, the CRM giant has added industry-specific updates, helping various lines of financial services modernize their complex processes.
Applying for a mortgage, however, remains an arduous process that relies on many fragmented pieces of data. It takes an average of 46 days to close on a mortgage, Salesforce says. Pressure is building for traditional mortgage brokers to streamline the process, given that homebuyers are increasingly accustomed to a fast, digital-first experience.
With the latest updates to the Financial Services Cloud, mortgage lenders can offer potential borrowers a guided residential loan application process -- a pre-built process with step-by-step actions and recommendations. This eliminates the need for loan officers to manually upload relevant data and documentation about the borrower.
Mortgage lenders can also get 13 pre-built mortgage objects, making it easier to capture information such as an applicant's address, income and employment. The new mortgage data model also lets loan officer view these data points in the context of a borrower's other financial accounts and broader information.
Lastly, Salesforce is offering a new document tracking and approvals process that includes templatized checklists and automated approval management.