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Discover strategies to simplify the mortgage document collection process, save time and boost client experience.
Mortgage document and information collection is often one of the most tedious parts of the loan application process. For brokers, getting clients to provide the necessary documents and information can feel like a constant uphill battle, slowing down deals and impacting client experience.
In this article, we’ll explore the top pain points brokers face when gathering client information and share practical tips to streamline the process, making it easier and more efficient for both brokers and their clients. These challenges can be grouped into four main categories:
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Complex and time-consuming requests – Tailoring document requests for each client can be a labour-intensive process.
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Client delays and inaccurate submissions – Clients often procrastinate, delay responses, or provide incorrect information.
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Time spent following up – Tracking down missing or incomplete documents can quickly eat into a broker’s time.
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Challenges with delegation – Some brokers find it hard to delegate document collection tasks, which limits efficiency.
How to solve these challenges
To help brokers overcome these challenges, we’ve developed BrokerEngine Plus which includes FinanceVault, an innovative tool designed to streamline the collection process. Here’s how it tackles each of these pain points:
1. Streamline document requests
Tailoring document requests for each client can be time consuming and fiddly. For common scenarios, you should have templated document request lists. This saves time and lets you reuse standard requests instead of starting from scratch every time. You should then be able to quickly tailor requests by adding or removing specific documents to fit each client’s needs and avoid overloading them with unnecessary requests.
In BrokerEngine Plus a lot of this process is built-in and automated, to save time and make sure you get everything you need the first time around.
2. Reduce client procrastination with simple, user-friendly tools
Clients may avoid gathering documents because it feels overwhelming or difficult. By simplifying the process, you can improve response times and accuracy. Try providing:
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A user-friendly client portal which allows document uploads from any device. Clients should only need to use one system and avoid filling out PDF forms and sending email attachments.
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Clear and specific document requests, so clients only submit what’s necessary.
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Helpful tips and examples, guiding clients to provide the right documents on the first try.
With FinanceVault, the BrokerEngine Plus client portal, these features help reduce friction and make document submission straightforward.
3. Track document statuses and automate follow ups
When you request multiple documents, it’s common for the client to drip-feed items in several batches. As a result, it’s easy to lose track of what’s been requested, what’s been supplied but needs fixing and what’s been supplied correctly.
Managing document statuses in real time is key to keeping the process efficient. It can be hugely beneficial to have a system that can:
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Show document statuses, keeping track of what’s been submitted, what’s incomplete, and what needs reviewing.
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Send automatic reminders to clients when documents are still pending or require additional information.
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Use clear labels like “Action Required” to help support staff prioritise tasks.
BrokerEngine Plus has an easy tracking system that keeps both brokers and clients informed and on task, reducing delays due to incomplete documentation.
4. Delegate document collection to save time
Delegating document collection tasks to your support team can free up your time, yet many brokers are hesitant to hand over this responsibility. BrokerEngine Plus offers a structured, transparent system that lets brokers delegate document collection with confidence. With clear visibility throughout the process, brokers can focus on client engagement and growing their business, while support team members handle the document-gathering process efficiently.
Take control of document collection with BrokerEngine Plus
If collecting documents and capturing client information has been slowing down your brokerage, these tips can help transform your workflow and improve client experience. BrokerEngine Plus is designed to help brokers streamline document management, freeing up valuable time and making the process easier for clients and brokers.
See how BrokerEngine Plus can enhance your business with a free demo. Reach out to us today to discover how you can speed up deals and get back to focusing on what you do best.
Supporting you throughout your broker journey
Explore our downloadable ebooks for valuable insights into the latest opportunities.
Get the inside track on building the referral network that could be the difference maker for you as a mortgage broker in our guide to building your referral network.
Discover our 8-step plan to take the leap and become a self-employed mortgage broker in our guide to starting your own mortgage brokerage.
Learn the strategies and tactics used by some of Australia’s most successful brokers in our guide to high performance broking.
Contact us for more information about how we can support you throughout your journey.
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