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Viewing Client/Borrower Status in Real Time – from Application to Close; Why People Love Uber

A young woman sits on the curb of a street with her phone in hand waiting for her Uber ride to arrive. She is able to check her ride's status using client visibility software.

WHAT MAKES UBER SO POPULAR?

Uber is popular for several reasons: (1) it allows people to call for a ride no matter where they are, without having to wait for a taxi to drive by; (2) there is no payment “friction” when the ride ends – passengers can just hop out of the car; and (3) the Uber app allows riders to see exactly where their car is on the map while they are waiting for the car to arrive.

According to marketing guru, Scott Galloway, the latter reason is a much bigger factor than most of us realize. Consumers want certainty and will even wait longer for their service if they have that certainty.

Interestingly, I experienced this recently in a huge way – I was mountain biking almost 15 miles from home (on an e-bike, so don’t be impressed) when I had a flat tire. Not wanting to walk home 15 miles, I searched for an Uber. B/c it was at the height of COVID-19, there was only one Uber available – almost 20 miles away. I had to wait 30 minutes for it to arrive, but it was sure better than walking. But, what made it much more palatable for me was the fact that I could watch the car’s progress the entire time; without that feature, sitting in the middle of nowhere, I would have likely given up. (and yes, we both wore masks in the car 😊)

JVM EMULATES UBER – CLIENT/REFERRAL VISIBILITY SOFTWARE

Knowing that the elements that make Uber successful are what makes ALL businesses successful, JVM has been emulating Uber for years– with constant availability; fast response times; the lack of friction; and now – REAL-TIME CLIENT VISIBILITY FOR OUR AGENT/REFERRAL PARTNERS.

Our automated loan application software (Blend) allows our agent partners to see exactly where their clients are at all times with the financing process – from application to close.

We only launched this recently and many of our agent-partners already LOVE IT (to put it mildly).

We have always had the ability to allow our agents to log into a portal to view our client’s status in our loan origination software, but it was such a clunky and inaccurate process that we never touted it.

We are, however, heavily touting Blend’s client status/visibility software b/c it is so much easier to use, so much more informative, and so much more accurate.

Agents can see exactly when their clients fill out their loan application, send in their documents, get their loans approved – and much more.

I might add that clients need to “authorize” this transparency, and they always do, so it is not like anyone is secretly spying. 😊

In any case, this type of transparency is just one more way that we and our agent partners are able to work together to make the financing process better for everyone and to close more transactions.

Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167

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