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| While instant messaging is nothing new for many Internet users, one mortgage company has increased closings by using the communication tool to engage prospective borrowers visiting its Web site.
Potential customers can now obtain “real-time” access to mortgage loan representatives at Wachovia Corp. The Charlotte, North Carolina-based lender utilizes the KANA Live Response for instant online chat between the loan reps and its customers. Visitors to www.Wachovia.com are given the option to apply for a mortgage in person, over the phone or online. When users start an online loan application, a link displays that says, “Chat Now with an online Mortgage Loan Counselor 8:30am to 5:30pm ET Monday – Friday.” Instant messaging reportedly provides immediate answers to questions about rates or loan programs, adding convenience to their Internet “shopping” experience. While Wells Fargo Home Mortgage does not offer an “online chat” feature, company spokesman Kevin Waetke told MortgageDaily.com in an emailed statement that the company “has conducted research which indicates that our Online Mortgage Application does have a relatively high completion ratio of similar applications on the Web, many of which have chat.” Wachovia’s loan reps are trained to use the system, the company said, with extensive training provided on e-mail etiquette to ensure that written conversations are “professional and proper.” Since implementing the pilot program last September, the company has seen a 25% increase in online closings, said Joan Sommerer, VP of strategic solutions Wachovia’s mortgage unit. “The Internet impacts the customer’s decision on where they are going to go,” Sommerer told MortgageDaily.com. “Overall, the Internet (for retail mortgage loans) accounts for 8%.” “The Internet is a tool that provides the customer with information with no pressure and the customer feels comfortable with moving on to the next step whether it’s online or not,” Sommerer continued. “We have seen the application conversion rate increase about 15%.” Sommerer added that Wachovia began the same Instant Messaging pilot program in June with their home equity division and is “looking at implementing the process” for those customers as well. |
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Paula Parisot is a MortgageDaily.com feature reporter and a blogger at CloserBlog.com who has also worked in the mortgage industry. Email Paula at: PaulaParisot@MortgageDaily.com |
