Consumer expectations for your mortgage lending website constantly expand. Not so very long ago, the hot topic was live rate information. Why? Because pWhy? Because potential borrowers expect to be able to find the information they want within a few clicks. By showcasing current rates on your site, you keep up with the competition.

Rate tables and instant quotes aren’t enough anymore, though. People increasingly expect websites to have a chat feature. By talking to an automated chatbot, they can get quick answers to their questions. Data says that 73% of people today expect websites to have a website chat tool to help them interact conveniently with the company. 

You can set up a generic chatbot, but that has some serious shortcomings for mortgage lending companies. Instead, you can probably benefit frommay decide to powering lead generation and customer satisfaction with an AI website chat tool created just for the mortgage space. 

Today, we want to focus on one of the biggest differentiators with this chatbot: its ability to deliver rate quotes. 

Using AI website chat to instantly quote mortgage rates

When people interact with an AI website chat feature, they’re usually looking for an answer. In the mortgage game, people tend to have a few core questions. They might want to know how much house they can afford or what the current rate environment looks like. 

By engaging with the chatbot, they often get to a point where they ask about what kind of rate they shshould expect. Then, the AI website chat feature prompts them for pertinent information. It asks for:

• Their desired loan amount
• Their location
• Their credit score
• Their down payment amount
• Their loan type

Once it has enough data to do so, it can generate a personalized rate quote directly in the chat window. To make sure this quote is accurate, we’ve developed integrations with leading product pricing engines, including Optimal Blue, Polly, and Lender Price. 

By connecting the AI-backed chat feature directly with your mortgage pricing engine, you get a way to instantly deliver quotes. 

All along the way, the chatbot engages the consumer to share key details while continually offering to keep a human in the loop. It might say something like, “Once I have those details, I can pull your exact personalized rate! Or if you'd like to speak with a licensed loan officer for an official quote, I can connect you.”

And because the chat is AI-supported, it gives potential borrowers importantkey details with that quote. If they say they plan to put down less than 10%, for example, it includes a blurb about PMI. 

This creates a well-rounded, educational experience for the potential borrower. And that helps to turn them into a warm lead. 

The major benefits of live quoting with AI website chat

An AI website chat feature that delivers live quotes can benefit both your lending company and every website visitor who interacts with it online. Here are a few of the most notable benefits of having this kind of functionality. 

Better engagement

Live quoting is nothing new in the mortgage game. Usually, though, website visitors have to work through a lead workflow to get their quote. Forcing people to fill out a form — even a well-designed one — doesn’t always generate the ideal outcome. People are impatient, and completing a form can remind them of all of the other paperwork they have to do in their daily life.

With AI website chat, the experience transforms. Suddenly, people feel like they’re just having a casual conversation — because they are. 

This helps people stay engaged all the way through. It moves them forward to the point where the chatbot can collect their contact info to turn them into a lead for your company. 

Less friction

In today’s world, people are impatient online. They don’t want to have to jump through hoops to get what they’re looking for. That’s why generic chatbots typically fall short for mortgage lenders. If the AI website chat can answer only a few questions before needing to hand the borrower off to a live person, it doesn’t take you very far. 

When your chatbot offers live quoting, your website visitor gets a completely seamless experience. Everything they need — from mortgage education to personalized rate information — all lives in the chat window. 

Because that can get what they want straight from your AI website chat tool, they have a pleasant frontline experience with your company. By the time they connect with one of your loan officers, they should be sufficiently warmed. 

We’ve thougth about friction on the backend, too. The AI website chat tool can automatically assign a unique quote ID to each pricing scenario it generates. That way, when your LO connects with the lead, they know exactly what’s on the table.  

Stronger lead qualification 

Whether at the DMV or while filing taxes, we’ve all been annoyed by forms. Because lead workflows can be reminiscent of unpleasant experiences, people might skip form fields. That can make it harder for your loan officer to engage with and ultimately convert the lead.

With AI website chat, the situation is different. Because it feels like a conversation, the natural back-and-forth prompts people to share information in a way that feels easy. Plus, if they’re not sure what something means (e.g., what “loan type” refers to), they can simply ask the chatbot. 

That makes getting lead qualification details much easier. With more information about which leads are likely to close, your team can prioritize the ones that warrant the most attention. 

Try the AI website chat feature for yourself

You don’t have to take our word for it. We have a demo chatbot running on this test site. You can engage with it to see what kind of experience this AI website chat tool delivers to website visitors. 

To get a more behind-the-scenes look, our team also offers personalized demos. We can show you how the chatbot connects to your pricing engine, how it can feed leads straight to your CRM, and more. Book some time with us to explore what an AI website chat tool built just for mortgage lenders could do for you.