Remember the movie Everything Everywhere All At Once from a few years ago? Even if you never saw it, the title is worth noting for mortgage lenders. Why? Because it encompasses what today’s borrower expects of you. 

In an age of instant search results and same-day delivery, people want what they want when they want it. That includes information about their potential future mortgage or refinance. That can exhaust your loan officers. Or it can be an opportunity to beat out your competitors.

When you deploy a chatbot on your mortgage lending website, you can give people the instant, accurate information they expect without taxing your team. That’s why we now offer a mortgage chatbot feature as part of our BankingBridge suite of products. This gives you a way to add an AI-supported chat feature to your lending website. 

To give you a feel for how it works, we have it deployed on our demo site. We also want to highlight a few of the features here for you today. 

AI-backed conversation

Generic chatbots can return canned answers. But they don’t deliver the back-and-forth that people expect. Even if your direct mortgage competition hasn’t tapped AI here, plenty of other brands have. Today’s borrower is used to a chatbot that can answer questions and explore options.

Say, for example, that someone tells your web chatbot that they want a mortgage The AI-supported chatbot can then ask if they want a loan for a purchase or if they’re looking to refinance their existing mortgage. 

Once they answer, the chatbot can give them options. It offers to tell them today’s mortgage rates, estimate their monthly payment, or help them figure out how much home they can afford. The lead then has the option to give the mortgage chatbot information like how much they earn and the purchase price of the house they’re looking at. They get more detailed information about their loan options, and you get a way to better qualify that lead. 

And that feeds to one of the most powerful features from our new mortgage website chat feature. 

Live mortgage rate quotes

We developed the new AI-backed mortgage chatbot to have the ability to generate real-time mortgage rate quotes. And it can do that directly in the conversation window. 

Like other BankingBridge tools, the chatbot connects to your pricing engine. That allows it to pull in the most updated rate information to provide the lead with a rate quote. It’s a lot like any instant quote feature you have running on your site. For the lead, though, it removes the extra step of navigating to a lead form to provide the necessary information. They can share details through their conversation with the mortgage chatbot. 

To make this chatbot rate quote feature useful to the widest possible range of mortgage lenders, we’ve tooled it to connect to all of the following pricing engines:

• Optimal Blue
• Loansifter
• Lender Price
• Mortech
• Polly
• LoanPASS
• MortgageBot

With that integration, your chatbot gives borrowers a way to see loan scenarios personalized to them in an instant. 

Built-in lead qualification and capture

You might have some concern that the mortgage chatbot could offer a potential borrower a lot of good information — only to let them vanish into the unknown. But we’ve specifically built this AI-supported tool to qualify leads as it prompts them to share contact information. In fact, we’ve thoughtfully calibrated the AI to help convert mortgage shoppers into leads. 

Once the mortgage website chat feature collects what it needs (typically, name, email, and phone number), it feeds that information straight to your CRM. This way, the lead enters your system just like it does from any other channel, supporting timely and thorough follow-up from your loan officer. 

The mortgage chatbot can also generate a quote ID with each rate scenario it shares with users. This way, your team can track the exact pricing scenario the borrower viewed when the lead is submitted.

You should also know that this lead qualification and capture works for your lending institution 24/7. This way, you can be connecting with potential borrowers and drawing them toward your team even when all of your loan officers are off the clock. 

Borrower education

Because the mortgage website chat has AI-backed conversationality, it gives borrowers a way to get answers to their most pressing home loan questions. 

They can ask about interest rates, loan types, and down payment scenarios. The chatbot can explain the difference between the interest rate and the annual percentage rate. It can walk them through the key things to know about 15-year and 30-year loans. The chatbot can teach them about specific loan programs, including FHA and VA loans, or show how the down payment size changes the loan. It can even generate charts and graphs to help them understand the topic as clearly as possible. 

In short, the mortgage chatbot serves as your frontline for borrower education. By the time someone connects with one of your loan officers, they should have a much clearer idea of what they need. That streamlines the process to close, ideally making it possible for your LOs to manage more leads at the same time. 

Designed to support your team and your tech stack

There are plenty of chatbots you can deploy on your site today. This difference with this option is that it was custom built to work for mortgage lending institutions. 

We know the importance of everything from lead qualification and capture to accurate and compliant rate quoting information. We’ve tooled the chatbot to slide seamlessly into the mortgage lender’s tech stack, including integrations with your pricing engine, CRM, and any other lead generation tools you’re using. 

As a result, the AI-supported mortgage website chat feature goes beyond generic chat to give you a powerful tool to turn website conversations into qualified mortgage leads. By combining instant rate quoting and borrower education with lead qualification and capture, this tool gives everyone what they want. Today’s consumer has an expectation for fast, easy access to the information they’re seeking, and the chatbot delivers. At the same time, it sets your loan officers up for success by serving up qualified leads pre-captured in your CRM. 

If you want to see what this AI-backed mortgage chatbot can do for your lending institution, book a demo with us today.