Meeting Rapid Response Program (RRP) Deadlines
Congratulations to the 863 Community Development Financial Institutions (CDFIs) that received the Rapid Response Program Awards!
Of course, for recipients of the RRP, the program requirements differ based on the amount of capital received.
As organizations review their budgets, two key questions arise:
“What planned expenses can grant funds replace?” Intentional use of funds can free up cash for the organization to use for capacity building programs.”
“How will we deploy the equivalent of 70% of the awarded amount in an eligible market if we do not add capacity?”
While nearly all new technology improves efficiency, few platforms have an exponential impact on capacity. . To learn more about how client-facing application management can boost team capacity tenfold please be sure to reach out using the link below.
Why client-facing application management increases capacity:
Applicants can move forward at their own pace and accomplish more while you sleep or take vacation.
Oftentimes program applications kick off with a 10 page PDF form that needs to be emailed in. Any time incorrect information is provided or your applicants have questions about some of the requirements, your team’s capacity not only gets reduced, but your applicant’s experience takes a hit as well.
Rather than relying on FAQ sheets that are typically out-dated and stalling clients by asking for every last thing up front, applicants are guided through the application process with a cloud-based checklist and robust guidance. A phased approach allows for an eligibility phase that can be completed any day, or night, of the week to save time for all parties.
No-code technology allows for on the fly, fine tuning without the need for a line of code.
End to end systems and CRMs can take a tremendous amount of time, effort to set up. They require additional resources and “gurus” just to maintain the status quo, let alone updating them to roll out new programs for your clients. Oftentimes, bottlenecks exist within basic client “portals” because they’re not sure what to provide, have lost track of their application or provided the wrong information, etc.
Having a no-code solution allows you to be the first to respond in your community as opportunities arise, such as RRP related deployment of fundsSimply click to create and go live with real-time program requirements in just a few hours. Regardless of what loan servicing software you’re using, you’re able to roll out new programs quickly.
Improved customer experience
Many lenders have no lever to pull to improve their client experience when we first begin working with them. While some have thought through the customer journey, creating a repeatable (and easy to improve) journey that can be easily leveraged by the entire team simply wasn’t possible.
As Peter Drucker liked to say “you can't manage what you can't measure.” Lenders using Lenderfit have shown us 4.6 out of 5 satisfaction survey results from their clients who used Lenderfit. This not only shines a positive light on their organization, but it also increases the likelihood of referrals.
Additionally, when you know you provide an excellent customer experience and have the capacity to work with more clients, you can feel more confident in increasing your marketing efforts to drive more leads.
When PPP and other emergency programs started rolling out, many teams were not equipped to handle the new programs. It was either a logistical nightmare or the volume was just too much for staff to be able to handle. At last year’s OFN Conference, I heard many stories about loan officers working 70-80 hour weeks. Some folks attempted an initial round of a program and chose to sit out the next rounds.
You can only hire and onboard new staff members so fast. By providing things like automatic weekly status updates, inactivity alerts, and confirmation text alerts your team can dramatically improve capacity by cutting out administrative tasks that take hours every week to complete.