1. The chatbot asks the customer to choose their home type, i.e. if it is a single-family, multi-family, condominium, townhouse, mobile home, or manufactured home.
2. It asks the customer to enter their credit score.
3. It asks them if they think their home value will increase in the next five years.
4. It asks them to share their home worth, purchase year, household income, mortgage interest rate, mortgage balance, monthly mortgage payment, mortgage bank, the existing type of rate, the purpose of refinancing, and current occupation.
5. It asks them questions like have you gone bankrupt in the past three years, do you have an FHA loan, do you pay for PMI, have had any foreclosures in the past three years, and how many late mortgage payments did you have in the past twelve months, are you actively or were previously in the U.S. military service, are you or your spouse currently in a VA loan, and are you already a USAA member.
6. It collects the customer's name, phone number, email address, zip code, age, property address, and residential state.
7. It saves the time spent by loan officers in collecting useful details from customers by automating the process.
8. It makes the mortgage refinancing process more engaging and less time-consuming for the leads.