Tools of the trade: embrace digital evolution
Editor’s note: This article appears in the April 2021 issue ReportM journal, available here.
Loan officers, who tend to mirror trends across the mortgage industry, are almost always looking for the same thing: an efficient way to do the same volume of business in less time. In turn, they are looking for ways to make more money and ways to do more business in the same amount of time, as well.
earn money more efficiently. Technology provides this efficiency whether or not you are a
initiator or leader, and he begins to play a major role every step of the way, from origination to closure, and even after closure and service.
COVID-19 has forced the real estate industry to go digital, and in turn, gasoline has been pitched on the same trend in mortgages. Yet there are still many slow and archaic processes
within the mortgage industry, which unfortunately has been “as it has been” for decades. It all comes down to the customer experience and progressive technology platforms should only improve that experience and the bottom line. At this point, with some of the fintech apps available,
buyers can literally qualify for a mortgage while they are in front of the home they want to buy.
The customer is behind the need for mortgage companies to keep pace with the times when it comes to implementing technology and improving efficiency, and in turn, l the initiator is also.
Established organizations have been a bit slow in many cases to turn things around, but have focused more on creating a stronger digital marketing experience and increasing their online presence. That said, a gap remains in terms of efficiency on the “manufacturing” side due to the lack of digitization and up-to-date technology.
This gap slows down the process and takes time to grow the business and its overall reach. Companies that have already established themselves on a digital platform are ahead of the game when it comes to reinvesting and growing their businesses through greater efficiency. Thanks to the refinancing boom of 2020, many companies have a lot of capital to reinvest–but also full of questions on how to do it:
- Where are they reinvesting?
- Are they buying it or developing the technology from scratch?
- How will they expand their capabilities?
- How are they capitalizing now?
One of the most effective answers to these questions is to reinvest in people by increasing hiring efforts. In turn, one of the most effective ways to do this is to find producers to pursue the same hockey stick trajectory they were right on in 2020. By building their hiring pipelines into a technology platform that uses CRM functionality, mortgage companies can follow all their outreach efforts in one collaborative space.
Now is the perfect time for companies to reinvest that 2020 capital and strengthen their technology profiles to create more effective policies, processes and practices that will further expand this growth.
Of course, no level of technological efficiency can be truly effective without the right people behind it. As a mortgage professional, people trust your expertise and experience. Using the human element and providing great service, combined with the latest technology platforms, is the best way to truly transform any mortgage business.