Simplify the loan process.
Increase your profits.
Scale-up your business.
Get ahead of the competition.
Plan for growth, no matter the market.
These are the well-known benefits of a digital mortgage platform, but where do you start the transition? This 5-step plan will show you the five initial steps that mortgage brokers can take for launching a digital mortgage program for their small-to-midsize business.
Are you a loan officer? We have mortgage tech solutions for you too! Click here to see our portfolio stackable digital mortgage products for loan officers.
Step One: See Past the Cost and Look for the Value
Sometimes the hesitancy to transition into a digital mortgage platform is the initial investment in the technology itself. And it’s understandable! Paying for digital tools that you don’t quite understand or need at this point can make you second guess the investment.
Consider the function of each of the tools and focus on the value it will bring your firm both immediately and for the long run. At LenderHomePage, we have stackable mortgage tech solutions, so you only pay for what you need. Investing only in the essential can make it easier to implement and the transition even faster.
Focus on value rather than how much it will reduce cost with your team, too!
Hearing “reduce costs” can cause worry and insight resistance from your team. Instead, focus on the value that it will bring them –how it will make tasks faster, streamlined, and less tedious. Of course, showing how it can make them more profitable also encourages the team to get on board as well.
Step Two: Get a 360-Degree View
In addition to brainstorming with your team, get feedback from everyone involved in your current way of loan processing. Ask previous borrowers what they especially liked and disliked about the journey. Ask your office manager and interns for their take on the current workflow.
Have a complete view of your strengths and weaknesses to get a clear picture of which digital mortgage tools are needed at this time.
Step Three: Get Your Top Team Members Excited
As the leader of the pack, you need to get your top-earning alphas excited about the transition too. These A-players are vital to the transformation, so make an extra effort to nurture their enthusiasm. Host a lunch with just the top earners to introduce them new mortgage tech and how it will make them even more profitable.
If there are training sessions with the mortgage tech company, sign them up.
Have them start using the tools and technology before launching it to the entire team. Not only will this help them to get familiar with the process, but they, in turn, can coach to the rest of the team –making the transition even smoother.
Step Four: Commit to the Transition
Even with enthusiasm, leader support, and the definite need for a digital mortgage platform, you may encounter one or two that are skittish. They may even bring up some seemingly valid points of WHY shouldn’t implementing specific mortgage tools. Any resistance could make your transition difficult –if you allow it.
Understand that their nervousness is likely rooted in fear of the change and what it means to their career. They could also be resistant because they can’t see the big picture and how the mortgage landscape is converting into digital.
In both cases, stand firm that you are making the right decision (because you are). Encourage them to read definitive digital mortgage articles and get the support from your alpha top-earners to back you up.
Step Five: Don’t Wait For The Upgrade
If you think that mortgage tech is still too new to use, think again. The foundation of many of these tools has been upgrading for decades! Large data storage, information transfer, seamless integrations are but a few of technology tools that we have all come to depend on in daily life.
Let’s flashback 20 years ago, right around the time when the internet was becoming a necessity in personal life and business workflow. Now imagine that you waited to use the internet until you had the upgraded version of today. How difficult would it be to start implementing the power of the internet into your business?
Think of all the opportunities you would have missed waiting for the upgrade or for EVERYONE to use the internet.
It may seem far fetched to compare the digital mortgage revolution to the internet revolution, but make no mistake, they are intertwined. Waiting for the “upgrade” will push you out of the game, and it will happen faster than you think
Are you in the exploration phase instead of the launch phase? Sign up for a free trial and get familiar with our portfolio of stackable digital mortgage tools, including mortgage websites, digital 1003, mortgage POS, and brandable mortgage apps.