Mortgage tech has transformed the industry by elevating the customer experience, improving compliance, accelerating funding, and making home financing more accessible to borrowers. It’s also increased the availability of mortgage software with notable functionality.
However, as many lenders realized after purchase, certain mortgage software doesn’t fully integrate with their existing process as seamlessly as promised. For others, it required making significant changes to their process for it to work correctly –possibly undoing improvements they’ve already realized.
Not only is this a hassle, but the resulting fragmented workflow is the exact opposite of what the mortgage pro hoped to achieve in the first place!.
After learning the hard and expensive way, many brokers and lenders are abandoning these hyped-up “niche” products, opting for a genuinely integrated tech stack instead. Besides the time and stress savings, here are the top benefits of an integrated mortgage tech stack and how it will make your life easier.
Improved Intake Capacity
In early 2019, not having enough qualified leads was the typical culprit of struggling revenue. However, last year’s events profoundly impacted the market, and the environment is ripe with opportunity. Now the struggle is the inability to handle the influx of new applications.
To improve capacity issues, originators must do the following:
- Automate as much of their intake as possible.
- Implement a screening process to minimize pipeline fallout. (CRM scoring)
- Hasten their lead-to-funding timeline. (integration between CRM, mortgage POS, and LOS)
The initial key driver begins with seamless integration between your mortgage POS system and your CRM software. By activating a CRM scoring system with accurate communication between your CRM and mortgage POS, you’ll be able to reduce pipeline fallout by identifying the qualified leads a lot faster. You’ll also expand your ability to handle more borrowers without sacrificing the quality of service or your sanity.
While the human element will never go away in lending, there is a growing customer desire to have autonomy in the process. The problem for the originator is finding the right balance of “hands-off” service while still delivering an enjoyable digital mortgage experience in every channel.
Again, the solution is an integrated mortgage tech stack, and it’s one of the simplest ways you can simultaneously increase customer satisfaction and make your life easier. With self-service tools embedded in your integrated mortgage tech stack, you give borrowers the ability to access the information they need without your assistance.
Functions such as calculating accurate mortgage scenarios, real-time funding timelines, and virtual asset verification, client portals where clients can upload and manage documentation, resource-rich mortgage mobile app, and downloadable approval letters are some of the most valuable self-service tools.
Future Proof Your Streamlined Workflow
As mentioned above, streamlining your workflow with deep integration between your mortgage POS system and your CRM makes your life easier by increasing capacity and improving the customer experience. From the underwriting side of the process, integrating your mortgage POS and your LOS systems does the same by providing a scalable, end-to-end solution for managing your files and regulatory compliance.
For this reason, a mortgage POS system is the root of making your work easier. With a mortgage POS, you’ll have a centralized hub that helps organize the information on both the front- and back-end of your workflow. Plus, it also provides a flexible foundation for scaling your business in the future.
Comprehensive Onboarding And Simple Implementation
One of the most overlooked factors in implementing mortgage tech is their time-to-value (TTV). Technology with quick TTV means that their value to your organizing is realized fast, and your ROI is recouped in a reasonable time. Quick TTV also accelerates your long-term growth plans.
When it comes to using multiple mortgage tech tools, your life is made easier with a TTV mortgage software stack that effortlessly integrates with existing successful workflows and fills in the necessary gaps in your processes. Quick TTV tools are also easy to set up, customize, and have comprehensive onboarding support that makes the investment worthwhile rather than just another expense.
A Fully Integratable Mortgage Tech Stack By LenderHomePage
It’s easy to see how a mortgage tech stack can make your life easier. However, finding one that elevates the connection to that of a mortgage ecosystem isn’t quite so easy. A LenderHomePage, every one of our digital mortgage tools at its core is designed to have perfectly inclusive interfacing not only with each other but also with other mortgage tech tools such as your CRM, LOS, marketing managers, credit reporting, e-sign software, and more.
So whether you choose to implement Loanzify Mortgage POS, a mortgage website, or Loanzify Mortgage Mobile App –or all three –you’ll have an agile and innovative tech stack that will make your life easier and support your growth at every level.