Residential Magazine

Tech Tools to Spring Ahead of the Competition

Embrace digital platforms to remain relevant in today’s mortgage world

By Sabrina Park

The COVID-19 health crisis has completely changed how mortgage brokers connect with borrowers, making client-facing technology a top priority. As more lenders switch to digital, brokers also need to make sure they can separate themselves from the competition.

Going digital is no longer a competitive advantage; it’s a competitive necessity and a business imperative.

A mortgage broker’s most valuable tool? Technology, which enhances the ability to stay relevant in today’s market. Going digital is no longer a competitive advantage; it’s a competitive necessity and a business imperative.

From mortgage calculators to customer relationship management (CRM) platforms, wholesale third-party origination software solutions and online applications, the tech is there at the broker’s disposal. By investing in tech and taking continuous, innovative action that aligns with solving the client’s pain points, broker-borrower relationships can be improved. Leveraging technology to satisfy borrowers and adapting to changing expectations is a broker’s best strategy for retaining clients.

Improve experience

Technology is allowing brokers to do their jobs with greater efficiency and better serve their clients. By automating mundane, repetitive tasks and streamlining processes, more time and energy can be spent nurturing borrower relationships. 

A study from customer-experience consulting company Walker revealed that a client experience based on price and product are key ways to set your brand apart in 2021. Automation also creates standardization so businesses can deliver a consistent experience that meets client expectations in multiple ways.

  • Personalization: With communication and collaboration tools, brokers can have more meaningful interactions with borrowers and see the impact (loyalty) of offering digital personalization.
  • Transparency: With automation, brokers can reduce human error, increase visibility and offer greater security to borrowers. 
  • Speed: With powerful technology to simplify complex processes, loans can get pushed through at higher speeds, thus satisfying borrower demands for instant gratification.
  • Ease of use: Additionally, brokers shouldn’t assume that everyone can easily use technology, especially newer, non-mainstream platforms. The tech should have a beautiful user interface and be easy to navigate. Borrowers want a quick and painless path to getting a mortgage — zero frustration — and they’ll appreciate having the tools that power a simplified process.

Finally, because manual tasks are replaced by automation and decision-based rules, there’s less chance for human error. Out of every 100 steps in repetitive tasks, a human is likely to make at least 10 errors, according to the Institute for Robotic Process Automation and Artificial Intelligence. When you’re dealing with consumer finances and important documents, one small mistake can spell disaster. 

Build trust

Today’s borrowers are more informed and educated than ever before. It comes as no surprise that consumers are willing to spend more for products and services, and will remain loyal when there’s complete transparency. 

Why remain loyal or invest in a business when there’s no trust? Laying out the truth for your clients and keeping them in the loop proves to them that there’s nothing to hide. Borrowers want to work with a broker who guides them toward their best interests.

There has been a greater level of transparency in the mortgage industry since the widespread adoption of technology. Transparency is the key to gaining client trust, and the right applications and services put the borrower in the driver’s seat. 

Eighty-five percent of consumers wish they could trust more businesses with their data, according to a report from accounting and consulting company PwC. With mortgage technology, brokers are making data security a top priority, which can earn the trust of their borrowers. By implementing a system — such as wholesale third-party origination software with stringent information-security policies, procedures and certifications — brokers can ensure the collection, handling and overall privacy of client data is safeguarded.

Cultivate relationships

How can you keep borrowers satisfied and loyal? Communication — the foundation of all human relationships. Technology enables brokers to reach further and have better access to borrowers than ever before.

Tools such as wholesale third-party origination platforms that are integrated with CRM systems not only allow brokers to keep in touch with their clients through continuous engagement and personalized messages, but they can better manage their leads, pipelines and automated marketing efforts. This personalized communication lets borrowers know they aren’t just a number in the pipeline. It also creates a stronger connection.

Brokers no longer have to be bogged down by mundane tasks. They can maximize their productivity and focus on what matters most — growing their businesses by cultivating relationships and referrals.

Discover opportunities

The tech-savvy borrowers of today expect a digital experience, but brokers and lenders need a borrower-centric approach to adopting new technologies. If individual brokers are able to offer something different to improve their clients’ overall experience, that’s what makes the broker stand out from the crowd.

Due to uncertainty during the COVID-19 pandemic, borrowers have required additional financial guidance and support throughout the loan process. Brokers who have implemented technology have been able to spend more time with their clients, educating them on the financial impact of the pandemic and offering them a superior experience.

Reducing the number of hours spent keying in borrower data and streamlining the mortgage process allows brokers to have more time to assess complex applications and deliver tailor-made service, according to Cloë Atkinson, managing director at fintech Mortgage Engine. These benefits will ensure success in the long run.

“In an ever-changing market, we see technology as the solution to future-proofing smaller brokerages,” Atkinson wrote in a recent blog post.

Brokers also need to have technology that can screen borrowers quickly. This will allow them to help more borrowers by processing quick loan approvals, providing excellent service and offering convenience. Remember, investing in continuous innovation, such as a wholesale third-party origination platform, is not simply a competitive advantage. It’s a competitive necessity, a business imperative and a broker’s best client-retention strategy.

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Wholesale third-party origination platforms allow mortgage brokers to do their jobs more efficiently, enabling them to improve the broker-borrower relationship, drive client referrals and boost brand loyalty. Brokers need to remember that technology is a necessary tool that will help them structure for scale so that they can earn more while working less. ●


  • Sabrina Park

    Sabrina Park is head of digital creative strategy for BeSmartee, an award-winning developer of digital mortgage software for banks, credit unions and nonbank lenders. In her role, Park develops and executes marketing strategies to communicate the BeSmartee brand promise — to take today’s originators and borrowers deeper into the mortgage process, faster.

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