It’s one thing to know you need an intuitive and efficient mortgage origination platform — but what is it that makes up the “right” tech?
We’ll once again be exploring the answers to this question with Jordan Brown, CEO of MarketWise Advisors who will tune in with his professional opinion.
In the last blog, we explored how mortgage technology can help you create the operational leverage you need to save time, cut costs, and drive business in all types of industry environments. As a reminder, operational leverage refers to the ability to increase loan volume and productivity without changing your resources.
This time, we’re discussing what features and services your tech stack needs to have in order to increase your operational leverage even in challenging markets. Learn more below.
Personalized origination experiences with an open API
Integrating a new platform into your existing technology should be simple. With an open API, your developers can easily implement this tech into your business and decrease friction as your teams learn the platform. “Easier integrations accelerate the collaboration between loan teams and borrowers,” Brown says. “And an easier integration needs to include an open API to enable an effortless and seamless integration process.”
Open APIs help enhance your individual platform by allowing your individual programs to interact with each other. This can help fill in missing information in a transaction, for example, which can help create a more personalized experience for your borrowers.
Your origination platform should be just that: Your own. And with an open API, you can create a smoother, quicker transition without the pain and cost of hiring new developers. Open APIs also allow for greater functionality, enhance team productivity and performance, and create truly integrated workflows.
Greater visibility for loan officers
A unified experience is not only necessary for borrowers but for loan officers as well. When their origination technology is simple, intuitive, stable, and consistent, LOs can do their best work without any disruption that may come from tech that is tedious to work on. A centralized platform can help cut out repetitive tasks, create a streamlined experience, improve communication, and provide transparency into every single loan they’re working on.
“LOs prioritize the consumer experience,” comments Brown, “With a tech stack that improves transactional flow, accelerates the loan process, and allows for 24/7 visibility into their transactions, LOs can provide the mortgage experience that their borrowers need and expect. And when they see that their tech can do all of this, it also increases utilization.”
Convenient digital closing
Full and hybrid digital closings save time and money, particularly when you’re able to perform them on the same platform you originated the loan in. This is not only important for the LO but for the borrower’s convenience as well.
“There has been further extension from eSigning to eClosing including remote online notarization (RON) and electronic vault,” says Brown. “This sets the framework for true digital transactions that help with post-closing document management and automated document filing.”
Providing the choice of hybrid digital closings helps loan officers cater to more borrowers who want the convenience of remote signings and online documents.
High tech doesn’t mean low touch
Having the right mortgage technology to help you increase operational leverage is essential to cultivating the relationships that generate business. The point of investing in innovative tech is so you and your loan teams can spend more time on their borrowers and real estate agents to create a more personalized experience.
High-tech mortgage origination technology helps provide borrowers the personalized experience and open communication that enhance the process. Blend’s Mortgage Suite allows for the flexibility and customization you need to operate more efficiently, cut time and costs, and — most importantly — establish trust and rapport with your customers.
Stay tuned for the next and last blog in this series.