Hopefully you’ve learned by now that tech is your friend, not some thought-sucking robot that plans to take our jobs before taking over the world. Technology has afforded everyone – particularly those in the mortgage industry – some wonderful tools.
At APM, for example, we have the APM Edge, a technology stack of products that lets us serve our clients better, faster and easier. It includes our APM Mobile App, which allows customers and LOs to take their loan applications on the go, as well as Encompass, our cloud-based platform that makes closing loans more efficient while providing a better customer experience.
Of course, we haven’t stopped there. We have Candor, a tool that integrates AI underwriting, which reduces the amount of time it takes to get a loan approved…while upping the number of loans we can get approved. Boom, goals obliterated!
Here’s the thing about technology, though. It only works if you do. There are plenty of “tools” with cool, edgy names that are really just bells and whistles. They might make you (or the customer) feel like you’re cutting edge, but we’re not here to be cutting edge. We’re here to make tech work for us.
So make sure you keep the eye on the prize as you maximize the use of the tech tools at your disposal. Don’t know how to use all of them? That shouldn’t be a problem! Most companies and apps have dedicated support teams that are well-versed in training even the least tech-savvy among us. It just takes a small time investment from you.
Now, without further ado, I give you just how tech can make your life that much easier when you’re in the mortgage industry.
Third-party technologies can cull and streamline data – while protecting privacy, of course. This allows these tools to oversee everything from document extraction to income/asset verification, appraisal management, automated compliance and workflow management. Essentially, tech can take all of your individual, sometimes siloed processes, and put them into one well-oiled machine.
Market Share Growth
As I mentioned with Candor, tools that help you do things faster, cheaper or easier are built for growth. Tech should free you up more, leaving you wide open to generate more business and high loan volumes.
Better Customer Service
Convenience, speed and transparency aren’t just good for your operations. Customers appreciate them as well. This makes you more likely to receive a glowing review, possibly resulting in more business! Plus, all that freed-up time courtesy of tech allows you to be more hands on with your customers. A focus on the human-to-human elements a computer can’t handle can do wonders for your reputation.
MBA estimates the industry will originate more than $2.5 trillion loans during each of the next three years. Utilize technology to get a bigger chunk of that pie, because those clients are there for the taking!