With loan volume still quite low, many are nervous about the future. ATTOM released data which shows that just 1.25 million mortgages secured by residential property (1 to 4 units) were originated in the first quarter of 2023 in the United States – the lowest point since late-2000.
I know this has many frustrated, but using your technology to the fullest can help all companies grow in any environment. Here are 7 tips to help you maximize your technology:
Use It!
Technology is a tool. Technology is not a panacea. You must use your technology to the fullest to get the true value. “Instead of calling around and waiting for answers that may not be right. Use the tools that are available to you for quick and more accurate answers,” advises Lisa M. Schreiber, president at LSK Consultants LLC.
Schreiber has worked to build out many mortgage platforms and initiatives, including but not limited to, American Brokers Conduit with its proprietary technology, Sprout Mortgage building out their non-QM platform, Ellie Mae’s Total Quality Loan Initiative and most recently working with LoanNEX as an advisor.
Educate Yourself!
The Internet is vast, and you should use it. There are a lot of resources to help you work smarter. Also, your existing technology has a lot of features that I am sure that you’re not using. “There are a ton of free tools to learn about different programs or ways to engage your potential borrowers in a meaningful way,” Schreiber points out.
Measure Everything!
You can’t do a good job without total visibility into your business. “Take advantage of systems that assist you in analyzing your success and failures. Do you have a CRM or reporting tool to track former borrowers both in what you have provided and what is coming up that could benefit them?” notes Schreiber.
Don’t Pay for What You Don’t Need!
Now is not the time to waste money on useless technology. “If you have an income waiver, but your ‘end-to-end’ tech solution automatically conducts income calculation/assessment, you’ve overpaid. Find a solution that gives you the option to use only exactly what you need. Component stacks will alleviate problems caused by the ‘Frankenstack’ of various systems integration,” says Brandie Young, fractional CMO at Brandie Young LLC.
At her core, Young is keenly interested in progress. That’s why she’s back to consulting with select dynamic companies after a four-year hiatus spent on GTM efforts for Candor Technology. In the mortgage finance sector, she’s introduced market facing solutions, including IMX Exchange, and Encompass, and internal products for FNIS and GE Money. She also pioneered Global AdTech giant Rakuten’s new Omnichannel positioning, a then-new platform capability for B2C orgs.
Find Tech That Bends to Your Process!
Many solutions demand a big change in your internal structure and/or process. Don’t be afraid to change what you’re doing if technology will help you do your job better. “Arguably, there’s always room for process innovation. But it’s unlikely the upside warrants such a dramatic change,” notes Young.
Stay Open Minded!
Some of the best solutions are born of hindsight. “We’ve had the opportunity to test a LOT of technology over the last 10 years. Some seemed to provide lift during the market exuberance, then fizzle when the bottom fell out. That sent us back to basics, which is a good place to reset. You must understand the challenges to solve for them. Listen to new players,” Young points out.
Watch for Commoditization!
Some costly services are likely to be commoditized, specifically document classification and data extraction. “Accessing borrower data efficiently shouldn’t bear such a large cost. The value is the data, not the process to derive it,” concludes Young. “Rhetorically, which has more value; the gold or the shovel used to dig it up?”
Now use these tips to get the max out of your technology.
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