These days, mortgage brokers are expected to wield many skills and juggle even more priorities. Modern borrowers have a lot of choices and are encouraged to go through an extensive vetting process before hiring a broker or lender. So how can professionals stay competitive in the current-day mortgage industry?
Brokering requires high levels of attention to detail – alongside up-to-date expertise and industry fluency – which can put a lot of pressure on an individual. Seasoned brokers will know relying on brainpower alone can be a fast track to burnout (without necessarily guaranteeing the best results) so many are harnessing technology to work smarter and maintain those all-important, mutually beneficial relationships with clients, lenders, and stakeholders.
In this article, we have gathered 3 of the most effective tools for mortgage brokers and loan professionals. Whether you are an experienced MLO or just starting out, familiarizing yourself with software such as this offers a sneak peek into the world of top-notch brokers consistently delivering well-matched mortgage products with first-class service and satisfaction.
Gone are the days when mortgage brokers were forced to print, sort, and file endless pages of paperwork. Apart from the environmental impact, this outdated practice can be a huge time suck and frustrating for all parties.
Nowadays, many workplaces function within a Google framework, and with the right expertise, this can be applied to mortgage broking too. Taking advantage of Google cloud storage and the associated suite of tools, such as Docs, Sheets, and Slides is a simple way to ensure real-time communication between all parties.
Shared access to important files can enable clients and colleagues to provide feedback, ask for clarifications, or make important amends at any time and from any device. As a close competitor to Microsoft Office, with the right formulas, templates, and training, utilizing Google Drive and Workspace will not only save a lot of back-and-forth messaging but also grant everyone access to the latest version of a file and clarity into those making the edits.
Keeping track of all documentation, supporting legalese, and ensuring everything is correct and signed-off might not be the most glamorous side of brokering but it is of utmost importance. Especially from a legal standpoint.
As mediators, brokers will often handle documents that need to be reviewed, approved, and secured by multiple parties. Chasing buyers and sellers around for their signatures can become a significant bottleneck. Thankfully, automated document collection systems are there to help.
Through the automation and digitalization of related processes, FileInvite allows for faster document sign-off all the while ensuring compliance. Through automated messages, the platform guarantees all parties are on the same ‘page’ and pulling their weight. Moreover, it allows clients to submit and edit all shared documentation, simplifying this aspect of their overall experience.
While streamlining documentation and collaboration are paramount to supporting an efficient workflow, some tech can even integrate your own expertise, connections, and market updates. Yes, these days there is even a tool specifically designed for mortgage brokers/MLOs, owners, and lenders!
ReadyPrice provides mortgage loan originators and other professionals with a single tailor-made ecosystem for all relevant operations – from loan pricing to underwriting and delivery, which include active integrations with Fannie Mae and Freddie Mac.
Thanks to smart automation, the platform helps mortgage loan originators to take control of their business and improve communication with their clients at the click of a button. This, in turn, facilitates wonders for customer satisfaction and professionalism, boosts return on investment, and reduces manual labor and the associated human error.
Consolidating all your activity onto one platform is a simpler, ultimately more productive strategy than piecing different tools and extensions together and training yourself in each.
The Key Element of the Modern Broker’s Success: Self-actualization
The loan market is, by its very nature, ever-changing. Over the past decade alone, the mortgage broking field has undergone an unprecedented transformation. In the constantly-evolving business landscape of our times, keeping up with the latest trends in the field has never been more important.
The best way to not only survive – but thrive – as a modern broker, is to invest in tools that are tailored to the industry’s needs. In many cases, this involves retiring obsolete, pieced-together technology in favor of modern platforms specifically designed to streamline and consolidate all operations and communication between parties.
ReadyPrice takes pride in providing mortgage brokers with the best technology for the modern era to simplify product pricing and delivery… all the while fostering a community of industry professionals. The ReadyPrice suite of products is the result of almost two decades of expertise in the mortgage lending field.
If you are considering implementing new tools as a part of your mortgage broker business strategy, you can schedule an informative, no-obligation demo here.