The figures are in: these next few years are going to be critical for your mortgage organization. Competition and technological advancements have never been stronger. Two years ago, mortgage professionals were suddenly faced with unprecedented uncertainty in the US domestic market from fluctuating interest rates and of course, the pandemic. And yet, despite the uncertainty, the Mortgage Bankers Association predicts the industry will originate more than $2.5 trillion in each of the next two years!
Now is the time for lenders and other mortgage professionals to upgrade the reactive processes of the past – they may have buoyed us through surviving the pandemic, but are unlikely to best fuel the growth future on the horizon.
Being ready for this future involves implementing well-oiled processes and utilizing technology effectively to achieve consistent, winning outcomes. Luckily, ReadyPrice is well-versed in this! To be successful in this landscape as a mortgage professional, future-proof business models must be implemented. These new business strategies are resilient to interest rate fluctuations and rise above competitors.
To future-proof your organization, start by looking at cause and effect in each facet of your business. What do you stand to lose if your processes are not future-proofed? Understanding the impact that not being proactive to market trends can have on your business can help you plan innovative transformations.
Supported by recent findings from Arzient Research, keep reading to hear how ReadyPrice technology can be used to future-proof your organization and drive business growth.
Analyze Big Data
Establishing a future-ready strategy starts with knowing your position in the industry. Lenders can extract data about their recent sales and customers to understand how future processes can evolve.
Data provides an intelligent starting point for impactful action, from informing decision-making and innovating processes to increasing revenue. Combined with the right technology, it provides tailored and advanced analytics about your mortgage process. Lenders can assess which processes are doing well and where improvements can be made. But this needs to be paired with considerations of the global landscape and knowledge of worldwide events that could potentially disrupt the trajectory of revenue and business models.
That’s where ReadyPrice shines. Armed with a deep understanding of what mortgage professionals need to thrive in the industry, the software affords lenders valuable and timely market insights. ReadyPrice’s daily and industry insight reports provide lenders with key information needed to stand out from the crowd and position themselves as a true expert.
Digitally Transform (soon!)
Your competitors are currently lagging behind here, making imminent digital implementation a golden-egg opportunity to get ahead – and recent research backs this up. Like it or not, technology is part and parcel of our future. Updating manual processes to digital alternatives can transform many aspects of business for mortgage loan originators, owners and lenders alike; improving the customer experience, delivering operational efficiencies, driving business growth, minimizing risk and operating more sustainably.
Yet Arzient Research found that “only a minority of organizations are highly effective at leveraging tech”. Their research showed that just 11% of mortgage professionals consider themselves to be ‘leading’ in digitally transforming most business areas. A staggering 48% of mortgage professionals consider themselves in either the nascent or developing stages, meaning they have not implemented any digital transformations in the business or do not have a specific business plan in place.
Implementation of tech is integral to the mortgage industry’s current digital makeover. Whether your organization is undecided or has a technology plan in place, here’s why ReadyPrice should be your first choice in lender technology (of course, we also service MLOs and owners too).
Powered by strong product knowledge, ReadyPrice software is built for the mortgage industry’s future. This streamlined software makes the process of pricing and delivering loan products to brokers click-of-a-button easy.
With increasing pressure from consumers to get things perfectly right, organizations need technology that makes each step easier and more accurate. ReadyPrice is a simple solution. The automated software makes the underwriting process quicker and more efficient, minimizing risks. Mistakes in the loan process can affect your reputation as a lender and harm net profits – a lethal combination that can be harmful to your organization’s future.
Center your Customer
Prioritizing your customer should rank high on your list when future-proofing your organization. Here’s why: after pivoting to a remote – and thus digital – workforce through the pandemic, mortgage industry’s professionals have witnessed firsthand the benefits tech brings to processes that make the customer experience smoother and faster.
Ensure your organization’s present and future customers are satisfied with the loan process by utilizing technological advancements. Traditional lending models can discriminate about 40% more than algorithm-based mortgage solutions. With business ethics growing increasingly important to consumers these days, being able to rely on non-discriminatory technology to deliver and approve loans can improve an organization’s integrity.
ReadyPrice technology is a win for both lenders and consumers – with a mouse click, the mortgage process can be handled efficiently. With quick results and fewer hassles, ReadyPrice allows consumers to easily sift through lenders to find the best rates and loans. This gives consumers peace of mind knowing they can find the cheapest, most aligned rates.
As ReadyPrice is lender-sponsored, it is free for customers to use. It’s an ideal incentive to entice customers to buy your organization’s products.
“Organizations must be willing to invest in emerging tools, as well as provide the budget to support the tools already in their arsenals,” says Arzient Research. Above all, lenders should make sure that any technology they adopt aligns with their business strategy – this can be more impactful than the type of technology chosen.
Arzient’s report further surmises that adjustments need to be made in order to stand out from competition and become a leader in the field. This means investing to adopt technology like automation tools, content services, contactless technology, and real-time data.
A willingness to become knowledgeable in – and implement – emerging technologies is key to ensuring lenders can withstand future mortgage events.
Fortify your organization’s business model with ReadyPrice. The innovative software provides accessible yet advanced technology that is easy to use and smoothly integrated into every step of the lending process. It can help to shave hours from monotonous daily tasks and increase capacity, optimizing revenue in uncertain times such as these.
Give yourself peace of mind that your organization is prepared for the future in the most efficient way possible. Create an account or book a free demo with ReadyPrice and see what your future could hold.