Let’s face it, the history of the mortgage industry doesn’t exactly demonstrate a great acceptance of system and technological change. Granted, this is largely because home loans are highly regulated, and rightfully so. Unfortunately, while industry pro-
fessionals have focused on keeping up with regulations, this has left a
serious void in developing new and better ways of doing business. This
has left many involved with the loan process — and those passionate about
homeownership in America — disgruntled with our industry’s clunky, out-
dated systems that are supposed to help them do their jobs.
Many in the mortgage industry feel the loan-manufacturing process is
broken. Mortgage professionals are relying on outdated information to
make critical business decisions during the loan process because they
are juggling loan statuses in customer relationship management (CRM)
systems and loan operating systems (LOS) that don’t communicate and
aren’t readily available.
This results in staff spending too much time and money on data collection and reporting, and frustration within teams, specifically among
processors and originators. This often leaves originators with inflexible
schedules fewer opportunities to get out in the field or dedicate more
time to other critical business aspects, such as selling.
As the mortgage-manufacturing process currently stands, there’s so
much time wasted in follow-up because there are no outbound systems
that can be trusted. Instead of originators obsessing about a file, they
should have a system that gives them real-time updates on the status of
their loan pipeline.
This isn’t just about millennials, either. There is not a single loan officer
in the country who doesn’t wish he or she could hop on a mobile device
and get an update on current loans and leads without logging into three
different systems or being chained to a desk.
Flexible sales force
Why should your sales teams have to be chained to their desks?
Current — and future — loan originators expect to be given the space to
focus on higher-level activities, such as building new referral partnerships, meeting with clients or doing community events, so they can be
out there in the community, building their brand.
Our industry must move into the modern era so we can properly recruit
the next generation of originators who will be just as excited about the
challenge of helping people become homeowners as we are. People get
into this business because they love changing lives, not because they
love fragmented processes and outdated systems.
This will take a shift in the way mortgage companies run their reports,
alerts, threshold monitoring and goal setting, as well as how the recruiting process is handled. In fact, modern mortgage-reporting software can
Mortgage branches and their recruiters can actually use technology
to show their accountability and efficiency, as well as the success of their
originators, which will help them stand out when recruiting the next
generation of loan originators.