Mortgage Teams Increase Demand for Integrated Systems
There’s one reason why technology integration is a focal point for the mortgage industry in 2017: it’s good business. Over the last few years, mortgage technology has exploded onto the scene with a rush of new operators looking to carve out their own space in the industry.
This has resulted in niche specialization amongst software companies in the mortgage industry, which isn’t necessarily the worst thing. Specialization allows for the “best-of-breed” approach, where a loan officer and their team can ensure that the systems they’re using are the best fit for themselves and their process. The right LOS, the right CRM, the right customer-facing point-of-sale, eSignature, automation solutions, etc.
Why is there no single end-to-end solution for the mortgage industry?
The breadth of the mortgage technology landscape is extremely vast. Often, there is no way to cover all bases without sacrificing effectiveness in one or more areas. Your CRM platform may be fantastic at managing customer relationships but isn’t designed to manage Closing Disclosures or asset verification.
The better solution would be to have all of these technologies communicate and work together, creating a seamless structure leveraging a single common dataset. This carries over to your customers and prospects as well. Wouldn’t it be great if they had a single entry point to do everything they need to?
Why would mortgage tech companies even want to integrate? Well, that’s what their customers want, and systems that prioritize integration and connectivity rise to the top of their niche. Furthermore, opening systems up for integration allows other connected industries like real estate or insurance to have their technologies brought into the fold, making a better ecosystem for everyone.
There may also be a second reason for these companies to develop integrations: innovation. The mortgage industry is a slow-moving behemoth. So, in a very short period of time, a software feature that was considered innovative is now looked at as “table stakes”. All in all, the biggest area of productivity-related innovation remaining to be made is in connectivity.