Steer clear of these unintended, and completely avoidable, issues with your mortgage tech
Over the last couple of years, there has been a surge in mortgage software systems coming to market, including CRM’s, LOS’, eSignature, cloud storage, marketing automation, and others all designed to help a loan officer and their team become more organized and efficient. While this sounds great on paper, there are inefficiencies and data accuracy issues that arise when these disparate systems don’t integrate or talk to each other.
1. Team members opt for their preferred system
In an ideal world, your mortgage origination process will run like a well-oiled machine. All members of your team will work within that process in their roles and everything will be great. When the world is less ideal, such as the introduction of frustrating inefficiencies between your systems, the default human behavior is to go to what you know and can use. Team members will silently stick to old, or alternative, methods (that were being phased out or replaced for a reason) that grant them the easiest access to the information needed.
2. Data becomes inconsistent across mortgage software systems
This is both a problem unto itself as well as a byproduct of your team members utilizing their preferred mortgage software systems for ease and comfort. Without integration of technologies, you have to rely on manual processes to ensure that each separate system is updated appropriately.
If your customer provides a new email address, you have to update that in your CRM, LOS, marketing automation, etc. When those manual processes break down, it can result in divergent data sets. The last thing you should be spending time on is determining which data is the most accurate data.
3. Communications breakdown
When data integrity erodes, your ability to effectively communicate with team members and loan stakeholders goes with it. Referencing incorrect or outdated data to your borrowers and referral partners is not going to leave the most positive impression. Furthermore, referencing this data to your team wastes valuable time that could be spent moving a file forward.
How to get maximum value from your mortgage tech
You decide to implement mortgage technology into your process because of the gains in efficiency and the streamlined digital experience for your customers. You don’t want your mortgage tech to cause inefficiencies between systems, offsetting the gains like we’ve outlined above. The key to avoiding this situation is to put an emphasis on technologies that invite integration during your vetting and selection process.
During consideration, look for mortgage software systems that talk to each other. Furthermore, you want systems that integrate and/or provide open frameworks for integration (showing a willingness for integrations). Putting this type of software stack in place early-on mitigates time spent unwinding data accuracy issues. You can better overcome the breakdowns that arise when these systems don’t talk.
Here at Floify, we emphasize adding high-impact integrations and keeping Floify’s channels of communication open for other software developers. We welcome the opportunity for these developers to build awesome things that work with the Floify platform. We believe that your mortgage software systems should work together to avoid problems that occur when they don’t.
Did you know that 2017 is the year of mortgage technology integration? Make sure your team is ready!
Join veteran mortgage industry thought leader Rob Chrisman, and Floify CMO Holly Hamann, for an insight-packed webinar on The Future of Mortgage Technology!