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, and also 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 gets updated appropriately.
If your customer were to give you 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 efficiently 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 Referencing incorrect or outdated data to your borrowers and referral partners is not going to leave the most positive impression, and referencing incorrect or outdated data to your team can waste valuable time that could be spent moving a file forward.
How to get maximum value from your mortgage tech
You have decided to implement mortgage technology into your process because of the efficiency gains to be had, and the streamlined digital experience for your customers. What you didn’t choose to implement mortgage tech for is inefficiencies between systems that offset 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, integrate, and/or provide open frameworks for integration (showing a willingness for integrations). Putting this type of software stack in place early-on will mitigate time spent unwinding data accuracy issues and overcoming the breakdowns that arise when these systems don’t talk.
Here at Floify, we’ve emphasized adding high-impact integrations, as well as keeping Floify’s channel’s of communication open for other software developers to build awesome things that work with the Floify platform. We’ve done this because we know it’s the way your mortgage software systems should work together, and because we know about the 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!