Expert AnalysisJan./Feb. 2023 Edition

Why Should Lenders Take The Time To Explore Modern Technology?

With the mortgage market demanding more from you and your team than ever before, it’s no wonder that lenders are feeling the pressure to produce. The complexity of this constantly changing environment poses an overwhelming burden on lenders- low origination volumes, declining revenue, rising rates, heightened pressure to reduce loan production costs, and fierce competition is challenging every lender.

Times like these require every lender to re-evaluate their current tech stack. Is our technology outdated? Is that a potential risk? Think Southwest airlines over the holidays. Obsolete technology can cost you more than just money but reputational risk. But it is more than just outdated technology. Does your current tech provide dynamic APIs so that you can seamlessly connect your entire tech stack? Do those APIs allow you to extend the functionality of your systems and provide a competitive advantage? Is there adoption among the ranks? 

Here are some ways that Lenders can benefit from receiving demos of modern technology:

1.         Improved decision-making: See what is out there in the marketplace. By understanding the technology available and how it works, lenders can make better decisions about whether to invest in it or not.

2.         Competitive advantage: Staying up to date with the latest technology can give lenders a competitive advantage over their peers. By seeing new technology demos, lenders can identify opportunities to offer new products and services or streamline their existing lending processes.

3.         Enhanced Customer experience: Technology demos can help lenders better understand how their customers interact with technology. By seeing how borrowers use new lending platforms or mobile apps, for example, lenders can gain insights into improving the customer experience and making the lending process more efficient and convenient for borrowers.

4.         Cost savings:  Modern technology may allow you to streamline your current tech stack, reducing the number of technology products in your tech stack. For example, many lenders have multiple CRM & Marketing platforms created for specific lending channels (consumer direct, retail, TPO, etc.) or acquired through other businesses. Maintaining these different systems can be expensive and create more significant risks.

5.         Risk Mitigation:  Exploring new technology can help you access gaps in your current solution, help you understand the limitations of your existing technology, and prevent exposure to reputational risk.

In summary, lenders should consistently explore new technology solutions to improve decision-making, better manage risk, gain a competitive advantage, and enhance the customer experience. Isn’t it time you looked at today’s modern technology?

Insellerate helps loan officers close more loans with our award-winning modern CRM, Lead Management, and Engagement platform, which handles all your lending channels, retail, wholesale, TPO, Consumer Direct, and Reverse.   Our advanced APIs allow seamless connectivity to your tech stack, and our native mobile application enables loan officers to work on their files from anywhere at any time. Powered with AgentConnect, we empower loan officers to engage more effectively with real estate agents and borrowers, resulting in higher lead conversion rates, lower origination costs, and more closed loans.

  • Schedule your personalized discovery call and demo with our highly skilled team of mortgage professionals.
  • See the power of the Insellerate platform and the impact it can have on your business.

If you’re looking for a way to increase efficiency, lower origination costs, and grow your business, contact Insellerate today.