How many tech platforms do you have? How many does your team use on a daily basis? If you’re like most lenders, probably around five to eight (POS, LOS, PPE, AUS, CRM, etc.). Today’s lending organizations have 28 CRMs, 22 POS, 17 LOS, and 21 sales enablement tools at their disposal. Collectively, that accounts for an annual spend of $10 billion by lenders across the industry. While you need that technology to originate loans, is your team maximizing its use to capitalize on every opportunity that comes its way?
Sure, the tech stacks you have are great at managing moments in the mortgage process such as submitting an application, obtaining a credit report, determining eligible loan program options, etc. But in case you missed it, the market has shifted. Lenders are no longer pushing loans through – origination volume dropped 23% in 2023 according to HousingWire. We’ve moved from a transactional environment to one where relationships must be established, actively managed, and nurtured over time. It’s a brave new world where a continuous and consistent experience must be provided to borrowers. Unfortunately, most of the technology that is out there has focused on the activity part or the origination journey instead of the relationship part. This focus has made it incredibly difficult for lenders to capture and cultivate opportunities. That’s why at Mortgage365, we are working with our clients to enhance their ability to better manage relationships.
When we meet with a lender, the first question we should get is, “What missed opportunities can you help us with?” Instead, we often are asked, “ What technology do you replace?” The fact is, if you are truly focused on strategic growth, your end goal should be to optimize your toolsso that you’re able to unify processes to build stronger relationships, give your borrowers a better experience, and accelerate your growth.
If you’re operating without a unified process, inconsistencies will naturally occur which lead to poor communication and bad relationships – or even worse, no relationships. In the end, you end up putting your brand reputation at risk.
Our platform, Mortgage365, unifies your “moment managers” (existing tech stack) and creates an environment that is relationship-based. Our platform creates a centralized work portal where integrations can live and breathe within your POS, LOS, CRM and marketing tools, allowing them to function optimally and in the most relatable ways. The platform centralizes the data contained within your tech stack, as well as all communications both within your lending operation and outside of it with prospective borrowers, in one location. Simply put, if a loan officer answers a call from a borrower, all of their information instantly pops up – they can see all of the items that need to be addressed or completed and execute on them.
That’s just one example that showcases Mortgage365’s omnichannel communication abilities. The robust technology also includes:
Before implementing Mortgage365, Navy Federal Credit Union (NFCU) was missing opportunities. Most of the members who had begun completing mortgage applications but didn’t submit them were not being followed up with because the loan officers were not receiving alerts. Many members were choosing other lenders simply because they had questions about the mortgage process, but no one from NFCU reached out to them. Other lenders with credit triggers connected with them, built a rapport and pulled those customers away despite oftentimes not having as strong a product offering as NFCU. The volume the credit union was missing was substantial.
Mortgage365 created unified processes for NFCU as well as those alerts – so that the leads could be properly managed and cultivated. Our platform allowed them to put a team of people in place who were focused on reaching out to members with unsubmitted applications and nurturing those leads – and it was highly successful.
This situation speaks to the bigger picture of managing relationships at scale. NFCU was overlooking this huge opportunity because it didn’t have unified processes in place. Now NFCU loan officers can manage those relationships at scale and capture all the revenue they never should have lost to begin with.
Mortgage365 also improves data access across your tech stack. For example, if loan officers want to give a lead one or two loan options, they typically have to go into the PPE and POS to obtain pricing. They then take screenshots of the loan scenarios and send them to the prospective borrower. But with our technology, the process is streamlined – loan officers can assess pricing within one platform, build out multiple loan scenarios including different figures and even properties within minutes, and can text the loan scenarios to prospects right from their Mortgage365 dashboard.
It's also easy to use – loan officers can access any information they need from their home screen rather than bouncing between different windows and clicking through multiple steps in the platform to get to what they're looking for.
Mortgage365 is designed to holistically help increase growth – and accelerate it. For example, at many of the largest lenders, loan officers must manually email loan applications from their email platform, and then stay on top of the borrower to finish the application. Once the completed application is returned, the loan officer has to manually enter the information into the LOS, POS, CRM, and other tools, etc. It is a laborious process that requires loan officers to bounce back and forth between multiple tech platforms.
What Mortgage365 does – whether the loan application is created within our platform or within a POS – is push the data to the LOS automatically, taking out the monotonous human manual data entry (which is also prone to mistakes) and letting technology take over so loan officers can focus on the relationship. Any information entered into a different platform will automatically update in Mortgage365.
In addition, Mortgage 365 offers the tools lenders need to perform most steps in the mortgage process – the only exceptions being document management, disclosures, or activities that take place on the closing side.
In today’s market, if lenders want to be successful they can’t afford to miss opportunities or waste precious time with processes that are disjointed and inconsistent. It’s all about establishing relationships and fostering them throughout the origination journey. Mortgage365 helps you accomplish this by unifying processes and streamlining data accessibility so that your existing technologies are better utilized and optimized.
Let our experts help you learn how you can better capitalize on missed opportunities so that no prospective borrowers are left behind. Contact the Mortgage365 team today!