The mortgage industry has undergone significant digital transformation in the last five years. Five years ago, point-of-sale solutions were only just beginning to gain traction and a mass email about winterizing your house was considered an innovative marketing tactic. We’ve come such a long way so quickly, but with countless tools at your fingertips, how should lenders evaluate their options and determine which technology solutions to invest in?
It’s important that the technology you select aligns with your short and long-term goals. Only so much of your budget is allocated to tech, so you’ll want to be intentional about how you prioritize your investments to make the most of those dollars. Avoid investing in tech that only solves a specific problem in specific market conditions — we’ve seen how quickly and unexpectedly things can change. Instead, opt for solutions that are relevant regardless of interest rates, changes in the economy, or time of year to ensure you will continue benefiting from the investment as market conditions shift.
Time is money. With purchase season falling on top of a refi boom, now might not be the best time to pursue a solution that requires extensive heavy lifting on your end. You’ll probably want to consider tech that you can get up and running relatively quickly. In addition to the implementation timeline, think about what the learning curve looks like. Is it a complex platform that requires a lot of training? What steps will you need to take in order to maximize your results from this investment?
Everyone can tell you why their product is superior, but other lenders can give you the inside scoop. Talk to your peers and colleagues. Ask vendors you’re engaging with for testimonial content. See what other lenders are saying on social media — does the vendor have a mastermind group where current customers discuss their experiences and share best practices?
Integrations are key! Examine the solutions you already have in your tech stack and look for companies that partner with them. With an integrated tech stack, you can learn fewer systems while achieving higher productivity. In other words, use less tech, but have a more robust tech strategy. Integrating the different mortgage tech solutions you use can also unlock additional features leveling-up your overall strategy and providing a more seamless, efficient experience for your clients.
Tech vendors should take compliance just as seriously as you do. It should be part of their solution - built in at the core - not an afterthought. Ask yourself: Do they have team members dedicated to keeping up with regulations and ensuring their product is compliant? Has your company’s compliance department met with theirs?
During these busy times it’s more important than ever to streamline your tech vetting process while remaining thorough. You should have an ROI-driven tech stack that is creating efficiencies in your everyday workflow while helping you generate more business. These five steps may just be part of your process for evaluating tech solutions, but they are fundamentals that - if you’ve taken into consideration - should help you feel confident when moving forward with a new addition to your tech stack.
Are you a loan officer looking to automate your nurture strategy and turn all the clients transacting during this busy time into clients for life? Schedule a 1-on-1 demo with a member of the Homebot team to determine whether Homebot is the right solution for you.