The Hidden Benefits to Mortgage Tech

When you think about the hidden benefits of mortgage tech, what comes to mind? Maybe it’s easier data collection and management. Or maybe it’s better customer service by building a better relationship with your clients. Maybe it’s increased productivity or higher quality of work. Or maybe it’s all of those things and more!

In this article we will explore the top 5 benefits that mortgage tech brings with it.

Easier data collection and management

Mortgage brokers often collect a large amount of information from their clients, but it can be difficult to manage all of that data effectively. This can lead to errors in the process preventing you from being able to provide your clients the best service. However, the adoption of technology can help solve this problem.A mortgage tech platform can make data collection and management easier, more efficient and accurate.

The ability to collect more accurate information increases your ability to make better decisions about your business—a critical benefit for any company trying to maximize its productivity. In addition, if your business relies on email as a communication tool (which many do), having a secure way of sending and receiving messages and data will go a long way towards improving productivity while also increasing security.

Better customer service

Customer service is a major focus for many companies these days. According to Forbes, “84% of companies that work to improve their customer experience report an increase in their revenue”.

By using technology, you can have automatic stay-in-touch points and different levels of personalization in your communication. With that you can expect to create loyalty from your borrowers. And “loyal customers are 5x more likely to purchase again and 4x more likely to refer a friend to the company”, according to Forbes.

When it comes down to it, everyone wants their problems solved as quickly as possible—and if you’re able to resolve issues quickly and easily (without making the client feel like an inconvenience), then you’re likely going win some new fans in the process!

Increased productivity

A big part of being productive is having a streamlined workflow. When there is so much going on at once, it is easy to lose track of things or get overwhelmed by the amount of work you have to do.

By using technology, you’ll be able to streamline your process so that it’s more efficient than ever before. With streamlined workflows and automations you can reduce time to complete tasks, increasing customer satisfaction and revenue.

What does that mean in practice? If you’re working on a few different deals at once or have multiple deadlines coming up, you’ll know exactly what needs to be done next! Without having to keep track of everything in your head.

Higher quality of work

Adopting technology into your business practices makes less room for errors as everything is done electronically rather than manually. This means you can standardize a process, so nothing falls through the cracks.

By making sure the work is done right the first time, you’re saving yourself lots of money in terms of staff time and resources—and also reducing customer frustration (and lost business) when errors are made.

Having a system in place means you can easily make changes to customer experience or processes as needed. And all without disrupting customers’ current workflow.

Save money on overhead costs

If you’re like most mortgage brokers, you probably spend some time on tasks like creating and sending documents; maintaining client records; keeping track of files and paperwork; communicating with clients via email or phone; managing invoices and payments from clients, and more.

Have you ever thought about how many tools you use in a day to make sure that nothing falls through the cracks? Or how many times do you have to switch from one tool to another?

The right technology can reduce the number of tools and apps you need while increasing efficiency and saving money. And if you use it well from the start, it’ll delay or prevent the need for an assistant or other staff member!

Conclusion

In summary, technology can help mortgage brokers improve their data collection and management; build stronger relationships with clients; increase productivity; produce higher quality work, and save money on overhead costs. By adopting technology, mortgage brokers can improve their overall business and build higher customer loyalty.

So if you’re a mortgage broker and are still wondering whether or not it’s worth it to adopt technology into your business – think again. You’ve already landed on this blog post, so clearly you’re interested in learning more about how technology can help you succeed. I’d say it’s time for you to take the next step and start implementing some new tools into your workflow.

If you’re interested in learning how BluMortgage can help you, click here to learn more!