The mortgage industry continues to transform. Yesterday's mortgage originators and lenders juggled multiple platforms and piles of paperwork -- but that's no longer the case. As technology advances, mortgage professionals can access new tools and solutions that make the process easier, faster, and more convenient for everyone involved.
This article will examine some of the technology solutions available to originators today. We'll then discuss their advantages and how they impact the industry.
Stagnated Mortgage Technology
Before the advent of mortgage technology solutions, originators were in a rut. Every process step required manual effort, leaving originators limited time to focus on their clients.
Instead of using f and automated point-of-sale (POS) platforms, originators had to manually search for a suitable loan solution, resulting in an inefficient and error-prone process. Not only did this lead to longer turnaround times, but it also limited the options originators had available to their clients.
Without a POS system, it becomes more difficult for borrowers to submit applications and send documents.
The problems with old mortgage technology extend through every step of the process. The lack of a loan origination system leaves the originators on the hook for handling and tracking large quantities of paperwork and maintaining compliance. No automated underwriting systems (AUS) means a manual process of determining credit worthiness which leads to wasted time and labor and a lot of stressful guessing.
Outdated technology will do the job, but less accurately and efficiently than digital mortgage solutions.
Modern Mortgages Require Modern Solutions
Borrowers now demand speed and ease. That's why modern originators take advantage of all the available technology solutions. From PPEs to POS platforms and loan origination systems, mortgage professionals rely on these tools to increase profits and keep up with the competition.
The first step is automation. Mortgage automation is a big deal because it saves you countless hours and gives you peace of mind. Mortgages are complex loans; seemingly simple tasks like product searches can take hours. Automation eliminates this and completes the work in a fraction of the time it would take manually.
Automation also saves you money. Your time to focus on more lucrative activities increases if automation takes over mundane tasks. Additionally, automation's vastly improved accuracy helps you avoid costly mistakes.
See what mortgage process automation can do for you. Schedule a demo today!
Integrating your tech stack is essential when using multiple mortgage platforms. It ensures data flows seamlessly between software, eliminating human error and making the process easier to manage. Originators no longer need to switch between multiple accounts or manually enter data into each platform.
It's possible to have incompatible platforms without integration, but it's a costly decision. For example, a POS system that can't integrate with your LOS is significantly less useful. You'll still need to spend hours on data entry as you reconcile the data from each platform.
Consumers expect to be able to use their phones for every purchase, so why should mortgages be any different? Mobile mortgage technology lets you work with your clients anytime, anywhere.
Your clients expect an optimized experience when applying for a mortgage from their phone or tablet. That means having a website and/or app that is easy to navigate and user-friendly. Mobile technology also allows you to leverage SMS or messaging apps, like Facebook Messenger, to stay in touch with your clients.
Bringing Mortgages Into the 21st Century
Sonar is the perfect tool for modern mortgage Originators. It improves every step of the loan process, from application to closing.
You can also use Sonar's integrated POS platform to securely accept applications and send documents electronically from one convenient place. The LOS, AUS, and PPE are built-in, so you can quickly and accurately price and originate loans.
Plus, Sonar is mobile-friendly. You'll have a cohesive digital mortgage experience no matter which device your clients use to apply for a loan.
Step into the future of mortgage processing with confidence. Schedule a demo with Sonar's experts. Your journey to advanced origination starts here!