Mortgage Origination Technology
In this article
Mortgage origination technology has come a long way since the days of faxed documents, phone calls and trips to the post office. In fact, it has revolutionized the industry by making mortgage origination an almost paperless process (except for some disclosures). Today’s consumers expect seamless online experiences that are fast and easy—and technology is making this possible.
Encompass 360 & Consumer Connect
First and foremost is the ability to have your own branded website where you can track your leads, create custom emails, online applications and more. This is a great platform that empowers you to be able to track your leads via email drip campaigns, 2-way text and review social media statistics.
There are many other platforms out there, but I’ve found that Encompass is one of the best!
Mobile App Software
Mobile apps make it easy to access information and data on your phone. This means you can use them just about anywhere, at any time. And they’re even more convenient when they work with other software you use in your business-like CRM (Customer Relationship Management) or team management programs.
You might be wondering how mobile apps can help you grow your business? Here are some examples of what mobile app software can do:
- Take Application on move
- Instant pre-approvals
- View leads and contacts
- Access calendar events
- View CRM data
Optimal Blue Pricing Engine
The Optimal Blue Pricing Engine is the next generation of mortgage pricing technology. It allows you to price a mortgage in seconds—no matter where you are or what device you’re using. The ability to price your clients’ loans instantly from anywhere at any time has never been more important, especially as the industry is expected to grow even more competitive with new technologies emerging on a regular basis.
Fully Integrated CRM with Milestone Updates
You’ve probably heard about CRM before. It stands for Customer Relationship Management, and it’s a system that allows you to store data on your clients. This way, you can track their progress through the process, stay in touch with them, and remind them of what they need to do next. You can use CRM software to track emails and phone calls (or even social media interactions) as well as assign tasks and deadlines. We use a propriety custom MortgageRight CRM you can use at no cost that integrates with Encompass for seamless milestone updated throughout the loan process.
Automated 2-Way Text
The ability to communicate through text messages with your clients is an essential part of any marketing strategy. It allows you to reach out to people instantly the way they want to communicate. Over 90% of text messages are read so this is an effective way to keep your clients and referral partners informed throughout the loan process.
Automatic Email, and Voice Mail
Email is a great way to get in touch with your leads. You can set up automated emails to your leads that automatically send them an email when they download a certain file or click on a particular link. This makes it easier for you to stay in contact with them while not spending too much time on this task. You can also create automated voice messages that call the lead when they download something or have questions on certain things.
The same goes for text messages as well. For example: Let’s say I have some kind of lead magnet I want to give away that talks about my “5 Secrets To Buying Your First Home” guide (you know what I am talking about). When someone downloads this guide from my website then I would like a “thank you” message sent directly after the download happens so that way both parties are aware of what just happened without having too much time pass between clicks/downloads etc…They are then added to an automated drip campaign so when they are ready to take action they will think of you.
Technology is the future of mortgage origination
The mortgage industry is a prime example of how technology can be used to improve the consumer experience and drive business growth. Mortgage origination companies are utilizing digital channels to provide customers with intuitive product comparisons, streamlined loan application processes, and enhanced customer service.
With these advantages, it’s no surprise that consumers have shifted toward online platforms for their lending needs – according to the National Association of Realtors (NAR), 93% of home buyers prefer using an online mortgage broker rather than going directly through their lender.
In conclusion, technology is the future of mortgage origination today! Technology has changed the way we do business and it’s exciting to see how much it has expanded in such a short period of time. We hope that this article has helped you gain some insight into the many ways that MortgageRight’s technology can benefit your business.
It is important for everyone involved in the mortgage process (especially lenders) to understand how these technology systems work so they can be more efficient when doing their jobs along with always providing better service for their customers!