Must-Have Tech Tools for Independent Mortgage Brokers
What do brand new mortgage brokers and grizzled industry vets have in common? They both want to close more loans, and they’re both looking for new clients to help make that happen.
Competition is fierce and the use of digital tools can help you gain ground in a time where efficiency and user experience mean more than ever. Let’s look at some of the tools available for independent mortgage brokers and loan officers, and how you can use them to grow your business.
An LOS Platform to Automate Applications
Loan origination software (LOS) helps mortgage brokers and loan officers manage and automate the loan application process. This software is a major advantage for independent mortgage brokers, as it allows them to originate a new loan from anywhere that they have access to a secure internet connection. The right loan origination software can support your growth and supercharge your business. The wrong loan origination software can stunt your business growth and throw a time-wasting wrench in your workflow.
The wholesale mortgage industry isn’t one where one size fits all, so finding the right LOS largely depends on the needs of your business
Here are some key points to consider that will help you narrow down the options and select the right LOS for your business:
Ease of implementation
Integration with POS and CRM software
Branding and customization options
Compliance tools
A Professional Website to Foster Lead Generation
In today’s digital world, the mortgage broker without a business website is at a serious disadvantage. Remember, you’re competing with the big banks and online retail lenders. If prospective homebuyers can’t find you with a simple Google search, they may not find you at all.
But don’t worry, there are plenty of simple drag-and-drop tools like Squarespace and Wix that will have you up and running in no time. There may even be website consultants within your network that can help you build a website that sets you apart from the crowd.
Here are a few questions you can ask to evaluate the effectiveness of your website (if you have one) or guide the creation process (if you don’t):
1. Does your site communicate your experience, capabilities, and the services you offer?
2. Does your site have a professional look and feel? Does it inspire trust?
3. Is your site an effective lead generation tool? Does it include a contact form that’s easy to find?
CRM Software to Help Grow Your Business
In the hyper-competitive mortgage industry, successful loan officers and mortgage brokers rely on their relationships to stay profitable and grow their businesses. Nurturing these relationships takes time, energy, focus, and again, time.
Customer relationship management (CRM) software allows mortgage brokers to reap the benefits of a good communications specialist, without actually hiring one. Today the most advanced CRMs allow you to track leads, manage sales and engage with your contacts from anywhere. CRMs that are tailored to the mortgage industry take these features a step further, allowing you to assign leads to different loan officers and automate lead generation.
Selecting the right CRM can be tough, as new options seem to appear daily. Here are a few features to consider while making your decision:
Branded communications
Compliance features
Ability to assign leads to specific users
Ease of integration with POS and LOS software
Built for use in the mortgage industry
POS Software to Speed Up the Mortgage Process
Today’s shoppers expect to do business digitally, and prospective homebuyers are no exception. That’s why point-of-sale (POS) software is a must for the modern independent mortgage broker. In the mortgage world, a POS system is where your prospects and clients take the first steps of doing business with you. The software is what allows prospective homebuyers to complete 1003 applications, as well as upload and e-sign documents. A strong POS software grants a serious speed advantage, as your clients can take ownership of the process and move forward without additional phone calls or appointments.
Some important features to consider when researching POS options include:
Easy-to-use pre-qualification tools
Fully digital 1003 applications
Customization and branding options
Ease of integration with LOS and CRM software
Choose Your Tech, Scale Your Business
Let’s face it, the world has gone digital. In a landscape dominated by outsourcing and algorithms, a strong tech stack can be the difference between a year of record-breaking profits and one where you’re just scraping by. No matter your broker business goals, combining the tools mentioned above will help you reach them.
Are you ready to jump-start your career in the mortgage industry? Our team at BeAMortgageBroker.com is here to help you every step of the way.