The Benefits of Technology for Mortgage Brokers

Sep 04, 2023
Benefits of technology for mortgage brokers

Get the edge on the competition, by streamlining your mortgage broker platform

Understanding How Automation & Technology Can Streamline Your Mortgage Brokerage
This is the first in a series of three blogs aimed at helping Mortgage Brokers and Loan Officers working at Mortgage Brokerages.

For over a decade, it has been common knowledge that mortgage industry professionals have stated that Retail Lenders and their loan officers had an edge on banks and brokers when it came to technology and automation. This was partially because of retail lenders' size and their ability to make more money per closed loan. These retail lenders made the investments into better technology that would automate the loan origination process, for their loan officers and ultimately the consumer.

The question you should be asking is,

Is this still the case in 2023 and what should you be doing to stay ahead of the game?

In 2017, my business partner and I had our best year in the mortgage industry closing a combined 500 loans for customers as mortgage brokers. It was hard work, it was exhausting and we felt that there were still better ways to do business out there. It was one of the handful of reasons that at the end of this year, we considered and ultimately made the change over from a mortgage broker into working at a large retail lender.

Our team had been asking for less systems, better systems to do their job. As mortgage brokers, we were constantly hopping between our loan origination system, a CRM, the spreadsheet we manually managed for our large pipeline and the handful of other tools we used to stand out and lead our markets.

When we made the transition over to the retail lender that January of 2018, we were ready for a single system and a process that we were sold was seamless!

This never happened!

  • Not only did it never happen, but the technology, automations and speed of managing our business slowed down.
    It took our new lender nearly 12 weeks to get all of our offices licensed and approved to do business.
  • Our marketing extensions took nearly 6 months to roll out and approve, not to mention that the new lender requested our input on how to provide the same marketing services to their loan originators.
  • There was no single system.
  • There was no better automations and technology.
  • It was all lip service to get us to come over and join their growing organization.

Our business took a hit that year for a number of reasons, with technology being one of them, and by the 12 month mark, we had already started the process of activating our mortgage broker license again. What we did not know at the time was that changes had begun to take form in the mortgage broker channel while we were away and that the brokers had come together to form an organization that would make changes and progress that leveled the playing field, if not gave mortgage brokers a leg when it comes to technology, systems and automation.

Mortgage brokers now had resources where they could pool their money and level the playing field together. Let’s explore what these new tools and brain power can do for your customers, your companies and your teams, if you are or are considering becoming a mortgage broker.

Part 1: The Client Experience

Make it easier for prospective borrowers through Technology & Automation

Technology has come a long way since we first stepped foot in the mortgage industry. Your clients are used to being able to access services and information through their phones, tablets and computers, so they better be able to access you.

It can be overwhelming for prospective borrowers to fill out paperwork when applying for a loan. Automation tools available today make it easier than ever for them to upload documents quickly and securely. Automation also helps to ensure that no crucial steps are missed or overlooked, resulting in a smoother process for everyone involved.

In addition, your clients can benefit from longer hours of service due to the automation of mundane tasks. For instance, when you use software as an automated knowledge base that answers common questions about various mortgage products and options, it frees up your team to focus on providing service when you are not available.

For the borrower, this translates to getting their questions answered quickly and easily. It also means that they can get help with their application whenever they need it without having to wait for a response from you or other members of the loan origination team.

Finally, technology and automation can help you streamline the entire process, from application to closing. A mortgage broker who is well-equipped with technology and automation tools will be able to ensure that their client’s loan closes quickly and without any last minute snags. This leads to a better overall experience for your clients and further increases customer loyalty. So then, where do you start and what does this look like working with your customers in 2023 and beyond?

Benefits of using mobile apps and a secure online platform to increase customer satisfaction

Everyone, including our clients, want the “Easy Button.” They want to hit a button and poof, they are done and will receive what they want and need. For you as a mortgage broker, this means being able to offer your clients the most efficient and secure online platform possible.

Mobile apps provide both convenience and security to our customers. With just a few taps on their smartphone’s display, they can access our services easily and securely. From application input to loan documents, mobile apps are designed with the user in mind by providing a user-friendly interface that is easy to navigate.


Mobile apps also have features built in that allow customers to interact with their loan documents and make changes quickly and easily, without having to pore through piles of paperwork. This makes the process faster and more efficient, while still ensuring accuracy and security from start to finish.

The same can be said for a secure online platform. With a secure online portal, customers can access their loan documents and information from any device with internet access. This allows them to review their paperwork and make changes as needed, all without having to leave their home or office.

With these benefits in mind, it's no wonder that mobile apps and secure online portals are becoming the go-to solutions for mortgage brokers who want to provide their customers with the best possible experience. By leveraging the power of technology and automation, you can get a leg up on your competition and streamline your loan process from start to finish. And that's a win-win for everyone involved!

The Power of Financial Calculators to Help Clients Make Sound Financial Decisions

Financial calculators provide an invaluable tool for clients to make informed and sound financial decisions. These calculators, accessible through mobile apps or secure online platforms, allow prospective borrowers to gauge different mortgage scenarios and understand how varying parameters like loan term, interest rate, and down payment affect their monthly payments and overall cost. By providing a clear, visual representation of potential loan scenarios, financial calculators help demystify the mortgage process, offering clients the confidence to make decisions that align best with their financial goals. Enhanced with the power of automation, these calculators become a potent tool, augmenting the customer's loan experience and aiding mortgage brokers in providing superior service.

The importance of having a secure online platform for client interactions

Providing clients with a secure online platform for interactions is imperative in today's digital world. As a mortgage broker, using encrypted technology to protect sensitive client information is not just a bonus—it's a necessity. Clients trust you with their personal and financial information, and it's your duty to protect it. A secure online platform allows clients to confidently share their documents, and communicate their needs without the fear of data breaches or theft. Moreover, an online platform streamlines the communication process, allowing for quicker, more efficient interactions. It fosters a sense of trust and reliability, enhancing the client's experience and ultimately bolstering your reputation as a secure, trustworthy mortgage broker.

Cloud-Based Document Management System – Easily store, organize, and share client documents in a secure cloud environment

A cloud-based document management system is a game changer for mortgage brokers seeking to streamline their operations. This technology allows for the secure storage, organization, and sharing of vital client documents in a cloud environment, eliminating the need for physical storage and manual sorting of paperwork. It makes documents accessible from any device with internet access, enabling seamless collaboration and efficient service delivery. The system also ensures the highest level of security, with advanced encryption methods protecting sensitive client data. Furthermore, automation can be applied to document management, enabling auto-sorting, easy retrieval, and timely updates of documents, further enhancing the efficiency of the loan process.

Benefits of using automation software to trigger personalized emails

Automation software plays a pivotal role in enhancing the loan process by triggering personalized emails at important milestones. This not only keeps clients informed about the progress of their loan application, but also fosters a sense of engagement and personal connection, as each communication is tailored to the individual's unique journey. This technology also saves mortgage brokers time, as they no longer need to manually send updates, freeing them to focus on more crucial aspects of the loan process. Furthermore, these automated, personalized emails can also serve as reminders for any upcoming deadlines or required documents, ensuring a smooth, timely progression of the loan process. Overall, this use of technology significantly elevates the client experience, while boosting the efficiency and effectiveness of the mortgage broker.

Enhancing Your Customer’s Experience with CRM Solutions

Customer Relationship Management (CRM) solutions are a transformative tool for mortgage brokers, designed to enhance the customer experience throughout the home buying process. These software systems make it easier to manage, track, and analyze client interactions and data, resulting in more personalized and efficient service. By automating communication, CRMs keep customers informed at every stage of their loan application, reducing uncertainty and boosting satisfaction. They also facilitate the timely collection and processing of vital documents, thereby speeding up loan approvals. With inbuilt analytics, brokers can gain valuable insights into client behavior and preferences, enabling them to fine-tune their offerings and provide a truly bespoke service. Through a CRM, mortgage brokers are better equipped to meet and exceed customer expectations, ultimately boosting loyalty and satisfaction.

Why CRM systems are critical for streamlining customer contact and tracking

CRM systems effectively streamline customer contacts, serving as a vital conduit before, during, and after the loan process. Before the loan process, CRM software can help mortgage brokers stay top-of-mind with potential clients who are house hunting, through targeted, personalized communications, thus paving the way for robust relationships. During the loan process, CRMs facilitate smooth interactions, effortlessly managing and tracking communications, ensuring customers are kept informed and involved at every step. But the role of CRM doesn’t end with the loan closing. Post-closing, these systems can be used to maintain contact with clients, providing valuable updates, house maintenance tips, or refinancing opportunities. This consistent engagement fosters a strong, enduring client-broker relationship, transforming a one-time transaction into a long-term partnership.

Technology to Keep Mortgage Brokers Top of Mind After Buying a Home

Maintaining visibility and staying top-of-mind is crucial for mortgage brokers in cultivating long-term client relationships and repeat business. Fortunately, technology offers innovative solutions to achieve this, such as automated marketing software. This software can be programmed to send out periodic newsletters, market updates, or personalized messages on special occasions, keeping the broker's brand and services consistently in the client's purview. Additionally, social media management tools can schedule regular posts to maintain an active online presence and engage the client base. This continual engagement, facilitated by technology, reinforces the broker's role not merely as a transactional intermediary, but as a trusted financial advisor, paving the way for future business opportunities.

In conclusion, the interplay between technology, software, and automation provides a competitive edge to mortgage brokers, streamlining operations and enhancing client experience. By embracing these tools, mortgage brokers not only elevate the quality of their service, but also fortify their position in a competitive marketplace.

Make sure you don't miss out on our upcoming features on leveraging technology in the mortgage industry by subscribing to our newsletter. Stay tuned for Part 2 of this technology series, where we will continue to explore how mortgage brokers can further harness the power of technology to transform their business. Subscribe now and stay ahead of the curve!

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About The Author

Megan Marsh is one of the top mortgage brokers in the country, with her brokerage being named 2023 Regional Mortgage Broker of the Year.  Read Megan’s “About Us” story “From Fired to Financial Freedom.”

Feel Free to send Megan a message to [email protected].