Change is inherent in business - and so is acceleration. Lenders, banks and mortgage companies who have invested in and committed to the technology that helps them navigate change and its increasingly rapid pace are starting to see their efforts pay off, while those who have hesitated are beginning to panic.
Technology adoption in mortgage has evolved from a luxury to an essential. Increased regulatory oversight was an initial impetus for the proliferation of technology, but it has now become crucial to provide the intuitive, fluid, on-demand experience today's consumers demand.
The mortgage industry is still learning - even the early adopters who invested proactively and heavily. However, companies that lacked clear vision and took a wait-and-see approach have lost market share, practitioners, partners and all other integral players in these complex financial transactions.
Top-performers who are really moving the needle for their companies insist on the right technology to run and support their business, and they will gravitate to the organizations who will provide it for them. The pace of business and the evolving tech ecosystem aren’t about to slow down - companies and producers today have only one choice: Adapt or Die.
The Path to Technological Transformation
The tech ecosystem is vast and companies have a lot of choices. Ownership and management must take the lead and avoid being reactive in today's fast-paced environment. It's no longer smart - or even plausible - to allow practitioners to run amok and adopt whatever is trendy or new, because allowing sales people to select and deploy individual solutions doesn't work long-term and there's no oversight or business controls.
There are many vendors selling niche and hybrid products that blend content and customer relationship management (CRM) elements, but they lack enterprise-grade system architecture and tiered access and permissions, so they don't satisfy all of today's complex needs - and will quickly become obsolete or underperform.
Pain is the prime motivator for change, and it manifests differently throughout the various levels of a company. Each of the following groups are faced with unique challenges in the business and have distinct needs.
Managing Technology Adaption at Various Levels of Your Organization
Teams are getting bigger as more volume is going to fewer producers. Some practitioners are doing hundreds of millions in production and they understand that adapting to market climate and innovation is necessary and never-ending. However, mortgage loan officers and Realtors are notoriously reactive, have short attention spans and are easily distracted by trendy new tools. This group doesn't think foundationally or focus on the long-term, and they need guidance, assistance and oversight.
Marketing and Compliance Teams
Marketing and compliance teams need to be able to monitor and manage what’s happening in the organization and move quickly when it's necessary to make course corrections and adjustments due to market and regulatory changes. In order for marketing to help capture consumers and new business, campaigns and marketing assets must be available to salespeople and easy to deploy. Compliance must be able to guarantee that all regulatory requirements are met and that assets are properly archived. Business controls and a system of record are critical for these two groups to do their jobs effectively.
The industry has moved beyond sexy, cutting edge landing pages to a true digital mortgage experience that's automated and eliminates friction for consumers. The best C-level teams see the writing on the wall: The game has changed, it’s only going to continue to accelerate, so it’s time to jump in and incorporate technology into their business and accept it as vital to the industry overall.
Even if a company is considering building its own internal solution to become a technology-enabled company, it's smart to investigate best of breed providers and realize that integrations and system components are still evolving rapidly. C-suite decision-makers know that organizational change from the top down is necessary to succeed.
It's not a question of whether to adapt to technology in mortgage and real estate today, but rather when you do so and how effectively. Remaining relevant and successful in today's market with consumers and top-producing talent starts with the top. Companies must explore the options, make an informed choice and commit fully to a change that will take hold at every level of their organizations. Time is running out for companies that fail to shift from a reactive approach. Innovation was once a mark of proactivity… today it's mandatory.