The use of technology and intelligence in lending is rapidly changing just like the mortgage industry itself. Also, there is no shortage of uncertainty facing the market, especially as we wonder how much longer the pandemic will affect economic activity.
So, it is important for loan officers to understand the way that technology and intelligence are shifting. By using technology, and lending with intelligence, you are bound to be more successful in your business practices.
Lend With Technology and Intelligence
The need for technology and intelligence is crucial for loan officers in today’s lending process. So, this requires an understanding of what is going on in local markets, specific asset classes, and even at the neighborhood and property level.
Forward-thinking lenders should harness data in new ways to evaluate their loan portfolios. Keep reading to learn technology and intelligence practices that you can use in your work routine as a loan officer.
Technology for Loan Officers
Investing in technology and processes is essential for loan officers. So, rather than hiring additional staff to address pain points, consider automating your processes and using technology to your advantage.
After all, a well-balanced team is key to increasing volume. This is especially the case for rapidly changing markets. Also, loan officers should embrace technology as they commit to customer satisfaction.
Digital agility describes the ease with which an organization can rapidly enable, update, change, or adapt their processes. Overall, it provides organizations with the power to rapidly develop, test, and launch new systems, processes, and workflows
So, do not ignore digital agility within lending. It retains loyal customers and equips mortgage businesses to create new products in response to changing times. After all, using the right digital tools gives you the power to create solutions.
New Technology, New Opportunities
Countless new technologies, including artificial intelligence and machine learning, predict to redefine the lending space over the next few years. This value is found in many ways, including higher profit margins and personalization.
So, to support forward-looking preparedness in advance of relevant and effective technologies, lenders are turning to digital agility. Maximize workforce productivity, cut loan cycle times, boost your volume, and deliver exceptional customer service.
Many consumers expect businesses to understand their specific needs. Salesforce found that 64% of consumers believe companies should immediately reply to their inquiries.
So, what does this look like for a loan officer? This includes ease of use, simplicity, efficient processes, and personalized experiences for clients. Also, technology is key in enabling the responsiveness needed to meet their expectations.
Allow Jungo to Work For You
Technology can set your mortgage business apart from the competition. So, enhance your loan officer name and brand! Your investment in a digital platform such as Jungo is not only for this year, but years down the road.
Jungo’s all-in-one customer relationship management (CRM) and marketing solution provides mortgage and real estate industry professionals with the number one, high-quality mortgage ecosystem. So, become a top loan originator and learn more about Jungo today!
Also, having a powerful tool at your disposal, like a CRM, provides you with a database and built-in follow up system for lead to close.
Intelligence in the Loan Process
When processing loans, it is necessary to do so intelligently and assess the loans in your portfolio. This way, any changes to property or market conditions that could alter a loan’s risk profile come to the surface. So, prioritize regular reviews to look for red flags and examine overall property conditions.
Also, take steps to identify borrowers that may not fully understand the lending process. The easiest way to do so is by simply talking to your clients. Lenders are more regularly checking on their borrowers to see how they are doing and to understand their loan perspective.
As a loan officer, technology and intelligence are key to streamlining processes and growing your business. Lenders who adopt technology-driven strategies are able to reduce their risk and maintain a healthy, balanced pipeline without being caught off guard as the market shifts. By using technology and intelligence for day-to-day processes, lenders can understand what current industry conditions are and how best to move forward.