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Robots and Mortgage Broker Tools Aren’t Taking Your Job

In a recent post, we discussed AI-powered mortgage broker tools — including robotic process automation, intelligent document processing, and online onboarding and identity verification — and how they are set to revolutionise the mortgage industry.

With everyone from major banks and independent mortgage brokers to start-up fintechs and alternative lenders investing in digital tools, you may start to wonder, “Will I be replaced by robots over the next few years? Should I be considering a new career?”

That’s a valid concern, but don’t start emailing your resume just yet. Human intervention is still super critical for creating seamless customer journeys and ensuring smooth mortgage processing.

Embracing Automation Can Be A Wise Business Decision

3 Reasons Why Financial Automation Is Your Friend

Technology isn’t causing mortgage brokers to become extinct. What it is doing is levelling up their game. Here’s how:

1. It Enables More Frequent and Meaningful Communication

Do you try to space out customer communications for fear of coming across as spammy? If so, you may want to reconsider your approach.

A 2020 study by consumer research company JD Power revealed an interesting correlation between mortgage origination satisfaction rates and frequency of communication. Customers reported that they were most happy when they heard from their lender daily. Yet, this only occurred 11% of the time.

This is where digital mortgage broker tools come in. By automating routine communications, such as sending reminders or requesting client feedback, they facilitate regular and consistent engagement throughout the loan life cycle. This also frees you up to spend more time on inquiries that require human intervention.

Courtesy of JD Power

2. It Allows You to Focus on What Matters Most

Too many mortgage professionals continue to rely on tedious manual processes and sluggish legacy software to perform repetitive admin tasks. These take up most of their working hours and leave little to no time to focus on core business processes like customer service or revenue generation.

Next-gen mortgage broker software solves this problem by automating dozens of mundane tasks such as customer onboarding, document collection, data extraction, ID verification, and more.

With so much work off your shoulders, you have more time to guide applicants through the loan process, answer questions, intervene when they hit a roadblock, and deliver exceptional client service.

From a bottom-line perspective, automation software also empowers you to dedicate your full attention to cross-selling opportunities and assessing complex or high-risk loans that require human judgement.

3. It Helps Build a One-Stop Shop

Perhaps the most effective way to provide seamless customer experiences is to build a single platform that handles all their needs.

Deloitte calls this an “integrated mortgage storefront” — a digital portal where users can access self-service tools like online onboarding and mortgage calculators, request add-on services, get real-time updates on their loan status, contact customer service reps, and more.

For instance, an integrated mortgage “storefront” can offer self-service options for obtaining appraisals, insurance, etc., and online tools such as affordability calculators that can help make the homebuying and lending process feel more cohesive.

Deloitte - Digitizing the mortgage business for future success

By concentrating all customer touchpoints into a one-stop shop, you get a much better grasp of each borrower’s journey. Instead of a narrowly focused product manager, you become a journey owner of the loan process, providing more timely, accurate, and relevant assistance.

Want to See How Digital Mortgage Broker Tools Can Help Your Business?

Read about Unitek’s mortgage solutions or click here to see our Automation Experience Platform in action.

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