What are all the mortgage technology categories available in the mortgage industry?
In recent years, mortgage technology has become an increasingly important aspect of the mortgage industry. As more mortgage loan officers, brokers, and enterprise mortgage lenders seek to grow their businesses, they are looking for ways to leverage technology to make their processes more efficient, reduce costs, and improve the customer experience. Fortunately, a variety of mortgage technology solutions are available to help these professionals achieve their goals.
Mortgage CRM Software
One category of mortgage technology that has been gaining popularity is mortgage CRM software. CRM software is designed to help mortgage professionals manage their customer relationships more effectively. This type of software typically includes features such as contact management, lead tracking, marketing automation, and reporting/analytics. Using a mortgage CRM, loan officers, brokers, and enterprise mortgage lenders can streamline their customer management processes, ultimately leading to increased sales and revenue.
Mortgage Loan Origination Software
Another important category of mortgage technology is mortgage origination software. This type of software is designed to automate and streamline the mortgage application and approval process. Mortgage origination software typically includes features such as online application submission, document management, underwriting workflows, and electronic signatures. By using mortgage origination software, mortgage professionals can reduce the time and effort required to process and approve mortgage applications, leading to faster turnaround times and improved customer satisfaction.
Mortgage Pricing Engines
Mortgage pricing engines are also an important category of mortgage technology. These tools are designed to help mortgage professionals quickly and accurately price mortgages based on a variety of factors, including loan amount, credit score, and interest rate. Pricing engines can also help mortgage professionals compare different loan products and determine which ones best fit their customers' needs. Using a mortgage pricing engine, loan officers, brokers, and enterprise mortgage lenders can save time and effort while ensuring that they offer competitive pricing to their customers.
Mortgage Document Management Software
Another category of mortgage technology that is growing in popularity is mortgage document management software. This type of software is designed to help mortgage professionals organize and manage the many documents that are required during the mortgage application and approval process. Mortgage document management software typically includes features such as document capture, indexing, and retrieval. By using this type of software, mortgage professionals can reduce the risk of lost or misplaced documents, which can lead to delays and errors in the mortgage approval process.
Mortgage Servicing Software
Mortgage servicing software is another important category of mortgage technology. This type of software is designed to help mortgage professionals manage the ongoing relationship with their customers after the mortgage has been approved and funded. Mortgage servicing software typically includes features such as payment processing, escrow management, and customer communication tools. By using mortgage servicing software, mortgage professionals can ensure that their customers' mortgage payments are processed accurately and on time, which can help improve customer satisfaction and reduce the risk of late payments or delinquencies.
Mortgage Analytics Software
Finally, mortgage analytics software is an emerging category of mortgage technology that is becoming increasingly important. This type of software is designed to help mortgage professionals analyze data and gain insights into their business operations and customer behavior. Mortgage analytics software typically includes data visualization, predictive analytics, and reporting tools. By using mortgage analytics software, mortgage professionals can identify trends and patterns in their data, which can help them make more informed business decisions and improve their overall performance.
In conclusion, mortgage technology solutions are becoming increasingly important for mortgage loan officers, brokers, and enterprise mortgage lenders who are looking to grow their businesses. There are a variety of categories of mortgage technology solutions available, including mortgage CRM software, mortgage origination software, mortgage pricing engines, mortgage document management software, mortgage servicing software, and mortgage analytics software. By leveraging these technologies, mortgage professionals can streamline their processes, reduce costs, and improve the customer experience, ultimately leading to increased sales and revenue.
Innovation, Digital Technologies & Disruption: Balancing Growth & Customer Engagement
By: Ryan Colkitt
In today's business conversations, I often hear buzzwords like innovation, digital technology, and disruption. These buzzwords are becoming increasingly important drivers of growth and competitiveness. These powerful forces can bring significant benefits to organizations in terms of streamlining business processes, reducing costs, and reaching new customers and markets. However, it is also essential to recognize that these same forces can have negative consequences, such as distancing businesses from their customers.
One of the most significant advantages of innovation and digital technologies is their ability to automate repetitive and time-consuming tasks, leading to increased productivity, cost savings, and free human resources to focus on more value-added activities. Additionally, digital technologies such as big data and analytics can provide organizations with valuable insights into their operations and customers, enabling them to make data-driven decisions that can improve efficiency and effectiveness. Another benefit of digital technologies is the ability to expand the reach of businesses beyond traditional boundaries. E-commerce platforms, for example, allow organizations to sell their products and services to customers around the world. At the same time, social media networks provide opportunities to connect with customers and build brand awareness on a global scale. Furthermore, digital technologies enable organizations to personalize customer interactions, leading to greater customer satisfaction and loyalty.
However, it is also crucial to recognize that the same digital technologies that can bring these benefits can also lead to distancing businesses from their customers. When organizations rely too heavily on automation and digital technologies, they risk losing touch with the human element of customer interactions. Additionally, when businesses rely too heavily on data and analytics, they may make decisions that are not in the best interest of their customers. Areas where clients may feel less engaged when businesses rely too heavily on innovation, digital technologies, and disruption include:
How Innovation May Impact The Mortgage Industry in a Negative Way.
1. Lack of personalization: When businesses rely too heavily on automation and digital technologies, they may lose the ability to personalize their customer interactions. Unfortunately, this can lead to a feeling of detachment or disconnection from the business.
2. Lack of human interaction: When businesses rely too heavily on digital technologies, they may reduce customer interaction with the company. Lack of attention and interaction will lead to customers feeling alienated or lack of engagement.
3. Lack of transparency: When businesses rely too heavily on data and analytics, they may make decisions that are not always transparent to customers. Which can lead to mistrust or lack of engagement.
Organizations must balance leveraging the benefits of innovation and digital technologies and maintaining solid customer relationships to avoid these potential negative consequences, which requires a focus on human-centered design, actively seeking and incorporating customer feedback, and being open to new ideas. Additionally, it is vital to manage the disruption caused by these forces in a way that benefits both the business and the customer.
Technology Benefits in the Mortgage Industry
On the other hand, where customers may benefit from innovation, digital technologies, and disruption include:
1. Convenience: Digital technologies can make it easier for customers to interact with a business through e-commerce platforms and mobile apps.
2. Personalization: Digital technologies can enable businesses to personalize customer interactions, leading to greater customer satisfaction and loyalty.
3. Efficiency: Innovation and digital technologies can streamline business processes and improve efficiency, leading to faster service and delivery for customers.
4. Accessibility: Digital technologies can expand the reach of businesses and provide customers with greater access to products and services.
5. Empowerment: Digital technologies can empower customers to make more informed decisions by providing them with more information and data.
In conclusion, innovation, digital technologies, and disruption are potent drivers of growth and competitiveness in today's business environment. They can bring significant benefits such as streamlining processes, reducing costs, and reaching new customers and markets. However, it's essential to recognize the potential negative consequences, such as distancing from customers. To ensure that you are optimizing customer engagement and satisfaction, companies must actively balance leveraging the benefits of technology and maintaining strong customer relationships. All is achievable by implementing human-centered design, actively seeking and incorporating customer feedback, and managing disruption to benefit both the business and the customer. By finding this balance, companies can harness the power of innovation, digital technologies, and disruption to drive growth and competitiveness while keeping customers at the center of their operations.
Digital Transformation Done Right: Best Practices for Success
By: Ryan Colkitt
Digital transformation is a trendy topic in business today. Still, despite the hype and excitement surrounding it, the reality is that many digital transformation initiatives still need to achieve their goals. A study by McKinsey found that 70% of digital transformation initiatives fail. So, how can organizations avoid failure and succeed in their digital transformation initiatives? This post will explore five key factors contributing to digital transformation success: clear goals, the right timing, technology selection, employee engagement, and market focus.
1. Clear Goals
A lack of clear goals is one of the main reasons digital transformation initiatives fail. Before beginning a digital transformation initiative, organizations must define clear, specific, and measurable goals. All stakeholders must understand these goals and have a shared vision of what the initiative aims to achieve. Clear goals help measure success, guide decision-making, and keep everyone on the same page.
2. The Right Timing
Timing is also critical to digital transformation success. Organizations must carefully consider factors such as business needs, available resources, strategic priorities, organizational culture, and industry trends before embarking on a digital transformation initiative. For example, a growing market or a competitive industry may be good targets for digital transformation initiatives. At the same time, a company with limited resources may need to wait before committing to a digital transformation initiative.
3. Technology Selection
Selecting the right technology is critical to digital transformation success. Companies must carefully evaluate their needs and choose technology that fits their requirements. The technology must also be user-friendly, integrate well with existing systems, and be scalable. Working with technology partners who can provide support and guidance throughout the implementation process is essential.
4. Employee Engagement
Digital transformation is not only about technology; it's also about people. Organizations must involve employees at all levels in the planning and implementation, provide training and support, and clearly communicate the initiative's benefits. Employee engagement is critical for success since they will use technology to drive organizational change.
5. Market Focus
Lastly, organizations must focus their digital transformation efforts on markets where they can provide the most value, which requires a deep understanding of market needs, trends, and competitive dynamics. By focusing on markets where digital transformation can provide the most value, organizations can increase their chances of success and achieve their goals more effectively.
In conclusion, digital transformation can be a powerful tool for modernizing your organization and staying competitive in a fast-changing business landscape. Organizations must define clear goals, carefully consider the right timing, choose the right technology, involve employees, and focus on the right markets to succeed. By following these fundamental principles, organizations can increase their chances of success and achieve their digital transformation goals.
Remembering the Bright Side in Today's Mortgage Environment
Written By: Wendy Peel, COO Art Vs Math & Mortgage Advisor Tools
Life events are going to happen whether interest rates are 2% or 20%. Americans still get married, divorced, have kids, take in older parents to age gracefully, build home businesses. Post pandemic, the millennials are coming of age financially and the boomers are letting go of the reigns (even if reluctantly), wealth will transfer, and housing will be central to this transformation.
Owning a home is the most consequential investment most Americans make. It is not just financial, it is emotional. In the hierarchy of needs basic to human existence according to Maslow – owning a home could be considered a staple in all 7 needs of the pyramid.
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It’s never been more important to remember why America is great and why home ownership is important. It’s not simply about “the Benjamins, baby”.
The loan officer who understands and adapts both messaging and their behavior to focus on human being’s NEEDS rather than rates will increase their footprint -ie increase market share.
The mortgage lending company who reduces redundancy in technology and invests in the human experience (solving for the NEEDS) will increase market share.
The technology company that isn’t afraid to say “no” to something that doesn't serve either their customer or the consumer NEEDS will increase market share. Build a better product for the borrower and the lender will follow.
Don’t waste the crisis – use it to gain market share, streamline redundancies and ultimately serve all 7 needs of every American. Here’s the bright side of where the market is for anyone willing to adapt.
Join us March 7th for a webinar on this very topic. Click HERE to Register!
Will Mortgage Conferences Be Worth It in 2023?
Every Las Vegas flight I’ve ever been on is full of excitement and anticipation. As soon as the Vegas skylight is in view, you can feel the energy ripple through the airplane. Several folks may be pretty loaded, but you can feel the energy. For whatever reason, people are heading to Vegas; most seem to be running there for drinks, gambling, debauchery, and good times. However, some of us are heading there to attend our 17th conference. It is a legacy practice. Of course, we look forward to seeing old friends and enjoying some of Las Vegas's pleasures. Since the beginning of our mortgage career, we have been conditioned to head to mortgage conferences to learn something new and close a deal.
For lenders, the reasons for attending a conference are becoming challenging. Back in the day, lenders sent entire departments to seek out new vendors and resources. Today, lenders are barely sending one representative, if any at all. The main reason is simple. It is expensive. As the old saying goes, price is only an issue in the absence of value. Mortgage media must rethink how they can provide more value not only to the mortgage lending industry but to the technology and service providers that rely on them to drive their sales.
Of course, this movement is of great importance to Mortgage Advisor Tools – because we often promote the platform as a digital mortgage conference online 24/7. Nonetheless, we attend a lot of these shows too. We receive the same benefits from in-person connections and new vendor discovery. So here are three things we would like to see mortgage conferences do in 2023 and 2024 to ensure that the mortgage industry will continue to show up and receive the benefits of these events.
Three Ways to Make Mortgage Conferences Better.
1. They will undoubtedly have to be cheaper. So, this is more complicated than just lowering the price. Not only do the tickets have to be more affordable for lenders, but submissions to show must come down for technology and service providers. Easier said than done; these shows cost enormous amounts of money to put on, but the entire industry is scaling down its budget.
2. Refining the Target Audience – The industry continues to overlook a massive segment of the mortgage lending industry. Mortgage lenders and banks with volumes less than $500M need more love. These lenders are the lifeblood of the entire industry, and most would be shocked at how little they are solicited, leaving them with mostly legacy technology and outdated processes.
3. Location Diversification – We go to Vegas a lot. Vegas is cheap to fly to but expensive to stay. I can’t help but think dozens of big and small cities may be fascinating. The perceived craziness of Vegas that attracts many likely also causes many to turn away. So Atlantic City – here we come!
All these things are challenging. The companies that put these together do a great job, even when they don’t. There are a lot of moving parts. The companies that pay to participate in these events deserve new audiences and opportunities. It is a massive investment for all parties involved.
These three changes are literally what Mortgage Advisor Tools is built on. Free for Lenders, economical for mortgage technology companies and service providers, and available all the time. We are invested in helping the mortgage industry truly innovate. Enterprise lenders, banks, brokers, credit unions, and independent mortgage lenders. There are hundreds of resources in the mortgage industry and likely a dozen options for whatever challenge a lender may have. So, it is okay if you aren’t hitting a conference this year. We got you covered.
Is Mortgage Technology Dead?
This crazy-ass question was asked to me by a salesperson at a major mortgage technology company. I don't believe so - mainly because mortgage technology has not penetrated most mortgage lenders in the US. By the way - Happy New Year! I hope everyone enjoyed the holidays. It generally felt like the last big shebang as we prepared for the battle of 2023. Mortgage technology is continuing to evolve. I know this because Mortgage Advisor Tools is expanding its category offerings, meeting with new tech companies, and seeing traffic upticks regularly. Here are a couple of updates Mortgage Advisor Tools is working on to help support the mortgage industry.
1. Category Expansion – Defining mortgage technology categories are essential to help lenders find tech that solves their problems. We must ask – what are people searching for exactly? What are the keywords and phrases that are being used? Who fits into these categories?
2. New Commercials – Our commercials are fucking awesome, and if you haven't seen a Mortgage Advisor Tools commercial – get your ass over to YouTube immediately and check them out. You can expect a couple more to drop soon. The goal is to highlight the pains that mortgage lenders and loan officers experience and how technology can solve these challenges.
3. More Content – We have a different perspective and what is believed to be a less biased perspective than most. Why? We haven't completely sold out yet. We work extremely hard to maintain a level of public neutrality on the viability of mortgage technology. That said, when we write opinions or op-eds, it isn't motivated by the all-mighty dollar. We want to provide more insights on mortgage tech news, public relations, and mortgage technology companies as regularly as our little fingers can type.
Let's get back to the question.
No, not dead. However, if mortgage technology fails to show lenders exactly how it will drive revenue, efficiency, or business impact, it will be exceedingly hard to generate new sales. The mortgage industry must continue innovating and working towards a more automated existence. Generation Z won't tolerate it. Technology should empower lenders to navigate the market. There is no doubt it will change again.
While lenders must innovate, technology companies must simplify their messaging to help lenders understand their solutions. Lenders are avoiding redundancy and "luxury" services. If tech is perceived as "nice to have" but unnecessary, it won't be purchased. Solve big problems quickly and state them as plain as day, and lenders will be lining up to sign up. Mortgage technology is not dead or on life support, but it may have a bit of a limp. It is all correctable, but we must strap on our helmets and remember that we all strive towards the same goals.
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Digital Mortgage Conference Quick Recap
Once again Digital Mortgage Conference was held in Las Vegas. However, the hotel where the conference was held was well off the beaten path, and it rarely felt like Vegas was breathing down our necks. This may have been a welcome change for some but throwing this massive event at the Wynn next year was a smart move. This year the convention scene has been challenging for obvious reasons. The mortgage market is a battlefield, and sending out professionals to conferences doesn’t likely feel like a great way to use reserve funds. Technology was forced to address this issue head-on. If you weren’t talking about market share and purchase positioning, the message falls on deaf ears. Overall, the show was dope. Small but held a good punch. The real highlight of the event was the demos and the team of judges that provided American Idol-like feedback at the end of every 8-minute presentation. Total Expert won the big prize, Simple Nexus came in second, and Roostify and TrustStar tied for third place. TrustStar is the new kid on the block boasting about their AI application helping loan officers find new opportunities and referral partners. Pretty impressive to place.
The demo judges were the star of the show. Sue Woodard, from Stratmor Group, was the ever glowing, enjoyable personality we all adore, providing incredible insights and considerations throughout the event. Julian Hebron, The Basis Point, brought his robust fintech experience into perspective and rose to the occasion. Ron Shevlin, Cornerstone Advisors, made his best Simon Cowell impression by taking jabs at inadequate explanations of features and product relevancy. However, his experience is undeniable.
The Ryan Holiday was a standout session – extraordinarily entertaining and inspired marketing strategies and concepts to help companies drive thoughtful content to their audiences. He encouraged us to build an audience and focus solely on speaking to them and being of service. Marketing has never been more critical in this mortgage market.
All and all, it was a strong show. More so than ever, it was clear that Mortgage Advisor Tools is a needed resource for the mortgage industry. About 150 lenders were represented at the show, and thousands of lenders struggled to understand how technology and service providers can help them solve problems and grow their businesses. Many shows are left this year, and we encourage all to attend if possible.
Mortgage Technology Opportunity is HUGE
The year isn’t over. Not even close. While most of the press sounds like an old country western song, the idea that the mortgage industry is in complete shambles isn’t accurate. Of course, massive adjustments are being made from the considerable bloat from the last two years. Still, dozens of mortgage companies are starting, tons of technology products are being developed, and many of our mortgage staples are working to maintain to serve millions of families working to purchase a home.
This adjustment is causing mortgage lenders to reevaluate their budgets in a whole new way. Budget season is upon us, and technology companies should be preparing for some change and new acquisitions. In “It is Shopping Season for Mortgage Lenders,” we covered the three things lenders look at when developing their budget and tech stack. Quick recap:
• Don’t F&*%ing blow – The tech solution has to work.
• Budget – The technology solution must show an ROI.
• Innovation – The tech solution is innovative and has a road map to continual advancement.
On the brink of the Digital Mortgage Conference, technology solutions companies must bring the noise. Lenders will likely send fewer people than ever, but they will send their heavy hitters to examine the newest and greatest technology that could bolster their mortgage bank to the next level. More than ever, mortgage lenders need to understand how technology will help them save money and grow. Not just the top 200 mortgage lenders, but all 5,000. What is the HUGE opportunity? In each respected category of mortgage technology, a tech company can rise above the rest to be the hero. Here are three more areas of focus that mortgage technology companies must do to maintain their business and even scale and grow.
• Clearly Identify your Solution – Refine your messaging to help mortgage lenders understand precisely how your technology will help them solve the problems that they are facing in this new market.
• Don’t Count Anyone Out – Mortgage lenders of all sizes need help. It is hard to say which lender might be the next big thing. Mortgage lenders are shifting business models and capturing new markets to navigate the current tide. Some new big companies will emerge in the coming years.
• Invest in Marketing/Advertising – Any budget will do, but make an exerted effort to double down on your marketing: Digital, promotional, networking, or whatever your budget can allow. Staying top of mind in this busy world is essential to find the lenders that need help. The disconnect between technology and lenders is considerably weighted on the fact that – THEY DON’T KNOW WHAT TECHNOLOGY EXISTS!
The opportunity is enormous. New stars will be born. New technology will win. Continuing to scale and grow will undoubtedly be challenging but a thousand percent possible. Get clear on how you can help, increase your marketing spend and activity, and chat up some new prospects that aren’t on the Scotsman Guide list. Mortgage technology is doing incredible things, and it’s time to capture the moment. The time is now.
The Best Mortgage Conferences and Events
2022 continues to be a complete shitshow. Not bad, but hard to say it is going well. Some incredible events are coming up to help mortgage lenders and technology companies discover new resources to maintain and grow their businesses. Mortgage Media plays a massive role in providing relevant information for the mortgage industry, and they also throw some pretty kickass events. This is a massive opportunity to expand your horizons and re-connect with others in the mortgage industry. We have identified four events that will impact the mortgage industry. Of course, Art Vs. Math will be there with bells on!
Originator Connect – National Mortgage Professional
Friday, August 19 — August 21, 2022 – LAS VEGAS - Daymond John, the Shark Tank Entrepreneur, will be the featured speaker of this incredible event. What caught our attention was that the workshop topics are very interesting and relevant to what is happening today in the mortgage space. National Mortgage Professional has done a great job putting a creative angle on its media, and this event will provide some great insights. Most of these conferences are expensive, so NMP has hooked it up with a registration fee of under $500.
DIGITAL MORTGAGE – National Mortgage News
Tuesday, September 13 — September 15, 2022 – LAS VEGAS - This is the biggest mortgage technology event in the industry. If you want to scale your business with technology, this is the conference to discover and learn how technology will enhance your business. Digital Mortgage has daily technology demos, tech impact sessions and provides an opportunity to show how mortgage lenders use technology for every part of their day-to-day operations.
HOUSING WIRE ANNUAL 2022 – Housing Wire
Monday, October 3 – October 5, 2022 – Scottsdale, Arizona – The most prominent media company in the mortgage industry is holding its annual conference. A diversified group of speakers will drive newsworthy topics and provide unique value to mortgage professionals. This event will be much more than mortgage, but Housing Wire will be providing insights into the housing market in its entirety. We are all taking a sigh of relief that this event isn’t in Vegas.
MBA Annual 22 – Mortgage Bankers Association
Tuesday, October 23 – October 26, 2022 – Nashville, Tennessee – A great way to end the year of conferences. MBA events have gotten awesome over the last couple of years: massive attendance, concerts, and high-level conversation about the state of the real estate/mortgage industry. Every component of the mortgage industry is covered at MBA Annual so that every mortgage sub-sector and professional will find value at this show. In addition to all the banking
stuff, there are opportunities to learn about technology and alternative services. MBA members receive a significant discount, so sign up for MBA – it's worth it.
A jam-packed couple of months of fantastic mortgage conferences to consider. This is an opportunity to get rejuvenated and informed. This shitshow won’t go on forever. These shows provide a valuable opportunity to learn more about the mortgage and real estate industry. There is a show for every sized bank in every part of the US. Mortgage Professionals should consider signing up for some of these media companies' services. Most have regular events and provide a regular cadence of industry news. A lot is happening, but we will collectively crack this nut, innovate, and overcome the challenges to get better. The first step, show up!
Appraisal Technology – Mortgage Industry Impact
Every mortgage loan officer in the US has a story about a massive challenge they dealt with surrounding an appraisal. The appraisal came in too low; it took forever to get appraised, or the appraiser's comps weren’t a fair assessment of the home. Something happened, and the deal went sideways. The real estate market has experienced extreme shifts in the last three years that have impacted the importance of the appraisal process. Most home purchases with a mortgage require appraisal and personnel to monitor and manage the process. Appraisal technology has streamlined this process, creating more automation and accuracy. Here are the areas mortgage lenders must analyze when considering a new appraisal technology solution.
Appraisal Turn Time – An appraisal takes time. The question is how much time it takes to schedule, complete, and submit to keep the mortgage loan on track. Appraisal technology should provide features to improve this process so that the appraisals can get done more efficiently.
Appraisal Cost – Costs are going up, and appraisals are no exception. Borrowers share the expense of the appraisal, and it is likely not a deal breaker, but expensive appraisal costs may impact the overall borrower experience. Understanding the costs of the appraisal and the expenses involved in managing it should be a feature of consideration when discovering new technology.
Appraisal Accuracy – The appraisal is a subjective analysis that can be controversial. When controversy happens, it can stall the loan process or jeopardize the entire mortgage. Appraisal technology is improving the accuracy by aggregating many data points to ensure that a thorough examination is being done and all the variables are being considered to provide the most accurate outcome.
Resources – Several resources are involved in getting an appraisal done. If there is an issue with the assessment, there may be several more people that get to join the party. Technology should work to automate and decrease the number of professionals needed to complete an appraisal. This process should be relatively frictionless, predictable, and transparent to lenders and borrowers.
Appraisal technology is an excellent investment to improve the mortgage borrower experience. Lenders should consider many tech solutions to discover how they may align with the business objectives and technology currently used to close a loan. Check out the Appraisal Category on Mortgage Advisor Tools to learn more about the various companies working to innovate this process.
Here are 5 Reasons why a Loan Officer needs a CRM
Loan Officers are responsible for many essential duties, from helping customers find the right loan to ensuring the loan gets processed and closed. With so much on their plate, loan officers must use a CRM to help manage their workflow. This post will discuss five reasons why Loan Officers need to use a CRM.
Information Management - The more information loan officers have available, the more impactful they can be in their job. A Customer Relationship Management platform maintains and organizes information of customers. Gone are the days of Rolodexes, business cards, and notepads with scribbled contact info. A CRM should manage all contact information, loan amounts, interest rate, and other vital details. This technology is updated regularly to maintain and understand activity and effectiveness.
Automation - A CRM will automate your business life. There are many repetitive tasks that a Loan Officer has to do daily, such as sending reminders and following up with customers. A CRM can help automate these tasks, freeing up time for the Loan Officer to focus on other things.
The third reason is that a CRM can help create efficiencies. A well-designed CRM can help a Loan Officer work more efficiently by automating tasks and providing easy access to customer information.
Marketing - A Loan Officer can use a CRM to segment their customers, send targeted marketing messages, and create marketing collateral. Some CRMs will host content, send emails, track website visits, monitor correspondence, and send text messages. The CRM can be a marketing machine when utilized.
GROWTH - A Loan Officer can use a CRM to track their pipeline and see where they need to focus their efforts to grow their business. Understanding the customer's intent and the subsequent actions required to move them down the funnel is essential in increasing your sales volume. All the features discussed must be leveraged to experience the power of this technology. Your growth path is likely wholly mapped out in your CRM.
A CRM is a powerful tool that can help Loan officers manage their workflow and be more successful. If you're a Loan Officer, check out your
company's CRM. It's explicitly designed for Loan Officers and can help you streamline your workflow and close more loans. Different CRM platforms are available; some are for individuals, small businesses, and enterprises. If you want to learn more about what CRM is best for you, check out our CRM category today.
How Mortgage Loan Officers can use video to close more loans
Loan Officers have a lot of responsibility. They work with people who are hoping to buy a home, and they need to be able to explain the loan process clearly. Video is a great way to do this. It allows Loan Officers to show their personality and helps potential borrowers understand who they are. Creating video content doesn't have to be complicated or expensive. You can use a webcam or phone to record videos to upload on Social Media, YouTube, or other video-sharing sites. Loan Officers can use video to answer common questions about the loan process, or they can give tips on how to get the best deal on a mortgage.
Recording videos is an excellent way for Loan Officers to build trust with potential borrowers. It allows them to show that they're knowledgeable and approachable. And it can help potential borrowers feel more comfortable working with a Loan Officer.
Here are three things you can do to record authentic video content.
1. Talk to your audience: Let them know who you are and why you're the best person to help them with their mortgage needs.
2. Be yourself: People want to work with someone they can trust, so your videos must be authentic.
3. Keep it real: Don't try to script your videos too much. The best videos are those where you seem like you're just talking to a friend.
Start creating consistent video content to be top of mind. It's a great way to build trust with potential borrowers and show them that you're knowledgeable about the loan process. Use these tips to get started, and you'll be on your way to creating great video content that will help you close more loans.
Mortgage Conferences vs Digital Marketing
Art Vs. Math and Mortgage Advisor Tools are heading to MBA’s Technology Solution Conference this year! There are a dozen reasons to go. First, it’s Las Vegas. Second, to make new connections, meet up with old friends, and ultimately discover new opportunities. Meeting face to face and building personal relationships is always a preferable method. Most businesses in the mortgage industry are well served by networking. The mortgage technology market is no exception and therefore finds itself prioritizing conferences in its marketing. In most cases, it is likely their biggest marketing expense. While these conferences serve both mortgage lenders and mortgage tech companies in many ways – several challenges present themselves if you are prioritizing conferences as your primary way to generate business. One is, thousands of mortgage brokers, and lenders do not attend these expensive conferences. If they do attend, they tend to not buy tickets to go inside but set up meetings with their preferred partners outside of the conference. You might think, thousands, isn’t that a bit of an exaggeration? The truth is, that it is not.
Before we dive into some other needed marketing methods to fill your pipeline it is important to understand that meeting face to face has an extremely high conversion rate. Getting the opportunity to meet several mortgage professionals that may make the decision is extremely valuable. In no way, shape or form does digital marketing replace attending conferences. Mortgage Advisor Tools desperately would like to through a conference one day in the fine city of Indianapolis, Indiana. However, sleeping on all the other methods of marketing, especially digital, is just positioning your technology company to miss opportunities. So here are three opportunities worth committing a couple of dollars for to enhance your sales efforts…always.
1. Online Web Listings – This is always going to be a shameless plug for our web property, but we don’t care how many other websites you are listed on. Everywhere that you can list your company adds credibility to your brand and service. It also helps with search. The more your domain is listed on other domains it helps with your overall Google ranking.
2. Social Media – Post something that makes people want to check out your company. This inactivity is not acceptable at all. Mortgage professionals are on social media. Facebook, Instagram, LinkedIn, TikTok, and others. You should have a social media strategy that involves increasing the overall awareness of who you are and what you do – and making people engage.
3. Online Reputation – Most of the search terms that Mortgage Advisor Tools ranks for involve company reviews. Mortgage Loan Officers, Brokers, and Executives are looking up reviews. They spend time reading them and understanding how different services and platforms impact business. You have an online reputation. The real question is – are you spending time controlling the narrative. If not, get on it.
Quick recap. Mortgage conferences are awesome. We can’t wait to reconnect with everybody. However, digital marketing is how you get your company’s message to the masses. Not just the couple hundred banks that show up at a show. While social media, online reputation, and web listings aren’t the solution either, they are a huge step towards broadening your presence online and driving awareness of your solution. Marketing is a long game, and it is important to diversify your efforts.
Changing Mortgage Technology Marketing. (12-month Report)
Over the last twelve months, Mortgage Advisor Tools has worked to impact the mortgage industry by helping mortgage professionals find the best technology solutions the market has to offer. We have been humbled by the overall response to our technology and web platform and are extremely grateful to every customer and media partner than has supported us. Mortgage technology marketing is best summed up by attending conferences. There are several mortgage tech companies that leverage digital marketing, review platforms, and other means but Mortgage Advisor Tools is working to capture an audience from the massive search and online reputation hole that is disconnecting mortgage technology options and lender search inquiry. All of this is just high-level marketing rhetoric that simply means – Mortgage professionals are searching for solutions and can’t find them – Now they can go to one website and find them all!
The biggest takeaway of the last 12 months. B2B online reputation is continuing to emulate the power of word of mouth. One of our biggest keyword combos is “SELECT A COMPANY” and the word “REVIEWS”. Mortgage professionals are trying to understand what their peers are saying. How the technology works. How the integrations work. How it may impact their overall business and what does it cost? Mortgage professionals want to read reviews about mortgage technology. How do we know? By our keyword search rankings.
Website Metrics over 6 months
Unique Visitors: 31,453
Average Time Spent on Site: 1 minute and 3 seconds (we doubled it)
Engagement Rate: 55% (that means they are clicking on stuff)
Page Visits per session: 4
There are a dozen more metrics worth talking about but the bottom line – is we’re getting better every week. We are constantly analyzing how we provide value to both visitors and tech companies.
Top Categories
CRM
Lead Generation
Borrower Retention
Top Company Profiles
Podium
Homebinder
MBS Highway
Rob Chrisman
Blog Visits: 2449 (thank you for reading!)
How did we get our traffic?
· Organic (Search Engine Optimization) – 22%
· Paid Media (Facebook, Instagram, LinkedIn, Youtube, Google Ads)
· Public Relations – Media Deals, podcasts, newsletters, guest speaking, blogs
· Referrals – People and organizations leveraging our service to help them navigate mortgage technology decisions.
Organic is the gift that keeps on giving but takes the most time. We continue to build our collection of extremely valuable keywords, so we become part of the buying decision.
We have written and produced the most creative video marketing content in the mortgage industry. Our goal was to provide highly relatable and funny content that is worth sharing. Here are the links in case you want to check them out.
· Mortgage Branch Manager
· Customer Relationship Manager - CRM
· Lead Generation
· Point of Sale
Our commitment to the mortgage industry is to continue to innovate and increase our footprint online. Our goal is to be a vital part of the vendor selection and bring exposure to technology companies that are entering the mortgage space. We will continue to create badass content and enhance the overall experience of both vendors and mortgage professionals. The mortgage industry has yet to leverage the full power of modern-day technology to optimize its business. It is hard to take advantage of all the resources if you don’t know they exist.
Thank you for all your support over the last year! We are extremely proud of what we’ve accomplished and we’re just getting warmed up.
Mortgage Technology Companies Reviews
Mortgage technology companies are not leveraging the power of online reputation to generate more business. This oddly includes online reputation technology companies. There are a couple that does a decent job, but mortgage lenders, brokers, banks, and credit unions do not have a reliable review listing platform to understand how the market views a prospective technology vendor. Not because they do not exist, but simply because mortgage technologies companies have not worked to implement online reputation into their marketing strategy. Not to get down on these outfits, because customer experience and engagement is a priority. Once they have provided an elevated experience it must be pushed to the public to reinforce their values. Loan officers, mortgage brokers, and mortgage professionals are searching online to understand which technology solution will work best for their business. Let’s explore where they should be placing reviews for their audience to learn more about their solution.
1. Mortgage Advisor Tools – Of course, we are going to be at the top of the list. A mortgage-focused vendor listing platform advocating for mortgage technology and services for every type of mortgage lender. The goal is to provide the mortgage industry with as much information about every vendor – no matter how big or small. There are so many awesome tech companies that are completely undiscovered. Leverage Mortgage Advisor Tools review platform to find more customers.
2. Google – In particular, Google my Business. Mortgage technology companies are missing a huge opportunity by not having a Google My Business account. It’s super easy to set up and provides you with another digital asset that can be found when being searched. This can serve as a great place to collect reviews that can be displayed through search and other digital marketing assets.
3. Facebook – Facebook offers reviews, and you should be leveraging them. There is so much to do on social media to grab attention but reviews on Facebook should be a part of your online strategy.
4. 3rd Party Review Platforms – There are quite a few online review services that will help you collect reviews if you don’t have the bandwidth to do it yourself. These services range in price based on the size of your organization. This type of service usually gives you another place for your reviews to be showcased as well – sometimes even collecting all the reviews and placing them on one platform. You can find some of these services on Mortgage Advisor Tools – Online Reputation Category.
As you can see there are many ways to develop an online reputation strategy into your marketing efforts. Mortgage technology and service companies are being searched every day. Picking the vehicle to manage your online reputation is just the beginning. Collecting, replying, managing the negative, and making sure they are leveraging on other platforms is a whole different article that we will happily tackle later. It’s important to begin. Your reputation depends on it.
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How to Fire a Technology Vendor.
Breaking up is hard to do. Several factors keep mortgage lenders in shit vendor relationships that make them feel trapped. It can be easy to build a friendship with an account executive that manages the vendor engagement. You don’t want to let your friends down, hurt their feelings or impact their paycheck. There are also a couple of core technology platforms that significantly impact a mortgage lender’s everyday business. Point of Sale, Loan Origination System, and Customer Relationship Managers are the major technologies that are utilized by almost every person within a mortgage company. Changing these platforms takes careful planning, time, and the right technology professionals. Lastly, it can be easy to get caught by a bad deal. Software companies must construct long-term contracts to make money. Most business-to-business SaaS companies don’t turn a profit in an engagement until about the 6-month mark. Despite legal review, it can be easy to get stuck in an engagement or be forced to pay penalties for terminating the arrangement before the term runs out.
Navigating this dynamic can be complicated and there are several reasons that a mortgage lender may need to terminate a technology service. Vendors need to understand these reasons just as much as lenders need to stay aware of them. Here are the main reasons a vendor needs to be shown the door.
1. Budget Cuts. This one is rough, because sometimes solid-performing vendors may get fired simply because they haven’t quite quantified their value to the lender. Budget cuts occur for many reasons: business complications, market shifts, reprioritizing, strategy changes, or new management.
2. Performance. The vendor hasn’t met its obligations or hit its goals. We’ll get into this a little deeper in a bit, but if a lender simply feels that the tech vendor isn’t doing as promised – that is the ball game.
3. Competition. There is a bigger, better, cheaper solution than the current tech vendor. Technology competition is fierce in the mortgage industry. Wanting to change vendors to take advantage of new technology happens when it is believed there is a better solution that will improve the business.
Alright – we’ve ironed out why pink slips are handed out to tech vendors. How can you make sure to rid yourself of a vendor that isn’t a fit for your company’s future? You must lock up these 3 things:
1. OPT-OUT CLAUSE – Pay very close attention to both the length of term, the termination reasons acceptable, and the time frame needed to opt-out of a contract. You can have a lengthy-term, but make sure you can opt-out quickly. The reasons are important too. Some companies have a provision where they get to attempt to make you happy 47 times before the contract can be terminated. This very much sucks. If you’re done, you want to fire a vendor as soon as possible.
2. Pay the Implementation Fee – Implementation fees are expensive. They sound expensive, they feel expensive, and they don’t give anyone any satisfaction (not even the vendor). The reason tech vendors have this fee is because it cost them considerable resources to implement their solution into your platform. They are rarely making money on this. They sometimes will waive the fee if you extend your term. You also might find the opt-out clause to be challenging, and other items contentious if you don’t pay an implementation fee. If things don’t go well, you will likely have a vendor that is simply haunting your P&L.
3. Vendor Performance – You must connect the vendor engagement to goals, objectives, key performance indicators, and overall performance. The vendor should work with very clear objectives and regularly report against their work, so you understand the value every month. If these objectives are not met, you may be able to quickly exit the engagement. It is the easiest termination conversation ever; “Hey, we told you we wanted XYZ done, and you didn’t do it, you’re fired, and see ya around!” You can be kind if you want.
While business continues to be about relationships, it must also be about business. It is hard to think through all the variables that are involved in these types of engagements, especially when you are dealing with technology. Most of us learn from experience, mistakes, and losing money, so I hope these words are helpful. These are the lessons from plenty of failures, false starts, mistakes, and company losses. Remember, fail fast, and sometimes it’s best to cut your losses before someone cuts you.
Quality Lead Gen Boosts Company Morale
Lead generation is a significant method that helps mortgage companies expand into new markets and supplement their referral flow from real estate agent relationships. In mortgage call centers, lead gen is the heartbeat of the sales team. Sales is a challenging vocation in every business sector. Some would argue that it isn’t consistent, or reliable. There have even been comparisons to gambling from the salary steady peanut gallery. A career sales professional likely wouldn’t compare it to gambling but there are some parallels.
If a sales professional is reliant on leads for sales to make their living the need for them to be of high quality is imperative. This can be quite the roller coaster ride of conversation, pitches, wins, and losses. There have been quite a few studies focused on gambling that indicate that even near misses, close calls, or near wins create the same euphoric sensation as a win. A week in the life of a salesperson is an emotional rollercoaster, but the upside is enormous. So they grind it out.
How does lead generation impact the emotional well-being of your mortgage loan officers? Let’s break down a couple of ways to help navigate the ups and downs of being a mortgage loan officer living on the online lead.
Intent – There are several markers to tell if a lead that is generated has a high intent to purchase. Keywords, form fill length, funnel sequence, and time spend reading reviews. High intent should also correlate to high conversion rates to a closed loan. The fewer calls a loan officer makes to have a quality conversation and connect with a person that is interested in applying for the mortgage the better. There is only so much dog shit one can shuffle through before all hope is lost. This is applicable when buying leads – ask about the lead intent. You can do this by asking - “what is the average conversion to closed loan average?”.
Nurture – If leads are not ready to buy or not qualified to buy there are several retention services, lead scrubbing companies, and email/text service providers that will help you make sure you stay top of mind. A strategy to continue to reach out to your leads is a great investment and will bring down your cost per funded loan. To increase morale, these leads as they mature throughout nurture must go to the same mortgage loan officer that placed them in nurture. This not only allows for a level of reconnection, but this personal touch will also increase your conversed to closed loan average.
Training – Whether call center or distributed retail mortgage loan officer – both need training. All leads are not created equal. There are tactics to approach different lead gen sources, levels of intention, circumstances, and lifestyles, and geographical locations, culture, and loan products. Evaluate all these variables and pay close attention to which leads your loan officers to close at the highest average. In certain cases, they may need training, or maybe shouldn’t receive certain types of leads at all. Either way, this should be an ongoing investigation, and work of optimization to make sure that both borrower and mortgage loan officer is enjoying the experience.
If your salespeople are staring at their shoes while walking around the office, it’s time to make some changes. Sales morale can completely be boosted by improving your lead gen flow, providing proper insights, curating meaningful relationships, and buying some leads that don’t suck. Leads work. Online leads work. It’s big business. Do it right and you’ll kill the game. If you don’t, your loan officers will find someone that does.
It is Shopping Season for Mortgage Lenders
Maybe waiting until Christmas to send your clients that special thank you gift is not the best idea. October is the shopping season in the mortgage industry. Mortgage Advisor Tools traffic is spiking. This is not an accident. Check your analytics and it’s likely you are also seeing a spike in web traffic. Why? Very simple. You are being shopped. This is both good and bad. You are likely on the cusp of picking up a couple of new customers. However, you are also on the cusp of losing a couple as well. I’m sure your retention rate is awesome and you are doing everything right for each client. Let’s break down the 3 reasons why mortgage lenders are shopping for new mortgage technology in October.
1. The current vendor F&*%ing blows. If you haven’t had a chance to check out our CRM commercial . . . you totally should. The lender has likely provided you with some signs that they aren’t going to renew. If you haven’t provided adequate reporting on how you are effectively solving their problems – this is another sign that the lender might not understand your impact on their organization. Lastly – Loan officer complaints – if you are causing more work for anyone that has the power to make the decision – see ya later.
2. Budget. Does this technology vendor make us money? Do they save us time, which saves us money? Is there a cheaper solution that does the same thing? So, if you haven’t managed your client relationship properly, they will at some point (even years) start to develop buyer’s remorse. Older cases of buyer’s remorse will break down in our last point. The mortgage business has a 30-day brain and a severe case of amnesia. If you aren’t constantly explaining your value proposition and how it equates to profit regularly you are susceptible to being replaced.
3. Innovation. How has your service/product offering advanced? Have you worked to innovate your technology? Have you taken the input of your clients and built the features and solutions they requested? Mortgage technology will continue to get more competitive and if you aren’t innovating at a pace that is making a substantial difference in your engagements – someone will. Entire new technology companies are built by former employees who listened to the market. Make sure your roadmap includes your client’s input to some degree, and that what you are working to implement will improve their overall engagement.
It is shopping season! Send your edible arrangements, gift cards, and weird seasonal gifts before everyone else. If you do blow – find out why right now. Fix it. Commit to change. Innovate. Justify your value. Figure out a way to be more valuable. Play nice with others. Remember, the mortgage industry is huge but very small all at the same time.
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How Mortgage Advisor Tools is impacting the mortgage Industry
Mortgage Advisor Tools has been live for over 6 months now. We have been feverishly working on ways to provide value to both website visitors and our mortgage software customers.
To be transparent – helping software companies understand they are being searched online has been interesting. We have continued to signup new companies every week, but we have a long way to go to really make the impact we desire. Here are some of the things we have done to bring attention to our customers and let the mortgage industry know what we aren’t F*&$ing around:
All our media postings in the last 6 months
Dave Savage LinkedIn Post – Steven Cooley is a Guru (too kind)
Dave Savage - How to Search and Select the Right Technology
Lykken on Lending – Marketing Business Intelligence
Startup Conviction – Helping Mortgage Advisors find the Right Technology
Fintech Fridays
Lykken on Lending - Mortgage Technology Disruption
Shred Media - Tools of the Trade for Mortgage Brokers
Rob Chrisman - Mortgage Advisor Tools Launch
Mortflix
Have you seen our commercials? Over 50,000 views between both of them. Special thanks for Cameron Sprinkle!
Mortgage Advisor Tools - Branch Manager
CRM Category
Website Metrics over 6 months:
Unique Visitors: 19,200
Average time Spent on Site: 32 seconds
Page Visits per session: 4
Top Categories: CRM and Lead Gen (over 1000 visits per category)
Top Company Profiles: Podium, Homebinder, MBS Highway
Blog Visits: 1221 (thank you for reading)
I need to get permission from Clayton, Molly, and Kevin to share their kind words about how Mortgage Advisor Tools is kinda awesome. Hopefully they oblige…
We have very exciting announcements coming up in this last quarter and a couple dope ass videos to push out. I really appreciate the overall support and look forward to building a resource that helps mortgage advisors, mortgage lenders, and technology companies find each other.
Special thanks to Capterra as well – they love our videos….
How can Mortgage Advisors Accelerate their Sales?
There are loan officers that can be dropped in the middle of nowhere and they would figure out how to sell mortgages. They don’t need assistants or technology or whatever. They are ultimate sales professionals. They are usually the loan officers that we all look up to and aspire to be. However, the truth is that most loan officers need and can only arrive at their full potential with considerable assistance. This shouldn’t be viewed as negative. There are levels. Trying to get to the next level might involve some new skills, relationships, and technological resources.
We developed the Sales Accelerator category. This category encompasses technology and service companies that don’t traditionally fit into an existing category. These are important resources. They offer a wide variety of services that can help you reach your business objectives. Increase your sales. Save you tons of time and improve your overall life.
Let’s break down three different ways a technology company may fall into the Sales Accelerator category. It is important to understand that most software companies feel like they fit into more than one category. While that may be true – people tend to search to solve one problem. Rarely do you write a paragraph search inquiry to get solutions to the challenges you are facing. Understanding how people search and identifying with a primary category allows both tech company and buyers to find each other. Here are a couple ways technology companies may fall into the Sales Accelerator category:
Information and data – This may vary – Rate data, scenario data, housing data, inventory, etc. The information that you have at your fingertips allows for a level of professionalism with both referral partners and borrowers. There are several amazing companies that provide these resources at a high level to help you look like a pro. What one may lack in experience, can be supplemented with the right data resource.
Automation – In every loan transaction there are a collection of processes that are redundant. These redundancies span from the front end of the mortgage to the backend – all the way to securitization. Not every mortgage lender has a tech stack that covers every part of the process, therefore forcing loan officers to continue to manually engage in tedious processes. These may overlap with other categories or provide filler where other technology companies fall short.
Borrower Engagement – We aren’t talking about marketing, or advertising or lead gen – we’re talking about truly optimizing borrower engagement. In some cases, this may be before the transaction or through borrower journey insights, but sometimes it is about adequately communicating with current borrowers while in process. Avoiding fallout. Increasing borrower confidence – therefore increasing review scores. Providing new understanding of what borrowers need in the moment to make their mortgage transaction successful.
We want to help mortgage advisors, loan officers, and mortgage lenders solve problems with technology. There will be an evolution of mortgage technology categories that will change the way we do things. Sales Accelerator category is here to help mortgage professionals improve their process, and add valuable resources to their tech stack. How can we enhance the experience for our borrowers? By enhancing our resources – and aligning them with our objectives. Information, automation, and engagement is how to scale, and accelerate!
Co-Branding Technology is HERE!
We have all heard or read how technology will disrupt the mortgage and real estate industry and replace Realtors and Loan Officers in the coming years. While technology is changing the way mortgage and real estate businesses operate, it is far from replacing us. Instead, technology has created an environment for co-branding and referral relationships between realtors and mortgage officers over the last ten years.
Thanks to the need for broader reach and the advent of technological solutions, thousands of mortgage companies and real estate brokerages are strive to co-brand to access more share of the potential homebuyer’s market.
Companies like Zillow are at the forefront of this movement, thanks to the introduction of its co-marketing feature. But the question is, how is Technology impacting the average mortgage officer or realtor looking for more business through co-branding?
This article will highlight three primary ways technology is impacting co-branding between loan officers and real estate agents in 2021.
1. Wider Reach
With millions of potential homebuyers needing a mortgage to either buy or refinance their home purchase, co-branding between loan officers and realtors is a strategic way forward. There are several technological solutions that leverage different tactics to help you make more sales as a collective. In recent times, companies like Rocket Mortgage partnered with Realtors.com ─ bringing together two of the biggest brands in real estate and mortgage.
Thanks to co-branding relationships like this, agents can now connect easily with financially-ready home buyers and receive insight into the client’s mortgage process. On the other hand, loan officers now have access to millions of potential home buyers via the Realtor.com platform.
2. Build Stronger Relationships
It is no longer news that the relationship between a realtor and a loan officer can sometimes be the best of both worlds — like Batman and Robin, Frodo and Sam, or Woody and Buzz. Thanks to the involvement of technological solutions in co-branding, referral relationships between realtors and loans officers have been strengthened over the years.
The introduction of technological solutions has provided realtors and loans officers with direct access to intelligent CRM, lead management service, and expert lead generation solutions. This partnership allows lenders and realtors to work hand-in-hand and increase their respective sales income.
3. Easier Marketing Strategy
The investment of technological solutions can be an expensive investment, which is bettered considerably when both loan officers and realtors’ mutual work together to develop a marketing strategy. The referral relationship is the lifeblood of the real estate and mortgage industry continues to thrive in every market and the technology tools find new and innovative ways to enhance these dynamic teams.
A good example is the co-market feature on Zillow, one of the worlds’ biggest real estate listing platforms. Lenders and real estate agents can now take advantage of the co-marketing landing page feature to jointly advertise. The introduction of technological solutions in co-branding reduces marketing costs and makes marketing easy for all the parties involved.
Conclusion
Today, thousands of mortgages and real estate companies are taking advantage of co-branding-targeted technological solutions to increase market reach, sales income, and achieve greater customer trust in their services.
For lenders and realtors hoping to achieve more business success, increase their customer base, and enhance their service image, taking advantage of these co-branding technological solutions is the way forward. However, before adopting any co-branding targeted technological solution, you must find out how it can impact your business relationship in the long run.
Mortgage Advisor Tools - Web traffic, Performance, and Future Goals!
We launched over 90 days ago and are extremely grateful for the amazing response we’ve received from both mortgage banks and mortgage technology vendors. This website/project/company has taken a long time to materialize and the team that is working behind the scenes are continuing to develop new and exciting updates every week. Mortgage Advisor Tools is committed to providing tons of value to not just mortgage technology/ service vendors, but to mortgage advisors, lenders, and credit unions. We believe that our resource provides both parties with mutual opportunities to grow their business. Our hope that our passion to solve this challenge strikes with our actions, design, and our kick ass content. So let’s take a look at how we did!
In the first 90 days we have generated over 9K unique visitors!!! So that is pretty awesome to come out the gate swinging. To be clear – no other competitor is generating this much interest for mortgage technology. This includes the heavy hitting tech companies.
How did we get the traffic?
We created Content with:
· Josh Pitts – Shred Media – Tools of the Trade for Mortgage Brokers
· David Lykken – Lykken on Lending – Mortgage Technology/Disruption
· Mortflix - Fintech Friday w/ Brian Vieaux
· Rob Chrisman – 6/3 Newsletter
Our kick ass commercial (thank you Cameron Sprinkle)!!
50% of our traffic came from Paid Media:
· Facebook
· Google Adwords
· YouTube
What is the result of all this activity?
· Every week we sign up an average of 1.5 companies.
· Once onsite they spend an average of 80 seconds
· They visit an average of 4 pages.
Top Categories (based on web traffic)
· CRM
· Lead Generation
· Appraisals
· Borrower Retention
· Sales Accelerator
Top Blog – The Real Mortgage Tech Company
Top Profiles
· MBS Highway
· HomeBinder
· Podium
Next 90 Days
· Double Traffic
· Create a ton of content
· Sign up 2 companies per week
· Raise SEED round for SaaS build
· Launch SaaS product – (at least beta)
· Did we say create More content?
The Ultimate Goal! Drive as much value to technology companies and mortgage lenders as possible. That is being modest – if any bank is making a technology vendor decision that impacts their loan officers – we want Mortgage Advisor Tools to be a part of the conversation. We want to help mortgage technology company market better, find new customers, and enhance technological adoption in the mortgage industry.
We are just getting warmed up. Thank you for all the support!
Mortgage Marketing Technology
Marketing might be one of the most mis-understood terms in business. In every industry it takes on a different meaning, and maybe even a different responsibility. The mortgage industry is no exception. Marketing means everything to events, video, printing, social media, advertising, sponsorships, and swag. Swag is probably my least favorite. I think I might just hate that people call it “swag”. I also don’t believe someone is out there starring at their koozie thinking, “we should really give this outfit a shot.”
So marketing is this hodge-podge of stuff we do to make the phone ring more. That might be the best/worst description of marketing ever (hodge-podge of stuff). What are the most important pieces of marketing technology that loan officers can use today?
The Marketing Category is also a hodge-podge. (I just want to get ranked on Google for the words “Mortgage” and “hodge-podge”). There are dozens of marketing sub-categories, so we do have quite the mix. We’ll tighten up as we see what is really driving traffic, but in the meantime, let’s dive into the top marketing technologies that you should consider when looking for new marketing resources.
1. VIDEO: You must put your face out there in the world. Whether it is through email video services, full suite content services, or just using the dozen or so apps that allow you to make quick edit videos on your phone. Yes, you need video content because it ultimately performs the best.
2. Digital Marketing: if you are nowhere to be found online then it makes it extremely hard for borrowers to figure out if you really exist. They meet you; they were referred to you, but when they google you all they find is you letting your Golden Doodle lick your neck. There are a bunch of turnkey digital marketing platform for mortgage professionals for under $100 a month. Pick one and use it. You will get business just by being easier to find.
3. Social Media: Should you TikTok? Absolutely. You do not have to engage in every social media platform. However, you do have to engage in at least one. Not including LinkedIn. LinkedIn doesn’t count. Social Media Management is hard. Finding the time to be creative, writing post copy, and posting can be a bit time consuming. Social Media works. People need to be able to creep up on your profile and investigate the person that is helping them with the biggest purchase of their life. Get with the program.
Swing towards the fences and try as much as you can. Measure the results. Get feedback on what people like. Understand what works. Fail fast. Get up and try again. It takes time to find a marketing strategy and technology that works for your style. It is all about staying open minded and putting in the effort. Consumers expect to be marketed and advertised to. They expect it. Meet their expectations, and then exceed them with your customer service.
The Real Mortgage Tech Company!
Have you ever seen Silicon Valley? Show on HBO walking through the journey of a couple guys in an incubator turning a widget into a technology unicorn. The show does a great job making light of just about every scenario. The trials and tribulations of partnerships. The quirkiness of investors. Working to exhaustion to beat the competition and stifle all the noise. That is an extremely brief breakdown of the show, but my point is that the mortgage tech industry is a whole lot like season one. I’m going to break down exactly what the majority of your mortgage tech companies really look like behind the zoom camera. It ain’t pretty. However, they are all working to provide a new kind of value, service, and solution that may revolutionize your mortgage business.
1. The exceptions are NOT the rule. Very simple. If you can’t find them on Crunchbase then it is likely that these other rules apply. Of course, there are several mortgage technology companies that have raised millions of dollars and appear to be massive. The majority, even if they have been in business a couple years, probably can relate to the remainder of topics below.
2. Staff. High probability you can count them on one hand. The dedication and work ethic of these individuals aren’t normal. They will wear 7 hats at once. They will manage 5 different email accounts. [email protected], [email protected], [email protected], [email protected], and [email protected] Yeah, that’s one person. Double and triple book meetings. Zoom, Google Hangout, and GoTo all in the same hour. Getting shit done. It’s hard to find folks that will work for free, but a lot of these techies do. Nonetheless, they will work extremely hard to help you meet your objectives.
3. Customers. Don’t be surprised if you are the only one. It’s worth a whole separate article, but mortgage is extremely…SLOW to try stuff or invest in new ideas. Being theI first at bat for a new service/technology can have several advantages. Introduction pricing, having something your competition doesn’t, and ultimately supporting a tech company. Yes – you could be wrong and the tech suck. Anyway, don’t be surprised to learn that a mortgage tech/service company only has a handful of customers. Remember, being a master Sales/tech/customerservice Rep is a tough gig and it takes time for these technology company to grow.
4. Revenue – Budget – Money. If they have customers, they should have some revenue. Please believe that costs to building new technology, staff, Ops tech (Zoom, Hubspot), and any kind of travel is f$&*ing tough. If the mortgage tech company hasn’t raised capital or have a substantial number of customers, they are likely on the struggle bus financially. So, when you are negotiating for a 20% discount try to remember that these entrepreneurs are likely working in a basement, eating ramen noodles, and living on credit cards to develop technology that will help you sell more loans.
Realty is rarely like a TV show or what we see on social media. It is always impressive to witness the true grit and courage of the tech entrepreneur in the mortgage space. Taking an idea from concept to MVP is pretty amazing. Then to have the audacity to get in front of mortgage professionals with a MVP and ask them to pay for it is next level. The whole process is painstaking, humbling and always involves some kind of personal sacrifice.
Mortgage tech entrepreneurs stay encouraged and never quit. Keep fighting for innovation. You will definitely get your ass kicked. Some will get up off the mat and others will let the count hit 10. Know that even challenging the mortgage industry with new ideas will make a difference. It keeps everyone on their toes. Creates Disruption.
Mortgage Professionals, we know you aren’t running a charity, but stay supportive however you can. Go to demos, do a little networking when you discover something new and innovative. Stay open minded. Mortgage technology is in its infancy, and one of these basement living, Ramen Noodle eating, out of the box thinkers is building the next unicorn. Be the one that new about it when it was just getting started.
Mortgage Tech is Competitive
Mortgage Tech is competitive in every category. What does that mean? After researching and trying to find every software, service, and product that is relevant to Loan Officers I discovered that almost every category has a competitor. That means that do not have to settle. You should expect software and services to perform well enough to achieve your business objectives. In this article we will cover several ways to investigate software companies, keep them accountable, and make sure that the services they provide align with your business objectives.
1. Don’t Buy the HYPE! Some of these companies are pretty awesome at marketing. Biggest booth at the trade show, they actually use Twitter, and all your friends say they are as cool as Abercrombie and Fitch. Social Proof is a great buying indicator, but your company might not look good in cargo shorts. Your organization has specific challenges that need solutions. While vendors market to general challenges, it may or may not meet your specific needs. This alignment is extremely important so both parties don’t waste time a money.
2. Use YOUR Key Performance Indicators. I’m going to let you in on a little secret. If a software vendor is wise, they will move you towards KPIs that they know they can accomplish within their engagement to increase chances of renewal. This is good practice and these KPIs might be extremely valuable to your organization. However, It is important to have your own measuring stick to evaluate the value of any service, product, or software so that you can keep that service provider accountable on your own terms.
3. Cultural and Technological Alignment. This is a tough one to gauge before the engagement starts, but if you have established a company culture, core values, and communication style then finding a vendor that shares those values will increase your odds of success. Even trivial technological miss-alignments can cause riffs in an engagement. Example: If your organization uses Microsoft OneDrive but your vendor uses Google Drive you may get frustrated about file sharing. No one has done anything wrong, but work style, company culture, and working technology alignment can increase your odds of success and can be discussed before the engagement gets too far into the weeds.
4. NOT THE ONLY GAME IN TOWN. There are definitely category kings in the mortgage technology space. However, there are not many. Despite a couple companies ruling their domain, they still have significant competition that should be considered. It is worth taking the time to fully consider all possibilities before making your decision. Don’t assume the technology is awesome because they are popular. Popular, doesn’t mean they are a good fit for your organization. There are other fish in the sea, you might just have to fish a little longer.
We covered HYPE, KPIs, CULTURE, and the popular kids. If there is a possibility for you and your team to ask these questions before you make your final decision it may save you a considerable amount of pain in 6 months. Remember, software/service companies are looking for 1-2 year commitments, because they need to optimize their service as they go. This commitment should be heavily considered and not weighed on 1-2 variables that 1-2 people believe are important. The good news is that there are companies that are eager to compete for your business
Mortgage SaaS Integrations – Questions to Ask
While speaking to dozens of SaaS companies over the last couple months I received a ton of great advice. Someone helped me identify a new category (Outsourced Services) and everyone had great insight about different details they believed would work best for Mortgage Advisor Tools. I also received extremely shitty advice. Why does bad advice take so much more time to explain? Maybe it just feels longer. I would be in a ZOOM and have to turn off the camera – so no one would catch me rolling my eyes. NEW RULE: If I hear something stupid, I turn on the cat filter. Anyways, definitely more good advice than bad. One bit of advice hit me right between the eyes.
“Why don’t you rank or review integrations?”
I’m like – that’s an awesome idea. Why don’t we do that? My development team is like – please stop – please, please can we just get this thing off the ground, please. It’s a killer idea. A little harder in practice, but very much needed. As the victim of many integration gone sideways experiences, I would have loved to give the integration portion of an engagement a rating.
In lieu of not making this idea (I’m super sorry I forgot who brought this to my attention) a new awesome service I thought it might helpful to arm folks with a couple questions to ask vendors when it comes to integrations. Not everyone that hires SaaS companies are technologists. You likely ask if their software can simply connect to yours. They respond in the affirmative leaving your team to clean up, fix, develop, and work tirelessly to make the features you bought … actually work properly. Here are three framed questions anyone can ask and get a better understanding on exactly what they are signing up for!
1. Does your integration allow me to (specify exactly the functionality you expect the integration to help)? – Instead of asking if something connects, or integrates, or talks to another piece of software – it’s important for both parties to understand exactly what your expectation is for their technology. Salespeople in tech are an excitable bunch – they may or may not cover these types of specifications. Saying something integrates isn’t enough – understanding how that integration is going to function is really what you are looking to understand. Be Specific about your expectations!
2. What is required from my team to help you? – The first response will be “Nothing,” and you will immediately need to call them liars and get your cat filter ready. We all like the word “SEAMLESS” but only when it’s true. Let them know it is okay if you have some heavy lifting to do. However, you need to know what that heavy lifting entails. Not being prepared makes a 5-day set up turn into 5 weeks. You want to make sure you have the resources, bandwidth, and overall technical ability to help move things along.
3. Can you connect me with a reference that has similar integrations? Nothing wrong with asking for a reference. Some of these integrations are working with systems that are vital to our business. Understanding how the integration went, how long it took, and how it is working over-time is extremely important for managing your technology stack and business. Nothing wrong with being first, but again it goes back to preparing. They should have no problem lining you up with another customer that has the same integrations.
If you aren’t technical and don’t have someone that can help you navigate the inevitable challenges that come with getting software to communicate it is okay. Mortgage tech is getting much better, and integrations are really developing in the right direction. We’ll see if we can help you understand them better in the future, but for now you’ll have to drop it in the reviews. Ask questions that relate to the solutions you hope to achieve. Be thorough, especially if they are messing with your Loan Origination System (LOS). Lastly, when you do run into challenges – don’t be afraid to bust out the CAT filter!
Vendor Search May Vary
Go ahead and search for a vendor category that services the mortgage industry. Results may vary. If you are starting the search process it is likely you are working to solve a big problem. Vendor XYZ is no good. Never been good. It’s a complete rip off for the service. I don’t like the account rep. The customer service is garbage. Most importantly – My loan officers don’t use it. That is the nail in the coffin for any Software/Service at any mortgage bank. My loan officers either don’t like it or they don’t use it. So where does one go to find a replacement?
What if you are starting a new branch, or a new mortgage bank all together. Of course, we all know the common vendors. They sent you a pair of socks or koozie or something that is sitting on your desk. We have experience on what works and therefore may default to what we know despite being mildly discontent by their service. To steal a quote – “Good is the enemy of Great.’
Conferences aren’t happening again this year. Digital Conferences and demos are tough to attend. Even if I do attend them, I can’t fast forward to the parts I care about. Where is the social proof? Can someone really tell me how good a POS really is? Can we get a collective to help me understand which lead gen company doesn’t serve up bad leads? We all know that all leads suck anyway.
Here are the three things Mortgage Advisor Tools is putting together to help remove the pain of finding vendors that impact your heart and soul...Loan Officers, Brokers, and Mortgage Advisors.
• Category Integrity - When you search to solve a problem, the response must be the best answer available. While Software/Services always have multiple product offerings it is important to provide a direct connection to companies that solve your initial challenge.
• Options - We need to know what is out there. If we can find it, we will list it, and begin to constantly bug them to pay for our listing so that you can find everything out you need to make a buying decision. We’re grouping together all the options so you can make the best decision for your company.
• Reviews - Capterra, and G2 do a decent job of this but we would like to do better. This is a challenging endeavor, but we believe that it is extremely important to aggregate reviews so that buyers and decision makers can receive as much information as possible from mortgage professionals.
If you know of or work with any vendors that you believe are applicable for Mortgage Advisor Tools shoot us an email at [email protected]
Mission
Mortgage Advisors, Loan Officers, and Mortgage Brokers are heavy influencers when Lenders are deciding which software and/or service to use in their business.
Mortgage Advisor Tools is a platform designed to help Mortgage Lenders understand everything that is available, and what loan officers really think about the service they offer.
Loan Officers, Brokers, and Lenders need a resource to find the best software, service providers, and resources to help them grow their business. This is the ideology driving the mission of Mortgage Advisor Tools:
• Mortgage Professional Reviews - We want the Mortgage Pros that actually use the service to review it. Let’s really learn what each service has to offer from our peers.
• Category Integrity - Service Providers DO NOT get to list on every category. If they are listed in more than one category they have met a certain internal criteria, and Mortgage Advisor Tools believes they provide a solution to multiple categories.
• Service Provider Selection - Our goal is to get as much info into one place as possible. This site should be a mortgage tech conference 24/7!
• New Discovery - Maybe your new in the business, you’ve had a vendor forever, or are just unsure of your options. We want to make sure you know and understand everything that is available in the marketplace. We will be working diligently to find new discoveries to help you meet your business objectives.
Mortgage Professionals!!! We appreciate you coming and checking out the site. Don’t forget to sign up for Launch updates. We won’t be long. We’re just making sure the site is completely built to the highest standard before we let it loose in the market. Our top priority is providing the most relevant traffic to our vendor customers, and the best resources for our mortgage pros working to find new vendors. Mortgage Advisor Tools will be the mortgage technology resource you trust in 2021.
