3 Features to Look for in Digital Mortgage Technology

Let’s put on our empathy caps for a moment and think about the mortgage process from the perspective of your borrowers. What descriptors do you think first come to mind when a potential homebuyer thinks about the mortgage process? It’s probably a safe bet that the first words they’d think of would not be “simple,” “quick,” or “stress-free.”

And let’s not pretend like the mortgage process is easy or efficient on your end, either. You and your borrowers both want transparency, open communication, and—above all—a faster process. That’s where digital mortgage technology comes in.

 

Just because the rest of the mortgage industry tends to err a bit on the archaic side doesn’t mean that you should put off adopting digital mortgage technology that could improve the experience for everyone involved.

 

Digital mortgage software is the antidote to the perplexing, painful mortgage process that potential borrowers are so wary of. If you feel intimidated, don’t worry; here are 3 crucial features to look for in digital mortgage technology to help simplify your priorities.

Data Security and Compliance

We’ll get to chatting about cool bells and whistles later, but the first and foremost concern you should have when considering any digital mortgage platform is: is it secure and compliant?

An undeniable benefit of mortgage software is that loan officers, agents, and originators have easier access to borrower data. However, with convenience can come risk.

 

Protecting borrower data must be a top priority for any digital mortgage provider, particularly as digital tech and big data begin to dominate in the mortgage market.

 

2017 was fraught with cybersecurity issues and large-scale data breaches, and the pressing matter of data security continues to be a top concern; according to Gartner, global cybersecurity spending will reach $96 billion in 2018.

Partnering with a quality digital mortgage provider means that you reap the benefits of bank-grade security without having to handle the security ‘heavy lifting’ yourself.

Any digital mortgage software should offer multiple layers of extra protection to ensure that client data is never compromised. With Maxwell, lending teams and borrowers alike can rest easy, as we preserve data integrity via bank-grade, encrypted cloud storage with optional two-factor authentication for added security.

data security

Enhanced Communication & Collaboration

Mortgages are intimidating; there’s no doubt about it.

The financial anxieties and stressors associated with buying a home are not to be downplayed, and the last thing an anxious homebuyer wants is to be left in the dark and given the freedom to fall prey to their own imagination.

And maybe you’re already using technology to communicate. From email to text messages to social media and beyond, digital technology has entirely reinvented interpersonal communication in the workplace and in our personal lives.

A dedicated digital system for loan officers, though, can elevate the borrower experience to a place of unprecedented delight. Any digital mortgage platform worth its salt will act as a communication hub, with direct lines of communication shared amongst all members of your network—your team, your borrower(s), and your real estate referral partners—for enhanced transparency and decreased anxiety across the board.

Maxwell’s digital mortgage platform empowers mortgage brokers to easily keep track of all active borrowers and documents from any device, with a comprehensive search function to digitally ‘rifle’ through documents with ease.

Implementing a digital mortgage solution might seem like a daunting process, but with features like the above available, the alternative—manual document filing and management—is just far too inefficient and cumbersome to be a lucrative option. 

Administrative Automation 

 

Furthermore, a powerful digital mortgage solution can help lenders and answer questions before they arise. Frequent updates, messages, and reminders help prevent confusion and anxiety in first-time (and even veteran) homebuyers, with automated notifications freeing up lending teams to focus on progressing the loan because they can be confident that their borrowers are informed about the status of their loan.

Automated mortgage technology can (and should) be used to speed up your process and streamline your day-to-day routine.

 

The right digital mortgage platform represents a union between tech and lender, allowing LOs to efficiently automate administrative tasks to free up time to build relationships with borrowers and make the mortgage process more human.

 

Maxwell’s digital mortgage solution enables automated document pulls to access borrower files so borrowers can effortlessly pull W2s, paystubs, bank statements, and tax returns right in the app. Maxwell’s digital FileFetch connects to 1,000+ financial institutions to easily pull in statements and expedite the borrowing process.

By gathering documents directly from the source, you and your borrowers easily check off a task that used to be an onerous, manual chore. Your borrowers will thank you; your team will thank you; and the trees will thank you for reinventing the traditional document collection process.

Make Digital Mortgage Technology Your Competitive Advantage

The mortgage industry moves slowly, and while digital mortgage solutions aren’t yet ubiquitous, the time will come when those who have not implemented a digital mortgage solution will begin to feel inadequate when it comes to pleasing borrowers and providing a streamlined, effortless digital mortgage experience. Get ahead of the curve and utilize digital mortgage technology to be your competitive advantage.