It can be hard to think about upgrading your technology right now with the market taking a downturn. But embracing automation can now help you get through these leaner times, and it can better prepare you for whatever comes next.
If you are wondering whether technology can help you during a down market, this podcast article just might be the thing. Brimma Tech’s Director for Customer Success Trevor Bono spoke with Mike Savino, head of multimedia for the Mortgage News Network. In this podcast article, Trevor talks about how embracing automation and technology at a time when the market is going through a slump might just be something industry leaders need. It gives the much-needed time to assess and reevaluate the need for technology.
Is the Mortgage Industry slow to take on technology?
When questioned about the reason why the mortgage industry is slow to embrace technology in comparison to other industries such as health care where there is a lot more documentation involved, Trevor shares how in reality it is pretty much the same. There are some companies that have completely automated their processes and then there are those that are slow in stepping into the automation arena. Taking away from a recently concluded conference, Trevor shares how some companies adopt the complete software lifecycle and hire development teams. But this can be a sizable task for mid-level banks and lenders. But unless you want to be in the software business, creating an in-house development team might just result in LESS technology innovation.
Adopting Automation — The finer points
Talking about ways in which technology can be incorporated and how lenders can benefit from it if they have not already started, Trevor shares how a deeper look at the process can throw light on prospective areas that can be automated. Brimma has over 30 automations for end-to-end processes. Tasks such as sending out initial disclosures, closing disclosures, flood certs etc. which are considered a part and parcel of conducting business can be easily automated.
Adopting automation for such simple tasks can make the entire process efficient.
Sending initial or closing disclosures, which are otherwise painfully time-consuming, are some of the simple tasks that can be automated. When customers want something to be automated, Brimma requests a video of the process and then revert to them with how it can be automated and how soon it can be implemented.
Time is of essence when it comes to implementing automation. With the big boys of the industry implementing automation with their own resources and using their own development teams, the mid-level lenders can fall behind pretty quickly if they wait on taking small steps. Explaining the impact that automation can have, Trevor shares an example of how a client has successfully managed to save 1,000,000 minutes of employee time using 13 automations from Brimma. Although the market is experiencing a downturn, in the long run when things are going to get better the client’s loan processing is definitely going to get more efficient.
Push Pull effect of Technology
With automation and technology changing the mortgage industry, there is often this view that while there are people drawn to it there are also people who are running away from it. According to Trevor, there is an increase in the number of banks who want more automation and technology even now when the market is experiencing a downturn. The mid-level players are foreseeing a future where their processes are more efficient and robust.
Taking the Leap of faith
Talking about how we can convince people to take the baby steps towards automation, Trevor throws light on the importance of starting early to avoid making large payments. There are clients that start small by automating a portion of their process and later on add on to it. On the other hand, there are also clients that automate their entire process and reap the benefits.
Once clients automate their processes and see the return on their investment, there is no turning back. If you underburden yourself from trying to act like a software company and add a lot of fixed-cost development resources, you will be much more nimble and your returns will be greater.
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