When I started out in the mortgage industry, technology was something we talked about for the future. My first set of loan docs was typed out by me on an IBM Selectric II, with an amortization chart for the rate and points I was charging. I also underwrote the file and calculated the debit ratio by hand. It was not very efficient and not terribly accurate.
Later in my career I moved into wholesale and I was collecting documents and broker packages along with making sure paper loan files were received and being underwritten. Again- not terribly efficient.
Today we have our LOS systems, RESPA, CRM, fraud detection, file submission and document prep all with the aid of new and automated systems…you know, technology. So why are we still collecting paper applications and documents for our brokers and correspondents? Why are we trying to manage all of this along with renewals on spreadsheets?
Manual process are certainly not the most efficient or cost effective way to process and maintain your most important relationships, and not the best use of your sales team’s time. Your sales team should be focused on new loans and new clients, and not be a part of the paper blizzard. Leveraging technology to process applications, vet originators and manage annuals renewals will free up your sales team to do just that, providing tangible benefits at little cost.