For years, the Canadian mortgage industry was viewed as lagging behind other industries in terms of innovation, technology, and choice. However, recently we’ve seen an influx of new technology, which is a fantastic opportunity for this industry.
We need digital processes to optimize the mortgage process for brokers and borrowers. This need has been further underscored by the pandemic, making the adoption of technology and virtual options during the home buying process a must rather than a nice-to-have.
At Lendesk, we have the vision of a mortgage in just a few minutes – an exciting future that I first imagined when I started Finmo four years ago. Previously this would have been viewed as an astronomical vision. Imagine a world where a mortgage broker could send an application link to their client in minutes, complete the required paperwork and consent, find the right lender to apply for, and send it straight to a lender, all within minutes unfathomable.
However, with technology in the industry accelerating, getting a mortgage off in minutes is not far. Now is absolutely one of the most exciting times to be a mortgage professional.
As we as an industry move closer to this reality, brokers can and should spend more of their valuable time doing what they do best: providing the best guidance and advice on mortgage strategy. By removing costly and time-consuming administrative obstacles from the process, brokers can close more deals and cement customer relationships with exceptional support and advice. We have to embrace this new reality and have high expectations of what technology can really do for us.
With the rush to integrate digital integration into house purchases, the past year had a steep learning curve. Still, the transition was urgently needed; Canadian mortgage brokers are dealing with clients who are used to digital experiences like Uber and Skip the Dishes. Our customers expect these experiences no matter what they want to buy.
In fact, buying a home is one of the most important experiences anyone will have, which makes a seamless digital experience even more necessary. Canadian mortgage professionals using technology can provide their clients with the digital experience they need in minutes. Technology should help you improve your borrowing experience. You should be proud of the process that you are leading your borrowers through.
In addition to providing an improved borrower experience, the technology should help you, the mortgage professional, work faster, smarter, and remove administrative burdens and other time-consuming elements. Look for products that will help you analyze a customer’s application and determine which documents are required right from the start. By using an option that allows the client to complete the application, agree to a credit check and upload the required documents, the agent is given the administrative overhead that is critical to speed and efficiency.
With software that handles administrative tasks, mortgage professionals can focus on customer relationships and mortgage expertise – especially when it comes to giving borrowers the choice to find the right product. While it is often easy for a mortgage professional to know which lender product their customer should choose, it is all a matter of choice for the customer.
Here, too, technology should help you. Spreadsheets and Facebook groups can cost you valuable time trying to get a response for a customer. Make sure you are using technology to speed this up and use a product that gives you access to as many lending rates and products as possible.
Ultimately, the technology should save time for mortgage professionals and allow them to focus on what they’re good at. I would argue that a mortgage in minutes is the new reality, and software that doesn’t help you make it easy is holding you back.
At Lendesk, we’re passionate about choice and competition in the industry – there are many great solutions out there to help. Make sure you do your research and find a solution that is easy to integrate, has responsive customer support, and allows you to work smarter and faster. A mortgage in minutes is within your grasp.
Greg Williamson is the chief revenue officer at mortgage fintech company Lendesk.