Technology is a Tool, Not a Rule
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Artificial If intelligence is grabbing the headlines, but good brokers know exactly how to communicate with their clients. They know that borrowers have certain likes and dislikes, and clients need to tell their broker their preferences, which includes the use of technology. Communication with another human… so important.
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Technology has improved the flow and efficiency of processing loans, but many borrowers are still reluctant to utilize the advancements despite the effectiveness it brings to their own mortgage process. Here are some scenarios that you may face from borrowers and responses you could use in order to help your client overcome their technology phobia.
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If your borrower says they don’t use technology or are not tech-savvy, simply suggest that if they use social media, browse the internet, and use a smartphone or email, that their technology knowledge base is more than sufficient and better than the vast majority of borrowers over the years.

Adopting Technology to Improve Efficiency and Security in the Mortgage Process

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If your borrower insists on mailing or hand delivering documents, indicate that technology would provide a faster and more detailed feedback on the mortgage process. If your borrower would prefer to use email only, let your borrower know that certain items and documents cannot be emailed due to being an unsecure method. For example, emailing personal financial information and credit card information could pose a significant security threat.

Not just borrowers but even some brokers today are not in favor of the new technological advancements within the mortgage industry. Many brokers may feel like they cannot provide the quality of service they are used to providing because technology interferes with their personal touch and ability to engage with their borrower. For the technology resistant employees, remind them that borrowers will appreciate the efficiency technology brings to the loan transaction. Brokers will also have additional time to bring in more business due to the less frequent follow-ups they have to do on their clients.

Overall, Orion’s management thinks of technological advancements as a way of improving the productivity of your, and our, staff. Put another way, we’d rather have one of our employees learning about a new program we offer rather than running to the bank or broker’s office to pick up a statement. And focusing on our broker’s needs.

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