Final decision makers for new technology at most mortgage companies are likely in IT and finance. But to maximize the ROI of any new mortgage technology your organization adopts, it’s essential to get buy-in from your Loan Originators, as their adoption and efficient use of the tech is what will determine your return.
Here’s a breakdown of the many benefits of getting Originator buy-in on new mortgage technology, plus some tips on how to get them on board.
The Benefits of Getting Originator Buy-in on New Mortgage Tech
The first and most noticeable benefit of getting your Originators excited about any new technology you adopt is that you’ll enjoy a greater return on your investment. This is true for the simple reason that mortgage origination is a complex process. Every Originator has their own way of doing things.
Even if you offer them a better or more efficient way, many will resist simply because of the perceived hurdles in making a change. Switching to any new system – even one that’s infinitely better than what you have right now – takes time and energy. That’s time and energy they won’t be able to dedicate to closing loans using their current, predictable method.
And if your Originators aren’t using your shiny new mortgage technology platform to its peak potential, you’re probably paying for a lot of features that aren’t translating to better sales numbers, which means you aren’t enjoying the ROI that the software’s sales team promised you.
But there are other reasons that can have a big impact for your organization over the long term.
First, consider the impact new mortgage technology can have on your ability to recruit and retain top-performing Originators. As many as 45 percent of Millennials – now the largest generational group in the workforce – will quit a job that offers them sub-standard technology.
Any organization interested in attracting and retaining top employees has to be willing to provide those employees with the tools that will help them perform at the top of their game. In mortgage lending, technology options are increasingly available to streamline the work Originators do.
It isn’t just employees who will be happier and face fewer day-to-day frustrations when they have the right mortgage technology supporting them, either. Customers will also benefit. Today, the customer experience of getting a mortgage is typically disjointed and repetitive. It’s normal for a customer to be asked for the same information over and over. In many cases, customers are even asked to fax documents to their lender.
This is cumbersome and frustrating. It’s needlessly full of friction. And it can be corrected with mortgage tech that unifies the front-end point of sale with the back-end origination software. When all a customer’s data is stored in a single end-to-end platform, the shopping and buying experience is seamless and much more efficient.
And lenders that offer a hands-down better customer experience can expect to attract more customers and hang on to those they have.
Clearly, having fully operational mortgage technology can be a differentiator for your lending organization. So how can you get the Originator buy-in necessary to achieve higher ROI, better employee retention, and greater customer satisfaction?
How to Get Originator Buy-in on New Mortgage Technology
Getting Originator buy-in on your newest mortgage technology can be a challenge – but it doesn’t have to be. To maximize the odds that your Originators are using every relevant feature, be sure to do the following:
Tip 1
Identify your Originators’ biggest pain points. This should happen before you even consider sales pitches for various mortgage tech platforms. How will you know if you need it until you know what your Originators are struggling with right now? Once you have a clear sense of what Originators wish they could do better, faster, or more efficiently, then choose tech that actually solves those problems.
Tip 2
Focus on getting top performers and leaders to adopt. Trying to get everyone to adopt new software on day one is probably a losing battle. Instead, focus on getting your top performers and those who act as leaders up to speed. Provide them with the resources they need to become wildly effective with your new mortgage technology. As they start outperforming, other Originators in your organization will clamor to learn the secrets of their improved performance, and you’ll have a much easier time facilitating adoption.
Tip 3
Promote successes internally to garner excitement among others. As your early users see great results with your new mortgage technology, find ways to highlight those wins to the rest of your team. This will hammer home the message that your newest tech investment can put more money in your Originators’ pockets by enabling them to do more in less time, which will motivate the rest to adopt.
Tip 4
Offer (compliant) incentives for adoption. No matter how well your first adoptees perform with your new tech, you’ll have a few holdouts who are reluctant to switch over. For them, find compliant incentives that will encourage them to use the new tech, such as entries in a raffle for every loan closed entirely with the new system. The initial hurdle of doing something different is usually the biggest, so helping your team take those first steps will go a long way toward getting them where you want them to be.
Mortgage Tech Alone Won’t Transform Your Bottom Line
Technology can have a transformative effect for mortgage lenders. But it’s just as important to note that technology alone won’t be enough to meaningfully change your bottom line. For maximum results, you’ll have to ensure that frontline users of the new tech – Originators – have bought in and are using it as intended. Convincing them to adopt the technology will have a significant impact on the ROI you see.
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