Choosing the right mortgage technology partner is essential for a network’s business success. Selecting a well-suited partner, with tried and trusted systems, can enhance the value of a business by driving growth, enhancing efficiency, and mitigating compliance and other risks.
As technology continues to evolve, it plays an increasingly crucial role in the mortgage industry. The right tech partner can drive revenues, streamline operations, and enhance client satisfaction. It can provide you with one specific tool, such as a system for sourcing, or a whole raft of tools to enable brokers to fully service a client and their mortgage search from start to finish, and everything in-between. But how do you ensure you select the best partner? Here are some key pointers to consider before signing up.
Understanding the Mortgage Network’s Business Needs
Identify business requirements
This is the very first step needed. Questions to consider include; what is the long-term strategy that is being implemented? How will technology enable this strategy? What specific outcomes are being sought from a technology partner? The choice of a technology partner goes well beyond the technology requirements, since its ultimate success is the ability to enable the business strategy of the business.
Identify specific technology requirements
Before diving into potential tech partners, it’s essential to clearly identify specifically how technology requirements will deliver the key business requirements. For example, are there specific cost savings and efficiencies that have been identified, or opportunities for revenue enhancement? Is the technology a key driver for the acquisition of new brokers?
In addition to this, consider the unique needs of your mortgage brokers and how technology can address these. Do you need a platform that offers comprehensive mortgage software for brokers – everything all in one place? Or are you only looking for one specific service, such as a CRM or sourcing system? Are there particular features or functionalities that are non-negotiable for your operations? Defining these needs upfront will help you filter out unsuitable options early in the process.
Assess current tech infrastructure and future needs
Evaluating your current tech infrastructure is vital. What systems do you currently have in place, and how do they perform? Are there any significant gaps or inefficiencies? If you’re happy with your existing tech but you’d like to try something new, is there scope to test new tech that will flex and work with your existing tech? Furthermore, think about your future needs. Scalability and flexibility should be at the forefront of your mind. The best business technology partners provide solutions that grow with your business and adapt to changing market conditions. Your chosen technology partner should offer a platform capable of evolving alongside your network.
Evaluating Potential Tech Partner’s Expertise
Trusted technology for peace of mind
Choosing a trusted technology partner provides peace of mind that your business operations are supported by reliable, proven solutions. Trust in technology is crucial, especially in an industry as sensitive and data-driven as the mortgage sector.
Proven track record, reputation and reliability in the mortgage industry
A trusted technology partner should have a proven track record of reliability and success within the mortgage industry. Look for partners who have consistently demonstrated their ability to deliver high-quality, dependable technology solutions. A technology partner’s track record, reputation and legacy are strong indicators of their reliability and expertise. Research their history within the mortgage industry. Have they worked with similar large mortgage networks? Have they invested in their technology stack? Are they able to handle networks of the size of yours?
Assess their financial strength
How strong is the balance sheet of the technology partner? Will they require cash in order to survive? Are they profitable? How stable is their ownership structure? It could be risky to rely on a partner that is at risk of insolvency in the future.
Case studies and positive client feedback
Client feedback and testimonials are powerful indicators of trust. Successful partnerships with other mortgage networks can highlight their capabilities and success in delivering effective solutions. Look for specific examples of how their business technology has improved efficiency, compliance, and customer satisfaction for their clients. This feedback can give you confidence in their ability to meet your needs.
Knowledge of industry regulations and compliance requirements
The mortgage industry is heavily regulated. Your trusted technology partner must be able to deliver your compliance requirements at a network level as well as enabling compliant advice for firms and individual brokers. A partner must also adhere to industry regulations and compliance requirements whilst also being able to adapt swiftly should there be sudden market or lender updates. It’s worth checking their ability to move quickly to ensure that your network remains compliant and current without unnecessary disruptions.
Technology Capabilities
Integration with existing systems
A key consideration is how well the new technology will integrate with your existing systems. Compatibility is crucial to avoid costly and time-consuming overhauls. Ensure your potential tech partner’s platform can integrate with elements of your technology estate that will not be replaced. You need a tech provider who is flexible enough to provide you with as many, or as few, tools as your brokers need to complete the mortgage process. For example, Mortgage Brain has further developed Submissions Brain so that with just one application form, you can reach multiple lenders. No need for brokers to spend precious time re-keying information into numerous, individual lender application forms.
User-friendly interfaces and ease of use
The usability of the software is another critical factor. Mortgage brokers, who may not all be tech-savvy, need user-friendly interfaces that facilitate their daily tasks without steep learning curves. A well-designed, intuitive interface enhances productivity and adoption rates across the network.
Fit for purpose for the whole industry
Your mortgage software should be fit for purpose, providing an end-to-end solution for the entire mortgage process. Ideally, it should be developed in conjunction with industry experts and user feedback. Ask about the development team. Who are they, what are their backgrounds and do they understand how the mortgage distribution process works? Are they based offshore, without much affiliation with the industry? Have they created a range of solutions for the industry? Do they understand the difference between an AR and a DA?
Data security measures
In an era of increasing cyber threats, robust data security measures are non-negotiable. Your trusted tech partner should have stringent data protection protocols in place to safeguard sensitive information. Ensure they comply with industry standards and regulations regarding data security and privacy. Ask about the measures they have in place to protect against data breaches, and also their solution in the unlikely event that this happens. Do they have a mature set of cyber policies in place? Have they been accredited by an appropriate third party?
Support and Customer Service
Availability and quality of technical support
Reliable technical support is essential. Assess the availability and quality of the support services offered. Are they available during your hours of operation, via a range of channels, for example customer telephone helplines, live chat or emails? Timely and effective support can prevent minor issues from becoming major problems. How do they deal with issues outside working hours?
Ongoing training programmes for staff
Well-designed systems do not require training. When was the last time you were trained on how to use your smartphone? Having said this, training is important for maximising the benefits of any technology. Check that they offer ongoing training programmes for your staff or other education sessions. These programmes should be designed to keep your team updated on new features and best practices, ensuring they fully leverage the technology’s capabilities. At Mortgage Brain, not only do we run thorough onboarding sessions, but we also host free online Masterclasses, live refresher sessions and have a host of explainer and demo videos on our website.
Responsiveness and problem-solving capabilities
Evaluate the responsiveness of the tech partner you’re considering. How quickly do they address and resolve issues? A partner that is proactive in solving problems and offers quick, effective solutions can significantly enhance your operational efficiency.
Cost Considerations
Transparent pricing models
Clear and transparent pricing models are crucial. Ensure there are no hidden costs that could impact your budget. Understand the full scope of what you are paying for, including any additional fees for updates, support, or training.
One ‘all-in-one’ solution
An all-in-one solution can be less risky and potentially more cost-effective and easier to manage than multiple disparate systems. Evaluate whether your tech partner provides a comprehensive mortgage software that covers all your needs, reducing the complexity and cost of integrating various tools, such as we do at Mortgage Brain. Nobody needs the headache of remembering a long list of separate passwords and logins and the fun which comes with matching them up with numerous systems. One logon, one password, one platform to do it all. That’s the goal.
At Mortgage Brain, we can provide the whole suite of products: Sourcing Brain, Criteria Brain, Affordability Brain, CRM Brain and Submissions Brain – an end-to-end complete mortgage processing suite. Not only that, we have developed the ‘Mortgage Brain Hub’, which brings all your systems together under one roof with just one login.
The ‘Mortgage Brain Hub’ is a personalised and customisable dashboard from which users will access all of their Mortgage Brain services. This means that networks will be able to keep on top of their licences, perform comprehensive oversight and compliance checks, have access to all broker records and client details, and produce reports and generate insights on lead generation, conversion rates, pipeline business, referrals, compliance flags, and much more. There will also be third party services included such as valuation partners. All via one login, all on one Mortgage Brain Hub dashboard.
Long-Term Partnership Potential
Alignment of business values and goals
A trusted technology partner should share your business values and goals and be committed to building long-term relationships. They understand that your success is their success and are dedicated to supporting your business through every phase of growth and change. Discuss their vision and mission to ensure they resonate with your organisation’s culture and objectives.
Vision for future technology developments
Understanding your tech partner’s vision for future technology developments is crucial. Are they committed to continuous improvement and innovation? A partner with a forward-thinking approach will ensure your business stays ahead of the curve in an ever-changing industry.
Collaboration and communication
Effective collaboration and communication are the bedrock of a successful partnership. Evaluate how well your tech partner communicates and collaborates during the initial stages. This will give you an idea of what to expect in the long run.
The final word
Selecting the right technology partner and their mortgage software is a critical decision that can significantly impact your mortgage business’s success. By thoroughly evaluating potential partners based on your specific needs, their expertise, technology capabilities, support services, cost considerations, and long-term potential, you can make an informed choice.
Want to talk to us about how Mortgage Brain could become your network’s trusted tech partner? Contact us [email protected]
