Choosing the right mortgage technology partner is essential for your network’s success. A well-matched partner with reliable systems can drive growth, enhance efficiency, and help manage compliance risks.
As technology evolves, its role in the mortgage industry becomes increasingly important. The right tech partner can boost revenue, streamline operations, and improve client satisfaction. Your partner can provide a specific tool, like a sourcing system, or a comprehensive suite of tools to help brokers manage the entire mortgage process.
So, how do you find the ideal tech partner? In this article, we will highlight the key considerations before you commit.
Understanding the mortgage network’s business needs
Identify business requirements
Start by clarifying your business goals.This is the very first step needed.
Questions to consider include:
- What long-term strategy are you implementing?
- How will technology support this strategy?
- What specific outcomes do you want from a tech partner?
Choosing a technology partner is about more than just your technology requirements, it’s about aligning with your business strategy.
Identify specific technology requirements
Before exploring potential partners, pinpoint how technology can meet your business needs.
Consider:
- Are there identified cost savings or efficiencies?
- Will technology help attract new brokers?
- What specific software or features are essential – like a comprehensive mortgage platform or specific services such as a CRM?
Defining these needs upfront will help you narrow down your options effectively.
Discover how technology is helping mortgage networks meet their business needs in our article ‘How will technology revolutionise mortgages?’
Assess current tech infrastructure and future needs
Evaluate your existing technology systems. Ask yourself:
- What systems do you currently have, and how well do they perform?
- Are there gaps or inefficiencies?
- Is there room to integrate new technology with your current setup?
Also, think about future scalability and flexibility. Your ideal tech partner should offer solutions that evolve as your business grows and adapts to market changes.
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 credible partner should have a history of success in the mortgage industry. Look for evidence of their reliability:
- Have they worked with similar large networks?
- Have they invested in their technology stack?
- Can they handle networks of your size?
Assess financial stability
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.
Find out about our successful collaboration with the UK mortgage network Primis in our article ‘PRIMIS partners with Mortgage Brain to deliver new technology ecosystem’.
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. Your partner must also be agile enough to adapt quickly to sudden market or lender updates, ensuring your network stays compliant 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, we have further developed Submissions Brain so that with just one application form, you can reach multiple lenders. This saves brokers precious time from re-keying information into numerous, individual lender application forms.
User-friendly interfaces and ease of use
The usability of the software is another key factor to consider. Since not all mortgage brokers are tech-savvy, the software should feature user-friendly interfaces that simplify daily tasks without requiring extensive training. An intuitive design can significantly boost productivity and adoption rates across your 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 technology partner should have strict protocols to protect sensitive information. Make sure they follow industry standards and regulations for data security and privacy.
Ask about their strategies to prevent data breaches, and what steps they would take if one occurred. Do they have well-established cyber policies? Have they received accreditation from a reliable 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. Consider whether support is available during your hours of operation, via a range of channels, for example customer telephone helplines, live chat or emails? Timely and practical support can prevent minor issues from becoming major problems.
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, we run thorough onboarding sessions and host free online Masterclasses, live refresher sessions, and a host of explainer and demo videos on our website.
Find the latest demonstrations and training webinars on our events page.
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, 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 wants to juggle numerous passwords and logins across different platforms. Our goal is clear: one login, password, and platform for everything.
At Mortgage Brain, we can provide a complete suite of products, including Sourcing Brain, Criteria Brain, Affordability Brain, CRM Brain, and Submissions Brain. This creates an end-to-end mortgage processing solution. Additionally, we’ve developed the Mortgage Brain Hub, which consolidates all your systems under one roof and is accessible with just one login.
What is Mortgage Brain Hub
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.
Discover more information about our Mortgage Brain Hub via our online page.
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.
Discover the latest mortgage technology trends in our article ‘Key mortgage technology trends shaping the industry in 2025‘.
Collaboration and communication
Effective collaboration and communication are the foundation 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.
Looking for a trusted technology partner?
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’ll be better positioned to make an informed choice.
Interested in discussing how Mortgage Brain could become your network’s trusted tech partner? Contact us at [email protected].
