When it comes to new technologies, one of the biggest challenges for any mortgage lender is gaining user adoption. Failure to achieve this goal quickly has led to the failure of many tech initiatives in the home finance space.
Change is hard in any industry, but when you have so much government oversight and when any compliance error can be incredibly costly, it’s no wonder that lenders want to stick with what they know works and avoid anything that could lead to compliance problems down the line.
While this was a real problem with the technologies of the past, it’s much less of a problem today. Modern mortgage technology has been dialed in. The borrower’s data is protected and shared electronically only with the parties that should have access to that information.
This is even less of a problem for third party originators. Brokers who originate loans for wholesale lenders aren’t actually handling the underwriting and processing. Their role is to get a complete set of borrower loan applications uploaded to their wholesale lender’s secure portal as efficiently as possible.
Today’s modern technology can do that, if users will only adopt it. But it’s hard to get users to move into a platform that takes the lenders months or years to design, install, test and put into production. That’s not the way to get loan officers to adopt.
What today’s loan originators want and need
All of the complex technology that is built into the modern loan origination system (LOS) is largely lost on the front line loan originator. The broker needs an easy way to get in touch with prospects, stay in touch with them until they complete a loan application (which should be as easy as possible), show them enough loan programs to find one that meets their unique needs, make sure the application package is complete and get it securely updated to their wholesale lender.
Anything else is just bells and whistles that may excite a large lender, but doesn’t mean anything to a loan officer -- except for new functionality they might be required to learn.
Loan officers don’t want to learn about new tools that someone else thinks will make them more effective. They need access to functionality to help them do their jobs as efficiently as possible. That’s how you grow a broker business.
Zeitro executives were on hand during the fall conferences, meeting with loan officers who were exploring new tools that might help them grow in today’s market.
When they saw what we had built into the Zeitro LOS, they were impressed, but worried that they didn’t have months to wait for the new technology to be implemented and ready for them to use.
We just smiled. That’s not the way Software-as-a-Service is supposed to work.
This ease of adoption is possible because true SaaS solutions do not require any on-premise installation. The platform is accessible from any modern web browser, with automatic updates deployed regularly. Brokers simply log in to a user-friendly interface optimized for speed and mobility. They can just sign in and start setting up their virtual, online mortgage lending business in just a few minutes.
This is a paradigm shift from the old days when switching to a new technology was a painful and expensive process that always fell behind schedule.
The benefits extend to the loan process itself. New SaaS technology like Zeitro centralizes communications and collaboration in one place. Documents are uploaded straight into the system for easy indexing and tracking. Data flows directly to underwriting and closing tools in real time.
With Zeitro, brokers can now provide borrowers with a simplified experience right from pre-approval through closing. Intuitive portals and mobile apps allow borrowers to complete tasks effortlessly
We sent LOs we met at the fall shows to a website they could access with their cell phones. In the space of just three minutes, we showed them the new LOS, helped them set up an account and empowered them to start doing business.
" The future of loan origination is bright, and those who adapt to changing trends will reach new heights of success. "
They went from zero to originating new loans in the space of just 3 minutes.
We are now signing up between 30 and 50 new mortgage brokers at every show we attend.
I know how hard this is to believe for people who have been working in an industry that takes forever to make even the smallest of changes. That’s why we’re providing online demos for mortgage brokers who want a simpler, faster and more borrower-friendly loan origination system.
In today’s ultra competitive mortgage environment, technology has become a key differentiator. Brokers are realizing that forward-thinking SaaS solutions like Zeitro represent the future. The speed of adoption is accelerating as word spreads through the industry.
Don’t be left behind waiting weeks or months to embrace innovation. When turnkey simplicity and flexibility are just a few clicks away, the choice is clear. The time to transition to next-gen lending technology is now.