The mortgage industry is racing to catch up to consumer expectations around online commerce – and marketing technology is taking center stage.
Companies like Amazon and Uber have removed friction and consumers now expect this ease of doing business with all companies across all industries, including when they’re making one of the biggest purchases of their lives: buying a home. Consumers’ high expectations for interacting with brands online is driving digital transformation in the mortgage industry.
Companies that embrace digital transformation will be rewarded – and those that don’t adapt will continue to see their market share shrink.
In a recent webinar, Leading Digital Transformation in Marketing, I talked with Trey Rigdon from Movement Mortgage and Sarah Wheeler from HousingWire about digital transformation in the mortgage industry.
At the core, loan officers don't actually want technology; they want what technology – your marketing tech stack – can do for them. The real question becomes: how can your technology empower your loan officers, giving them more time in their day and making them more money?
Your marketing tech stack should remove friction and accelerate productivity, giving your loan officers a better way of doing business.
As Rigdon said, “Technology is there to augment what we are capable of doing as humans.” Technology should make your loan officers more efficient and empower them to do more with the same amount of time. It’s critical to give your loan officers time and money in their pocket without requiring more effort from them – such as in the form of learning and deploying a new technology solution.
Constantly listening to your users and making adjustments to your tech stack so it continues to meet their needs is critically important. Never forget that behind the marketing tech stack are people trying to grow their business and close more loans.
The cost to originate a loan continues to rise and is now $8,500, according to the Mortgage Bankers Association. The right marketing tech stack can make your loan officers more efficient and effective, directly impacting the cost associated with closing each loan.