On the May 2 episode of my Lykken on Lending podcast, we had the opportunity to discuss some digital disruption trends in the mortgage industry with tech entrepreneur Joe Dahleen. In our discussion, Joe talked about the importance of automation. Particularly with document preparation, mortgage organizations historically engage in a lot of redundant behavior. Automation can no doubt save organizations much needed time.
We are used to thinking of automation as a means of saving time. Automation is all about efficiency, and most of us attempt to automate processes in order to do them faster. But, there is another benefit to automation—automation can also reduce the amount of mistakes we make. In data entry, each time the information is entered introduces more possibility of error. If, through automation, the information is copied rather than entered all over again, we'll likely make fewer mistakes.
The beauty of automation is that we don't have to be redundant with standard procedures. If we get it right the first time, then it will most certainly be right every time thereafter. Investing in automation is important if you're trying to get more done and become more competitive in the industry. But, as the regulatory environment continues to become more invasive in the mortgage industry, automation is also important to invest in to be sure we aren't making mistakes.
Accuracy is everything. Invest in automation, and make sure you're doing it right by not having to do it all over again.
David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and “C-Level” executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called “Lykken On Lending” heard Monday’s at 1:00 p.m. ET at LykkenOnLending.com. David’s phone number is (512) 759-0999 and his e-mail is [email protected].