When it is your own business, you have to own it. Those of you who have succeeded in your businesses and those on the road to success know exactly what I am talking about. There is no eight-hour work day with a one-hour lunch and then you go home. You work when work comes, and that could be any time of the day or night. And, it follows you everywhere … wherever you are, it is important that you can stay on top of your pipeline and constantly bring in additional business. Just how far will you go with your business? How far can you go? With technology in your back pocket, you can decide for yourself.
We have all heard about the importance of having a Web presence that works for you 24 hours a day, bringing you business and giving your potential clients a glimpse into who you are and why they should want to work with you instead of your competitors. Your personalized Web site is not only tailored for your business, but it is also tailored for the clients you seek. Design and messaging gives your visitors the information they need to determine if you are the business they want to work with. And then they can begin the process of applying right there on your Web site. That is a tremendous step for them, but for today’s tech-savvy buyers, the convenience and real-time experience should not end there.
Your Web site can and should be so much more than just a marketing and application platform. Integrating your Web site with your loan origination software (LOS) can give you so much more than you would expect from such a technology blend. Instead of using your site to bring people in, you can actually use it to communicate and exchange information and documents throughout the loan process. Once your site and your LOS start talking, there is no stopping them—and that is what you need to make your loan process efficient and convenient for you and your clients.
When your Web site visitors decide to start the application process, you want them to be able to do it right then. The time it takes for them to call you or download and print a paper application is time during which any number of distractions can take place and the spell can be broken. Don’t take that chance! Make sure you have online application functionality! Then, make sure those applications drop into your LOS so you do not have to re-key important data.
Now that you have the application in the system and your applicant is now a “borrower,” staying on top of the loan while in process is highly significant for compliance purposes and customer satisfaction. Knowing what is coming and going keeps you on top of your files at all times. To achieve that type of autonomy, you need to be able to see your files without being tethered to your desk at the office and the knowledgeable communication you will be able to offer your clients helps build lasting relationships and will make the entire process more pleasant for everyone. Your options here can give you the freedom and mobility you want with the productivity you need in the office or anywhere else.
The most “mobile” option you have for mobile productivity is the LOS mobile application. A mobile app synched to your LOS is an excellent tool for on-the-go prospecting and oversight. No matter where you are, you can capture basic information on your smartphone that drops into a new borrower file in your system. Simply connecting to your LOS via cloud technology allows you to start or edit loan files on your phone that are then synchronized as part of your bustling pipeline.
Mobile apps also make starting initial borrower or third-party files from your phone’s contact list fast and easy. The convenience of mobile apps for business on the road is tremendous. Depending on your smartphone and service provider, you can check the status of a loan file for a borrower while you are on the phone with them! So, even though you might not want to do excessive data entry on your phone on a regular basis, you have the ability to calculate loan amounts, monthly payments, terms, etc. when it counts for customer service. Mobile apps give you real-time access and information on everything going on in your business. Using your smartphone as an extension of your business resources gives you time and freedom.
To get the maximum use out of your in-office business tools, you should ensure your LOS platform is as flexible as you are. By implementing a server-based system, you can access and work your files anywhere you have a secure Internet connection. Such a system would allow a secure workflow and instant oversight into every file in process. You would also have access to your built-in contact database without ever having to worry about losing sensitive data because nothing is stored on a local drive.
The integration between your Web site on the front end and your LOS on the back end enables communication between you and your client as the loan progresses throughout the process. From your LOS, you can upload documents for signature or simply send requests for documents to your borrower. The borrower can access the documents or requests from a secure log-in on your Web site, then return the documents by scanning and uploading. Once you get them, they drop directly into the file’s document management system.
Flexibility and efficiency also comes from integration within your LOS. Third-party vendors are lined up to take your business straight from your borrower files. You never have to re-type or re-key information to order credit, closing docs, appraisals, or any other of your typical documents and services. They are all right there to save you vast amounts of time and energy during each step of the process.
Your LOS platform should also be configurable with easy-to-implement business rules that give you the peace of mind that even though you are not in the office, your compliance procedures are in place and enforced. With business rules, you can apply hard or soft stops to fields or screens to prevent legislative requirements from slipping through the cracks of your loan pipeline. Instant access to customizable reports also serves to help you stay on top of your workflow and compliance.
Technology has made remarkable strides over the past few years. Now that we have cloud-based technology, we have much less hardware to maintain. When we combine our related cloud technologies into systems that work the way we do, we increase our accuracy and production effectiveness. That is why first integrating your Web site and LOS can provide a significant boost to your efficiency.
Then, introduce your business to the forward technology that you use for everything else in your life, your mobile phone. Taking your business on the road is more important than ever as our lives demanding greater chunks of our time and energy. Keeping up with compliance in the mortgage industry is a full-time job in itself if you do not let your technology work for you when you need it most. Integrating your business tools for on-the-go productivity is a significant part of driving success in today’s market.
BJ Bounds is senior marketing communications specialist for Calyx Software. In addition to media relations and copywriting, BJ is a contributing author to the Calyx Software blog, CalyxCorner. She has more than 10 years of experience in sales and corporate marketing with a focus on technology that spans several industries. She may be reached by phone at (800) 362-2599.
