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Mortgage Broker News | 04 Aug 2010, 08:30 AM Agree 0
While many have begun to move with technology as it drives businesses forward with new innovations and devices, others have dug in their heels, holding on to a nostalgic idea of an industry that once was. Increasingly, the days of paper applications and fax machines are nearing extinction, and for those who aren’t using today’s technology, they may be too. In this article, Shane Buckingham takes a look at how using the latest tools and technology has changed the industry as a whole and how it has helped those who’ve been able to capitalize on it
  • John | 19 Sep 2010, 07:25 AM Agree 0
    J. Johnson is not someone that should be quoted, given his lack of Academic Accreditations. I would recommend you speak with senior educated individuals.
  • J. Johnson | 23 Jan 2014, 09:29 PM Agree 0
    John is not someone that should be quoted, given his lack of Academic Accreditations. I would recommend you speak with senior educated individuals
  • Philip Slen | 27 Jan 2014, 11:18 PM Agree 0
    A vibrant suite of technology tools and offerings in our industry is healthy and necessary to keep us competitive against the banks. It gives brokers and brokerages choice when choosing the technology platform that best suit their business needs. Productivity and efficiency improvements in day to day mortgage brokering activities, deal underwriting, document management, communication, CRM, collaboration, reporting, audit and compliance should be factors in your decision making on which system to use. For example, ever struggled with ‘passing’ your deals and info over to a colleague when going on vacation. A completely unnecessary stress and time waster. A good system should let you simply assign your deal(s) to anyone you choose. That person(s) will have access to all your deal data, loan notes, emails correspondences filed with the deal. You can follow in real time wherever you have an internet connection. You’ll be surprised to learn what banks have for their mobile mortgage on.

    In my research, I have spoken with many brokers from independents brokerages, networks and franchise superbrokers, and bank mortgage specialists. The research is by no means scientific but an honest discussion in their daily mortgage brokering activities and technology challenges they face. Time and again the technology challenges I hear are: ‘I wish our system does this or that’, or ‘this is how we been doing things and its hard to change’. The latter is the most dangerous of all; to be complacent and not envisioning technology as an enabler in one’s business. This even from members of superbrokers with decent systems. The important thing for brokers is know what your business challenges are and find the technology platform that best address those challenges. Based on current technology tools available for frontline mortgage sales professionals, bank mortgage specialists are way behind mortgage brokers. See my article Mortgage Workflow Productivity and Efficiency on our facebook page:

    I will leave with this:
    -Document storage is not document management. Document storage has no functionality other than to store a dumb document. Document management should enable you to interact with the doc in your deal workflow.
    -Drop box is not document management.
    -Email is not the most secure way to transmit clients’ private and confidential documents. Our industry needs to move away from emailing client docs around the internet and use secured medium such as web portals with https. Clients should be given this choice to protect their documents.

    Philip Slen is an expert mortgage workflow and process analyst. Co-founded Revodoc Inc., he directed the development and successfully launched their Revo Mortgage Collaboration System platform
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