A licenced mortgage broker has built a new system that may revolutionize the way brokerages collaborate on deals.
“It’s an internal-use program, and can be accessed by any broker in the office,” Philip Slen, CEO of Revo told MortgageBrokerNews.ca. “(The brokers) belong to groups and they can gain access to deals. It is password protected … think of it as a deal collaboration system.”
There are two advantages to the new program, according to Slen: It provides an all-access hub that allows users to upload and share content, housing it in one easy-to-use place and it speeds up the underwriting process by allowing underwriters to access uploaded information as soon as it is inputted by the broker. Gone will be the days of having to sift through emails and share notes; every correspondence and stage of a file can be captured in the Revo Mortgage Collaboration System.
“Once you’re in the dashboard, you have everything you need for your mortgage deals: pre-approvals, leads and approval deals,” Slen said. “It’s a little different from CRMs, which just get the customers attention; this is for follow-up to close the deal.”
The idea sprung forth when Slen, a mortgage professional since 1993, realized the industry lacked a comprehensive dashboard that allows users to collaborate on a file.
“It’s traditionally been up to the individual broker to track the process of a deal and this provides a central hub that can be accessed by any or all employees,” he said. “The shift in the industry is getting away from doing deals individually and becoming more of a team effort (and) there are a lot of teams out there and they don’t have the technology to support them.”
Slen has been working on the system for two years, conducting beta testing within his own brokerage, DMW Mortgages, but is in talks with at least one other brokerage to set up the system for them.
“I am working with a brokerage inside a super broker to implement the system but they haven’t given me the green light to talk about it yet,” Slen said. “Our system doesn’t compete against broker systems, it complements them.”
To see the program in action, check out the online tutorial.