Mortgage Applications Are Down – A Good Time to Go To Work

Mortgage Applications Are Down – A Good Time to Go To Work

At several points last year, mortgage lenders were overwhelmed with refinance applications. But now, those applications seem to be slowing down. As the number of refi applications decline, so do the number of closings. Many ideas and worries will undoubtedly be spoken around the water cooler and behind closed doors.

At first, the conversations are ‘Whew, we can catch our breath a bit” but then quickly turns to “Will we be let go?” During our industry lulls however, it is really time to go to work and ask ourselves “How can we be more cost-effective? How do we create more workflow efficiencies and preserve our human resources at the same time?”

Put Technology To Work

Now is the time to put technology to work for you, because as history in this business has taught us, the purchase applications are right around the corner!   It is important to acknowledge that technology is not meant to replace the human elements necessary to ensure the personal touch you and your clients depend on. Technology is meant to manage highly repetitive and time-consuming functions by creating rules to automate the most tedious tasks.

Will the mortgage process ever lose that personal touch and be replaced by technology?

Real estate is, without a doubt, is becoming more of a technology-driven sector. Buyers and sellers have grown to expect technology to improve their experience and make transactions faster and more efficient, whether it’s a lead-generation system or a home-search platform.

Even with all of this technology incorporated into our business operations and everyday lives, real estate remains a “relationship business” at its foundation. Every transaction is dependent on the client-agent relationship and trust. This is crucial for today’s customers.

Lenders are well aware that staying relevant in a competitive industry requires new technologies. They recognize the critical need of incorporating digital solutions into their road map in order to automate operations and improve customer satisfaction.

So, how do we maintain regulation and technology developments in sync?

AtClose is here to help with technology and business trust!  

AtClose is the next generation of digital mortgage, title and escrow solutions which enables faster closings and data driven insights for better communication and shorter cycle time for both mortgage lending and title industries. The solution is designed to include a robust rules engine that automates complex order routing decisions to your vendors. These rules can be configured on geographic location, product, price, and even the quality of work your vendors have historically performed; better yet – all of these features in combination.

Then, since your data belongs to you, let the data go to work for you as well. With the AtClose open data and analytics platform, now statistics and reports for all of your vendors and functions are at your fingertips. Build your own reports to monitor performance or use the reports that we have built-in, ready to go. Reports may be triggered to run at any time and distributed directly to your preferred team members or can be accessed on demand.

A unique order dashboard with status, comments, and due dates is also available at your teams’ fingertips to keep their portfolio of transactions organized and up to date with the most current status.

Your technology solution should well complement the skills of your existing teams so you can continue to focus on the personal relationships that will continue to drive our industry success.

Get in touch with an AtClose team member today to discuss the new generation of digital mortgage solutions to help drive operational efficiencies across your organization.

Sources 

  • How Digital Technology Changed The Face Of The Mortgage Industry [Link]
  • Mortgage Applications Sink to Their Lowest Level Since Before the Pandemic Hit [Link]