How mortgage tech is providing a boost to brokers

Mortgage professionals are increasingly comfortable with digital advancements, says Tango Financial co-founder

How mortgage tech is providing a boost to brokers

Ever-advancing tech-powered platforms have made their mark on the mortgage space – and for Jason Henneberry, co-founder and COO of Tango Financial, agents and brokers can get the most out of tech by moving gradually in the right direction.

“Start small – make incremental changes,” Henneberry said in a recent technology power panel facilitated by Canadian Mortgage Professional when asked his advice for brokers in their use of technology. “Just do one thing at a time.”

Henneberry said that mortgage professionals are increasingly comfortable with the presence of tech-streamlined processes and components like artificial intelligence.

“They’re incorporating new technologies into their business and processes,” Henneberry said.

A 2021 ICE Mortgage Technology Borrower and Lender Insights survey found that 74% of mortgage professionals believe that technology can simplify the entire borrowing process, while 70% said that using these platforms helps “drastically reduce” the time needed to close transactions.

Another 58% of professionals said that the availability of an online application process would likely influence their choice of lender.

At the same time, these are the precise reasons why the decision on how to use these technologies still should be left to the discretion of each agent or broker – even as 90% of mortgage pros believe that these technologies are a must for a “positive customer experience”.

“[Mortgage professionals] don’t want to be forced to use any specific piece of technology,” Henneberry said. “They really want to be able to have freedom and flexibility when it comes to choosing the technology that’s going to suit them best and help them achieve their overall business objectives.”

“Technology should be used to augment your business and make life easier. If it’s not doing that for you, you probably don’t need it.”

Henneberry said that mortgage professionals should take heart in the fact that they will not be replaceable by AI any time soon.

“I don’t personally believe that we are at risk in any material way,” he said. “A mortgage is a complicated thing … Homeowners want good-quality advice, and they want to know the people behind them are helping them make the right decisions.

“As long as that remains true, there’s going to be a place for mortgage brokers who can rise to the occasion.”

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