"For 25, 30 years, we've been stuck in these technology stacks where you couldn't transform that operation"
The power of the latest technology platforms to help mortgage businesses navigate the constantly evolving market environment is second to none, according to Chris Grimes, CEO of mortgage tech service provider FundMore.ai.
Grimes said that this became especially apparent during the pandemic, with his company taking the opportunity to revamp its approach in 2020.
FundMore.ai “really looked at ‘how do you re-envision workflow for mortgage lenders and ultimately with the consumer being the endpoint?’, and that entire journey from consumer to broker to lender to sales team,” he told CMP TV.
Grimes said that his company achieved this by partnering with “best-in-class companies, technology providers in the industry, to provide the components of that workflow.”
The workflow evolution has been a long time coming.
“For 25, 30 years, we’ve been stuck in these technology stacks where you couldn’t transform that operation,” Grimes said. “It had to go through a very linear funnel, from applications you’re funding [to] things like title and income verification,” which he argued were all done in a “very strict” order.
“We believed that if you worked closer with the [point-of-sale] systems, the big brokerage houses, the funding platforms in the industry – that if you re-envisioned each one of those products and programs individually, you could bring them into different phases and actually streamline the process a lot faster,” Grimes said.
Further insights on how technology continues to impact the mortgage industry can be found here.
