Making the right tech choices can be difficult, and Filogix is committed to expanding options for brokers so that they have access to a wide range of products
Choosing systems and programs are some of the hardest, but most important investments that brokers and brokerages make for their businesses; and is often one that is very personal. In order to get the right systems, mortgage professionals need to take a fairly introspective look at what they’re trying to achieve, says Ryan Spence, Director of Strategic Accounts at Filogix, and consider the preferences of the primary users, how they manage their businesses, and the needs of their client base.
“You should have a technology plan which provides specific solutions to the objectives you have identified in your long-term business or strategic plan. The best technology is the one you will actually use and I think a lot of people dive into a technology because they're told ‘this is the one you should use’ or ‘here's the one you're going to use’. Since they haven’t spent the time to determine their own strategic plan and don't really have an emotional or behavioural investment in that particular technology, the results are less than ideal,” Spence said. “Understanding what your business is, and where you're trying to grow, offers you the opportunity to find a tool that's going to help drive that success,” he said
Filogix has been helping brokers gain access to those tools for 20 years. Last fall, Filogix announced the launch of Axiom Innovations’ loan and deal origination solutions on FxLink Direct, providing a direct connection to Filogix’s marketplace lenders. This connection allows mortgage brokers to use Axiom’s platforms to manage their mortgage deals and seamlessly submit them straight through to Filogix’s network lenders.
“The connection was an important one, Spence said, because it boils down to ensuring that brokers are able to find solutions that meet their specific business needs with trusted partners. This a natural evolution of a decade long relationship with Joe Fakhri of Axiom Innovations.”
“[Fakhri] certainly understands - the needs of mortgage professionals; and is now able to take that to another level by leveraging the connectivity of the Filogix Marketplace to enable brokers to be more customized or configured with their specific business needs,” Spence said.
The latest iteration of the partnership has people sitting up and paying attention, with brokers digging into new opportunities for their business. Taking advantage of those new opportunities are how brokers are going to grow, and Spence said that the best way for brokers to get a good result out of their technology investment is to actually invest in it.
“Sometimes that's going to be a financial investment—there is a cost to pay for cool stuff. You must spend some time thinking about what the best tool will be for you and then invest time actually practicing with it,” he said. “If you expect technology will provide a good ROI, you have to actually make the investment to get the return.”
Filogix is owned by Finastra, the third-largest Fintech company in the world. For the past few years, Filogix has been working behind the scenes, modernizing data sets and infrastructure, establishing the building blocks for future partnerships and connectivity. Now, those investments are starting to become more visible, paying off for all parties involved.
Spence said Filogix continues to look for ways to make a more efficient transaction, a more efficient process or a better user experience, while ensuring data integrity and data security. Moving forward, Filogix plans continued expansion of the Filogix Mortgage Marketplace to achieve these goals.
“There's lots of cool technology out there. The Filogix Marketplace continues to grow, integrating more partners, providing more choice for the broker, more efficient transactions for all within the broker channel,” he said. “The ultimate goal is a smooth, repeatable, enjoyable transaction for all of the people who are part of the ecosystem.”