How is technology changing the role of mortgage professionals?

Lender highlights how agents and brokers can benefit from the use of tech

How is technology changing the role of mortgage professionals?

The greatest gift of ever-advancing communications and database technology to the mortgage industry is the way it takes over the more mundane tasks so that the mortgage professional can focus on advice and solutions for their clients.

For Grant Armstrong, director of originations at Community Trust, the value of automating routine administrative work cannot be overstated.

"What [tech] is really going to do for mortgage professionals specifically is allow them to focus on advice and solutions for their client,” Armstrong said in a recent CMP Tech Power Panel. “The admin, the communication, that follow-through, that reminder – they’re going to be automated.”

“Technology is going to continue to close the gap in communication, as well as make sure that individuals understand where everything is going on in the process.”

In the case of Community Trust, its broker advisory council takes on the task of delineating its client-facing and broker-facing needs alike, thus helping the company maximize its usage of technology.

“So when we look at the lifetime of the client’s application all the way from ingestion to funding, where are the stopgaps? Where are the problems, where are the challenges? And those individuals who have got their hands on that, they’re the ones who provide us with that information,” Armstrong said.

“Then… we reach out to industry partners; we say, ‘How do we solve this? What are you seeing, what can we learn from this information? And how do we close that gap quickly?’”

For more insights on technological innovation and how it impacts the mortgage industry, click here.