TECH STACKS: THE FOUNDATION FOR A SUCCESSFUL MORTGAGE OPERATION
March 24, 2023 Data & Analytics, Origination Technologies
Experienced lenders that have been through the inevitable rise and fall of the market know business in down markets can suffer if a lender’s technology is less than optimal.
The time to optimize is now. In a slower market, lenders have capacity to add new capabilities. By rethinking their tech stack and implementing best practices, lenders can be better positioned for the market upswing that will happen.
What is a mortgage tech stack?
A mortgage tech stack is the combination of solutions, platforms and processes that a lender uses to run their business. It includes technology such as a loan origination system (LOS), point of sale solution (POS), customer relationship management tool (CRM) and more.
A strong tech stack will help create efficient processes, strong customer communications and sound database management that help a lender win business, keep their loan pipelines flowing and save money.
What are the pain points of a tech stack?
With many moving parts, lenders can sometimes find themselves bottlenecked by their technology. Common pain points of a tech stack include:
- Too many components in the tech stack itself
- Redundant manual data entry
- A significant number of human touchpoints
- Excessive maintenance, resources or investment
- Impact on employee recruitment and retention
What’s the best way to know if a tech stack is working for you?
Lenders should look at their internal processes with a critical eye. The more efficient an organization becomes, the more cost savings and the better the return on investment (ROI) it can realize.
In a highly competitive market, lenders can look for efficiencies by:
- Reducing or eliminating manual tasks
- Automating workflows and decision-making
- Decreasing cycle times
- Making employees more specialized
- Incorporating robotic process automation (RPA), AI and machine learning
- Optimizing document processing and data extraction
The Empower® LOS can meet these goals and more with pre-built configurations based on industry standards, while still giving lenders the flexibility to custom-configure their workflows.
What are your company’s goals – and is your tech stack meeting them? Learn more about what Empower can do for your business.