Simplifying your Tech Solutions for 2020
Corey Smith is Chief Product Officer of Austin, Texas-based FirstClose, a provider of property and borrower data intelligence and settlement services nationwide. FirstClose specializes in delivering a web app and LOS plugin that is the industry’s first and only home equity and refi tool that offers everything from application to servicing (credit score, valuation, title, tax, flood, closing and recording) on one platform.
With the United States representing the largest technology market in the world today, there are more solutions available than anyone could ever imagine. As time goes on, companies are creating technology that solves just about any problem you could think of, and this goes for both consumer-focused and B2B solutions. With a new year approaching, many of these businesses are looking into what they should add to their budget for the coming year.
Mortgage lending is not left out of this equation with solutions that do everything from automating data entry, to selecting vendors, to generating leads, to issuing reports and more. Lenders more than likely have a solution for whatever problem they might be facing, but with so many different solutions, it can sometimes complicate the process rather than simplify it.
Implementing too many different solutions can quickly become overwhelming. First, the task of managing several separate vendors can be a burden for lenders. More vendors mean more time-consuming implementations, more invoices to add and more due diligence needed, which might not be something on the forefront of a lender’s mind when considering a technology solution. It is important that lenders are wary of solutions that might lead to efficiencies in one area but contribute to inefficiencies elsewhere.
Another issue of having too many separate technology solutions is that of implementation. The development of APIs has helped ease this burden, but there are still a host of issues lenders can face with implementation and some might not be as seamless as the lender expects. The more time and effort that goes into multiple implementations takes lenders’ time and effort away from their work on more important and valuable tasks.
With so many different solutions also come the issue of navigation. Each solution might work differently or look different to users, this difference in customer experience can lead to confusion and possible errors when trying to keep so many different windows and applications straight.
With all of this in mind, less might actually be more for lenders. Finding the right partner that offers the most tools all through one single platform is the most effective approach to make sure that lenders aren’t wasting any time with unnecessary implementations or extra vendor management and due diligence responsibilities. It is key that the solutions that lenders choose to create efficiencies are not only useful for creating bottom-line time and cost efficiencies, but also creating efficiencies that help the business run more smoothly overall.
Finding one solution that simplifies vendor management as well as user experience is crucial to making everyone’s jobs easier across the board. With one simplified solution, lenders do not have to worry about paying multiple invoices, doing multiple integrations and taking care of a host of due diligence responsibilities. Staff also do not have to struggle with navigating so many different solutions which keeps them working efficiently and reduces their risk of making errors.
Partnering with a company that puts it all together for lenders keeps them from trying to make everything fit together themselves. It’s important that lenders are choosing the partner that truly helps make their job easier. With the right partner and the right solution, they do not have to force solutions to work when they do not fit. This approach closes the gaps that so many lenders deal with that might lead to an unsatisfactory user or borrower experience down the road.
(Views expressed in this article do not necessarily reflect policy of the Mortgage Bankers Association, nor do they connote an MBA endorsement of a specific company, product or service. MBA NewsLink welcomes your submissions. Inquiries can be sent to Mike Sorohan, editor, at firstname.lastname@example.org; or Michael Tucker, editorial manager, at email@example.com.)