By adopting a proactive approach and leveraging the right technology tools, originators can not only survive but thrive in this environment. The real estate market has always been cyclical, with ups and downs. The current downturn, however, presents unique challenges. With fewer homebuyers in the market and stricter lending criteria, originators are finding it harder to close deals.

“Instead of waiting for the market to turn around, proactive originators are looking for ways to maximize their efficiency and reach potential buyers more effectively.”

This situation calls for a shift in strategy. Instead of waiting for the market to turn around, proactive originators are looking for ways to maximize their efficiency and reach potential buyers more effectively. This is where successful mortgage professionals use technology to grow business for themselves. Here are some of the freshest technologies that cutting-edge originators use to grow their mortgage business.

Pioneering AI

LoanPass.AI is pioneering the use of artificial intelligence in the U.S. lending industry with its AI chatbot. This technology serves as an automated loan officer, enabling borrowers to confidentially shop, price and lock in loan approvals. The chatbot is designed to interact with borrowers using a set of customized questions that lead to deterministic responses from a product and pricing engine, which contains each lender’s specific pricing, eligibility and underwriting guidelines.

 The technology positions LoanPass as a transformative tool in the mortgage industry, offering lenders a way to enhance their operational efficiency, reduce costs and improve customer engagement, all of which are critical factors to business success. The company’s chatbot automates the loan generation process, which traditionally required a loan officer or call center.

This automation allows for efficient connections of borrowers to lenders, potentially increasing the volume of loans processed. Lenders can customize the chat sessions in real time, from the questions asked to the decisioning rules applied, giving them control over the loan origination process and the ability to tailor it to specific business needs.

The chatbot combines three knowledge sources: the lender’s product, pricing and eligibility guidelines; a general information knowledge base; and the extensive knowledge from ChatGPT. The chatbot can provide quick, accurate and personalized responses to enhance the borrower’s experience.

Indispensable insights

In today’s digital age, data is king. Mobility Market Intelligence (MMI) provides indispensable mortgage and real estate data, allowing originators to make data-driven decisions. In addition, building and maintaining referral relationships with real estate agents is crucial to lead-generation efforts for lenders and originators.

Given the vast number of agents, originators often find it challenging to optimize their referral outreach. To address this, many lenders are turning to data intelligence tools. MMI is a top player in providing data intelligence for the mortgage and real estate sectors.

It offers an extensive database that allows enterprise clients to pinpoint partner networks that align with their goals. It provides detailed insights into lenders, originators and real estate agents based on regions and specific transactions. By understanding market trends and buyer behavior, originators can tailor their strategies to meet current demands.

MMI assists originators in the competitive real estate market by helping them identify potential real estate agent partners and differentiate themselves from competitors. Features include the ability to search and filter agent transaction data, track agents with new daily listings, and inspect the LO Agent Wallet Share to see what percentage of an agent’s business they receive.

MMI provides tools for originators to stay in touch with borrowers in meaningful ways. This includes listing alerts for properties they’ve dealt with, custom property intelligence pages for borrowers and triggered alerts when mortgage credit checks occur.

Seamless journey

SimpleNexus was acquired by nCino in January 2022 and underwent a rebrand in September 2023. The nCino Mortgage Suite now provides the best of both worlds to mortgage lenders and originators. The system is designed to enhance the profitability of financial institutions.

The mortgage process can be complex, with multiple stages and stakeholders involved. The nCino Mortgage Suite simplifies this process by offering an end-to-end solution that automates various stages along the way. The robust platform brings together elements of the mortgage process, offering financial institutions a streamlined, efficient and data-driven approach to mortgage lending.

The suite streamlines the entire mortgage process, from origination to closing, making it more efficient and reducing manual tasks. In today’s fast-paced world, borrowers demand convenience. By offering a modern and seamless customer journey, nCino enhances the overall experience.

Originators have access to valuable data insights, and they can leverage this data to make informed decisions and improve their strategies. The suite provides an automated solution for managing incentive-based compensation, eliminating the need for complex spreadsheets and chaotic emails.

Social outreach

Social media is a powerful tool for reaching prospective clients, but it can be time-consuming and challenging to navigate. SocialCoach offers a solution that keeps lenders compliant across social media platforms. The system is a comprehensive social media management platform tailored for the mortgage industry.

It aims to simplify and automate social media marketing for originators, ensuring that the content they post is compliant with industry regulations and standards. The platform is trusted by leading brands in the mortgage sector.

SocialCoach allows originators to post and schedule content directly to their social media accounts, saving them hours of work every week. It supports various platforms, including Facebook, Instagram, LinkedIn and TikTok. This functionality ensures consistent online presence and compliance.

With the Video Catalyst tool, originators can tap into the power of TikTok and Instagram Reels. SocialCoach writes video scripts, and after an originator records from their phone, the platform takes care of editing and posting. The platform offers features to ensure that the content posted by originators is compliant. It provides built-in compliance parameters, allowing companies to decide which terms are flagged or blocked.

SocialCoach offers an analytics dashboard where companies can view activity and engagement metrics. This includes companywide social insights and personalized metrics for each originator. Understanding these key performance indicators for social media are crucial.

Proactive mindset

Arguably, one of the most important ways that successful mortgage professionals are moving the needle in this market is through mindset. Success in the current market requires a proactive mindset. Originators must actively seek out opportunities to grow their mortgage business. They need to leverage technology tools to maximize efficiency.

Originators must be willing to continuously learn and adapt. By embracing this mindset and utilizing key technology tools, they can better ensure that every minute spent translates into business growth. Here are three easy ways to start a mindset shift.

First, educate yourself continuously by staying up to date with the latest industry trends, regulations and technologies. Attend workshops, webinars and conferences to expand your knowledge by learning from industry experts.

Next, set clear goals. Define your short- and long-term objectives. Break down these goals into actionable steps and monitor your progress regularly. Third, actively network with Realtors, homebuilders, financial planners and other industry professionals. A strong network can provide referrals and insights into market trends.

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The bottom line is that current real estate market conditions demand that mortgage originators be more strategic and efficient with their time. By leveraging tools like LoanPass, Mobility Market Intelligence, nCino’s Mortgage Suite and SocialCoach, originators can navigate market challenges, optimize their operations and see tangible growth in their business. The future belongs to those who are prepared with the right tools and mindset. These loan officers will not only survive but thrive. ●

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