Ninety-five percent of mortgage companies implemented remote-work policies in response to the pandemic, and 52% of them plan to continue or expand remote-work options in the future, according to a survey by the Mortgage Bankers Association. The consensus is that remote work is the new standard, but this has created a lot of controversy as companies across the country struggle with engagement and productivity among their remote workers.

“Remote work is here to stay. Originators and lenders actually stand to gain by embracing it as an opportunity rather than a threat.”

While the debate rages, it is important to remember that remote work can offer many benefits for both employers and employees, such as lower costs, higher productivity, greater flexibility and improved work-life balance. It also poses some challenges, particularly for mortgage brokers and lenders that need to engage and retain their remote workers. Companies may also need to entice employees to return to the office when necessary to support business needs and nurture client relationships.

Solving the equation of employee engagement is a task for any organization, and post-pandemic employee engagement is creating a new challenge. But there are solutions for mortgage companies that face issues in getting employees back to the office — solutions that can be implemented right now.

Strengthen communication

One of the main challenges of remote work is maintaining effective communication and collaboration among team members and clients. A recent Gallup poll showed a trend of increasing disconnection among remote and hybrid workers — pointing out that only about one in three respondents feel connected to their company’s mission, a share that has steadily declined since 2019.

Remote workers may feel isolated, disconnected or out of the loop when working from home. They may also experience difficulties in accessing information, sharing feedback or resolving issues. If you’re going to get them back in the office, you’re going to have to start by meeting them where they are, which means strengthening communication channels across the organization.

To overcome this challenge, mortgage companies need to leverage technology tools that facilitate communication and collaboration among remote workers. The obvious examples are videoconferencing platforms (such as Zoom or Microsoft Teams) that allow face-to-face interactions and meetings, and instant messaging apps (such as Slack or WhatsApp) that enable quick and informal communication and updates.

There’s some important questions to ask: Are you establishing clear guidelines for how teams can best leverage these tools for the inclusion of all? And could you set up regular types of engagement on these platforms to ensure that all employees are being activated in a manner that increases their sense of connection? It’s worth a look to see if anyone is being left out.

Also consider project management tools, such as Asana or Trello, that help organize tasks and track progress. Whatever tools are used, be sure to somehow tie them to key performance indicators, or KPIs, to help you measure productivity and engagement for how your particular organization is set up. In addition to using tech, lenders and originators also need to establish clear expectations and guidelines for communication and collaboration among remote workers, as well as standards for communicating to clients.

This can include setting regular check-ins and feedback sessions with remote workers to monitor their performance and well-being. You might look to create protocols that specify the preferred channels, frequency and tone of communications for different situations and purposes. Mortgage professionals should also encourage a culture of openness and transparency that fosters trust and mutual support among remote workers.

Recognize effort

Another challenge of remote work is in motivating and rewarding employees who may lack recognition, feedback or incentives. People may feel undervalued, unappreciated or unmotivated when working from home. They may also experience burnout, stress or boredom when working alone for long periods.

To overcome this challenge, companies need to provide recognition and feedback for remote workers who perform well or achieve their goals. Praise remote workers publicly or privately for their accomplishments or contributions. Provide constructive feedback for remote workers who need improvement or guidance. Celebrate milestones or successes for remote workers through virtual events or gifts.

In addition to providing recognition and feedback, mortgage companies should consider offering incentives for remote workers who exceed expectations. This can include bonuses, commissions, raises or promotions for remote workers who generate additional revenue or referrals.

Provide perks, benefits, rewards or recognition programs for remote workers who demonstrate loyalty, engagement or innovation. Create opportunities for career development or advancement for remote workers who show potential or ambition.

Achieve balance

The final challenge is to balance remote and in-office work for optimal results. Remote work may not be suitable or preferable for all tasks, clients or employees. Some tasks (such as appraisals, inspections or closings) may require a physical presence. Some clients (including first-time buyers, seniors or high net worth individuals) may prefer face-to-face interactions. And some workers — including extroverts, mentors or new employees — may benefit from in-person social interactions.

To overcome these challenges, mortgage companies need to adopt a hybrid model that allows for remote and in-office work based on different situations and preferences. Acceptance is the first step. Realize that as it stands, the focus must be on improving remote-work dynamics in order to move the needle on employees’ enthusiasm to come back on-site.

It can also be good to regularly point out improvements in the office, which can make employees feel safe to return and be in close contact with others. Meet employees where they are and adopt an exploratory approach together to find what works best for all concerned.

Allow remote workers to choose when and where they work, based on their personal and professional needs and preferences. Encourage remote workers to come into the office occasionally or regularly, depending on the nature and urgency of their client needs or individual tasks. Provide remote workers with the necessary equipment, resources and support to work effectively and comfortably from home or the office.

In addition to embracing a hybrid model, mortgage companies also need to be flexible and adaptable to the changing needs and preferences of their remote workers. For instance, solicit feedback from remote workers about their satisfaction levels, challenges or suggestions. Evaluate the performance, productivity and profitability of remote workers using data metrics. Adjust the policies, procedures and incentives for remote work based on feedback and evaluations.

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Remote work is here to stay. Originators and lenders actually stand to gain by embracing it as an opportunity rather than a threat. By addressing the challenges and adopting an exploratory mindset toward the solutions, mortgage companies can engage remote workers, improve productivity and entice them back to the office over time. This way, companies can create a win-win situation for themselves, their employees and their clients. ●

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One part of this experiment was absolutely right. ChatGPT pointed out that financial advisers need “emotional intelligence, empathy and the ability to build trust and rapport.” These are qualities that cannot be easily replicated by artificial intelligence.

“How do mortgage professionals embrace technical automation solutions and balance them with a personal touch? It starts by looking at what’s important to clients.”

AI and similar tools are poised to become the standard in modern business, but human touch is still critical. Businesses should take advantage of these tools, as well as automation, to free up time to focus on the strategic and personal touches only a human can provide. Creating the space to layer in a personal or human touch can take a business to the next level, and it can be a true competitive advantage for those who get it right.

So, how do mortgage professionals embrace technical automation solutions and balance them with a personal touch? It starts by looking at what’s important to clients. You can then understand where AI and automation can best support your business, and where human touch can add even more value.

Vital tools

Over the past year, across nearly every industry, there has been a huge shift from “growth at all costs” to efficiency — driven primarily by macroeconomics. Rather than pouring more money into growth initiatives, many mortgage lenders are tightening their purse strings and looking at their expenditures, processes and systems to figure out how to operate more efficiently.

ChatGPT couldn’t have entered the scene at a more perfect time. It has felt like an answer for many businesses and employees as they try to figure out how to increase output while decreasing costs. AI is still relatively new, but automation has been around for a while. At its core, automation has always been one of the most effective ways to optimize operations, increase productivity, lower operating costs and save time across an entire business operation.

“Clients want to work with people and businesses that understand them and treat them authentically, rather than a cookie-cutter approach.”

A 2020 research report from McKinsey & Co. revealed that automation can even be a powerful tool for a sales department. According to the report, early adopters of sales automation consistently found increases in time spent with customers, higher customer satisfaction rates, efficiency improvements of 10% to 15%, and potentially higher sales of up to 10%.

As more companies integrate these tools into their workflows, automation becomes even more vital in their bid to stay competitive. A 2017 study from Redwood Software found that 70% of IT experts think that a switch to automation is mandatory for business evolution.

New opportunities

For legacy industries built on relationships and trust — such as real estate, mortgage and financial planning — the transition is bound to be a bit slower. It’s also sure to include hesitancy from both professionals and their clients due to the nature of these industries, but automation can unlock new opportunities and improve the overall client experience. The trick is to understand and integrate the right tools that will enhance business and foster opportunities to develop relationships with clients.

Clients want to know they are getting the best interest rates, advice or service in a timely manner regardless of whether it comes from a machine or a person. This makes it smart to leverage automation where it can make a difference — whether that’s delivering a quick response to acknowledge receipt of a document or analysis of client information to make sure nothing is missing.

Building rapport requires seeing things from the client’s point of view, actively listening to their worries and empathizing with their concerns. Professionals can’t just rely on their credentials; trust is established gradually by following through on commitments, being transparent and showing dedication to the client’s success. A Vanguard report found that clients were more likely to trust their advisers when they believed that their functional, emotional and ethical needs were being met. When the right tasks are automated, it frees up bandwidth to engage clients directly in a manner that increases their confidence in your expertise.

It’s also important to create personal touchpoints that aren’t always sales related, such as sending resources to help their business, thank-you notes or even a birthday gift — simple things that show you care beyond just making a sale. Each client has unique needs and preferences, and it’s important to tailor your offerings, services and approach to meet them effectively. This is especially important when it comes to building client relationships.

Clients want to work with people and businesses that understand them and treat them authentically, rather than a cookie-cutter approach. For example, surprise your client who is a dog lover with personalized treats for their pet, or get them tickets to see their favorite sports team. (Check with a compliance expert before handing out any gifts.) It’s these personal touches that impress clients, earn loyalty and increase referral business.

Careful balance

To get the balance right, there are principles to follow when walking the tightrope between automation and personal touch. Automation can bring many benefits (including increased efficiency, time and resources for creative tasks), but it can also help to facilitate valuable touchpoints with clients.

Whether it’s an automated birthday reminder or a handwritten note, the impression will not be missed by the client. For example, sending a small gift to a prospective client is a task that can be automated, yet it still creates a highly personalized connection.

During an urgent or sensitive situation, clients should be attended to in personal ways. Offer them a way to reach you or an associate with pressing matters. It could be as simple as sharing a cell phone number or an after-hours answering service that relays messages. Automation is great for supplementing processes whenever possible, but it shouldn’t compromise relationships or the human element of business when it matters most.

Maintaining a strong partnership with clients requires finding the right balance between using technology to automate processes and providing personalized service. It involves consideration about which parts of a business can benefit from automation while staying deliberate in areas that still need a human touch. Here are a few easy ways to immediately begin integrating automation in your daily workflow.

Scheduling tools. Leverage automation tools to schedule appointments with clients. These tools allow clients to easily book a time, limiting the time spent on back-and-forth conversations to schedule a meeting while freeing up time spent on administrative tasks.

Messaging and communication tools. Automate and schedule communications to provide additional information, status updates on applications or answers to any common questions.

Customer engagement tools. Improve relationships with clients and business partners by leveraging automation tools that can manage, track and enable regular interactions and touchpoints. You’ll stay on their radar and make them feel valued.

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In reality, humans and machines have to work together to provide optimal service to clients. Automation and tools like ChatGPT are not a replacement for human connection, but they are powerful tools that can address tasks, boost efficiency and make time to foster even better personal relationships. ●

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