StreamLoan's Blog

The world changed in 90 days.  We went from roaming freely, looking at open houses, walking into our local branch for a mortgage, and many other all-so-routine activities.  Then all the sudden it changed.  Work from home.  School from home.  However, our businesses and work must continue.  Luckily, we have technology that can help us adapt.  Here are 5 trends we have seen with our mortgage lending clients:


1. Productivity.

  You're on the couch, your kids are distance learning in the living room.  You need to keep your borrower files moving.  Having the right mix of digital tools is critical to capture new business, move the origination process along, and streamline all the things that you did in the office, all while you are at home.  An integrated CRM + POS with some key LOS features all in a single platform is one right answer.  There are many ways to get this done, some easier, cheaper than others.  "This is where I spend 80%+ of my day, it makes my job easy", says Jenna K, a producing branch manager with a West Coast based IMB.  

2. Mobile. You're not in front of your desktop or laptop 8 hours a day.  You have your iPhone or Android in your hand as you prepare lunch in your kitchen, take a walk to get some fresh air, or are sitting in your home office chair.  "It's critical to run by business on my phone, with real apps.  Without this, our mortgage business would have major disruptions", says Jeromy G., a high producing loan officer with a mid-sized IMB.    

3. Collaboration and communication.  You might be able to speak live, or maybe you can only text/IM, but you need to respond quickly to keep your borrower's loan moving.  It's competitive out there, if you don't respond in a few minutes, you can lose that lead.  And doing this securely, passing sensitive information back and fourth with a borrower / can't be text messages.  Consider a secure chat app.   "Our compliance team requires encrypted communications for PII.  An integrated chat platform has allowed us to streamline communication across our borrowers, co-borrowers, and real estate agent referral partners, now more than ever", says a Robin Z., a producing branch manager at a depository bank.    

4. Meeting the borrower on their terms.  You previously were able to meet in your office, or for lunch/coffee at a local restaurant to discuss the borrower's loan.  Now the borrower is spending some time in front of their laptop, some time running errands, but still needs to keep their finance or new home purchase moving.  All with social distancing across the touch points.  Adjusting to the new normal, including accommodating the engagement style of the borrower is key.  Giving them the self-service tools to do things as they have free time makes all the difference (likely after the kids are put to bed).  Make sure you invest time on training and know the technology inside and out up front, so you can be confident to answer questions when your borrower needs help.

5. Striking a balance.  You are working longer hours with less breaks than ever as working from home is productive, but less natural breaks for coffee, speaking with a colleague or going out for lunch.  How do you get out for a run, walk, bike ride during the work day and stay on top of things?  It's important to step away and find daily exercise, eat well, and of course sleep well.  Easier said than done of course.  It's helpful to have the option to be productive when you are out of your home or work office.  Our clients are leveraging our fully connected mobile product to run their business from the palm of their hand.  Get out for fresh air and keep your business moving.  Its a win-win.

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big banks, commercial banks, nonbank lenders, Uncategorized, digital workflow, work from home

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