The Role of Technology in Automating Workflows for Mortgage Brokers

by | May 10, 2023

As a coach, I understand the challenges that brokers face when it comes to managing their workflows. Mortgage brokers are responsible for helping their clients navigate the complex process of securing a mortgage, and the amount of paperwork and communication involved can quickly become overwhelming. Fortunately, technology has made it possible for brokers to automate many of their workflows, streamlining their processes and improving their efficiency.

What can be automated? (And what should be?)

The role of technology in automating workflows for mortgage brokers cannot be overstated. Automation is the process of using technology to replace manual tasks with automated processes that can be completed more quickly and accurately. This can include tasks such as data entry, document management, communication, and more. By automating these tasks, brokers can save time and reduce errors, allowing them to focus on providing the best possible service to their clients.

One area where automation can be particularly helpful for mortgage brokers is in the application process. Traditionally, mortgage applications have required brokers to collect a large amount of information from their clients, including financial statements, credit reports, employment history, and more. This can be a time-consuming and error-prone process, as brokers must manually input this information into their systems and keep track of multiple documents.

However, with the help of technology, brokers can now automate much of the application process. For example, there are now software platforms available that can automatically pull financial data from a client’s bank accounts and analyse it to determine their creditworthiness. This can save brokers a significant amount of time and reduce errors, as the software can accurately analyse the data and provide a more detailed and accurate report.

Going beyond paperless

Another area where technology can be helpful is in document management. Mortgage brokers are responsible for collecting a large number of documents from their clients, including bank statements, pay stubs, tax returns, and more. Managing these documents can be time-consuming and difficult, especially if they are spread out across multiple systems and platforms.

By using document management software, brokers can centralise all of their documents in one place, making it easier to access and manage them. This can also reduce the risk of losing important documents, as everything is stored securely in one location. Some software platforms even allow for electronic signatures, making it possible for clients to sign documents digitally, further streamlining the process.

Communication is another area where technology can be beneficial for mortgage brokers. Communicating with clients, lenders, and other parties involved in the mortgage process is essential, but it can also be time-consuming and challenging. However, with the help of communication tools such as email, text messaging, and video conferencing, brokers can stay in touch with everyone involved in the process without having to spend time on the phone or in person.

In addition to these benefits, technology can also help mortgage brokers scale their business. As your brokerage grows, it can become increasingly difficult to manage workflows manually. However, with the help of automation and other technology tools, you can continue to provide high-quality service to your clients while scaling your business.

Getting started with automation

To get started with automation, it’s important to assess your current workflows and identify areas where technology could be beneficial. Look for software platforms and tools that can help you automate tasks such as data entry, document management, and communication. You may also want to consider working with a technology consultant who can help you identify the best tools and platforms for your specific needs.

Pro tip: Auctus’ favourite tools include Salestrekker (CRM), ActivePipe (email management), and Calendly(booking management).

In conclusion, the role of technology in automating workflows for mortgage brokers cannot be overstated. Automation can help brokers save time, reduce errors, and improve their efficiency, allowing them to provide better service to their clients and scale their business. By embracing technology and leveraging the many tools and platforms available, you can streamline your workflows and take your brokerage to the next level.

Looking to revolutionise your mortgage broker workflows and enhance efficiency in your business? Embracing the power of technology and automation can help you take your communication and organisation to the next level. By automating your workflows with the latest tools and techniques, you can streamline your interactions and optimise your engagement with your audience. Don’t miss out on this opportunity to transform your approach! Let Auctus Coaching show you how— book your discovery call with Christian Paterson today or fill in this online form for more information

Christian Paterson, Auctus Coaching

Christian Paterson

Director, Head Coach

I love nothing more than helping hardworking brokers to work smarter and enjoy their business while growing an incredibly profitable and efficient operation.