Lenders: Does Your Mortgage POS Check These 5 Crucial Boxes?
From building a top borrower experience to creating an efficient back office, it’s clear that technology is vital to remain competitive in the mortgage lending landscape. What’s less obvious is how to choose the correct solution for your business. After all, there are plenty of shiny objects promising better margins, borrower satisfaction, and loan officer productivity. But which of those solutions integrate with your tech stack, align with the way your team works, and drive real, impactful improvement?
If you’re a lender looking to bolster your business through technology-powered solutions, you’re not alone. Today, lenders overwhelmingly realize that the mortgage industry is at a crossroads: With competition increasing, technology has become a crucial tool to stay viable across market cycles. Still, there’s a risk in the search for the right provider: If lenders aren’t careful, they can fall prey to pricey subscriptions for complex services that their loan officers never adopt and that integrate clumsily with their systems and processes.
What if you could simplify your mortgage point-of-sale technology search? Maybe you’ve been researching options online and have come across countless functionalities and options. Perhaps you’ve asked colleagues for recommendations, leading to complex feature list comparisons. Regardless of where you are in your search, it’s valuable to take a step back and ask: What exactly am I looking to achieve with mortgage point-of-sale technology?
Most straightforwardly, a lender needs their technology to achieve five major goals:
1. Capture more loan volume.
A point-of-sale solution needs to drive lending business by appealing to (and creating a top experience for) today’s borrowers.
2. Customize fully and easily.
The technology you choose should conform to and reflect your unique workflow, processes, team style, and borrower experience.
3. Drive efficiency, savings, and speed.
A central purpose of any point of sale is to improve your per-loan costs, time-to-close, and ultimately, your profitability.
4. Empower top talent.
Its features and functions should work as invaluable tools that help your top-performing LOs do their best work.
5. Stay competitive against challenges.
Lastly—the rarest attribute on this list—your provider should act as an industry partner invested in your success and a trusted team of advisors across market cycles.
Want to dive into each criterion more?
In our new ebook, Tailored to Your Needs: How to Choose the Right Mortgage POS for Your Unique Business Challenges, you’ll learn:
- Industry and market considerations that impact each topic
- Pain points and barriers in each area lenders need to combat
- How Maxwell Point of Sale tackles those obstacles
By the end of this read, you and your team will have a clearer picture of the standard to set for a high-performing mortgage point-of-sale solution. The information you gain will arm you to go beyond marketing promises to choose impact-driving technology that addresses today’s most pressing challenges.
Get your free copy of Tailored to Your Needs: How to Choose the Right Mortgage POS for Your Unique Business Challenges
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