When we talk about technology at our workshops, one of the most common frustrations expressed is low adoption of new tech by staff. Data from our Technology Insight® Study shows that adoption and engagement numbers are indeed low — the reason most often stated as a barrier to adoption of digital mortgage technology is “Difficulty of getting LOs to change process and behavior.” What can we do to move the needle and achieve better digital adoption?
In this month’s InFocus article, STRATMOR Senior Advisor Sue Woodard analyzes why there is resistance to technology change and what lenders can do to disrupt the resistance. She outlines six key insights from the STRATMOR team and offers tactical suggestions to ramp up employee engagement for any change. “Light a Fire Under Your Digital Adoption Plans” is a must-read article as the industry looks to ways technology can increase efficiency in our environment of lower volumes and shrinking margins.
In our Customer Experience Tip, Customer Experience Director Mike Seminari asks the question, “How can originators empathize with their borrowers to deepen relationships through the struggles of 2022?” While there is some “woe is me” attitude circulating among originators now, especially as the “rainbows and butterflies” of 2021 linger in our minds, we’re not the only ones feeling the pain. Mike suggests that we emphasize empathy, within our teams and with our customers, as a step toward fostering relationships that bring in new customers and strengthens our ties with existing customers and referral partners. Check out his article, “How Can Originators Empathize with Their Borrowers?”
Thank you for joining us for the June Insights Report. Please feel free to reach out to me directly or to your STRATMOR partner or principal for help with your business needs. We would be most happy to help.
We finally did it. My fiancé and I excitedly talked about it, consulted with family and friends, set a date and made a plan. The big day finally arrived just a few short weeks ago and goodness! It was such a happy occasion, unforgettable and magical, everything we had hoped for and more. That’s right, we finally pulled the trigger on purchasing our new Ultra Deluxe Smoker Grill 9000.
Soon after we unboxed it, I found my fella staring intently at a chart on his phone, which I thought was describing gas prices, inflation or interest rates. He explained this was “the app” for said Ultra Deluxe Smoker Grill 9000.
“The APP? Good gravy. I guess I’ll never be able to just throw a burger on the grill again. This is too high tech.” He then reminded me of the number of times I’ve gone out to throw a burger on the grill in recent days (zero), and he offered me implementation and training on the app. Turns out, it’s not that hard, and wow! If you are a meat eater, there’s just nothing like it. I can definitely say our ROI is already off the charts, and we’re just getting started.
But before I go throw a burger on the grill, let’s talk about this issue of mortgage technology adoption.
Fostering deep relationships with new and existing customers and their referral partners will be a defining factor for successful lenders in the months ahead.
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Shifting from refinance to purchase business will be significant change for CD lenders who have trained their staff and optimized their processes for refinance transactions. STRATMOR Sr. Partner Garth Graham digs into the changes CD lenders need to make to have success in a purchase market.
STRATMOR Principal Tom Finnegan analyzes data indicating lenders would do better to worry less about missing out on the newest technology and concentrate more on giving technology context through process and adoption.
By all accounts, the buzzword for mortgage lenders headed into 2022 is growth. In our meetings at the most recent Mortgage Bankers Association Annual Convention, virtually every lender we spoke to said that their number one priority for 2022 was to achieve growth.
While lenders are focusing on dropping volumes and shrinking margins in 2022, the inefficiencies in appraisal operations are yet to be solved. Will the next big digital innovation in mortgage technology be appraisal management tools?
Lenders have an opportunity to engage in the borrower relationship from the very beginning of the process by incorporating real estate search and research, referral partners and the lender’s financing offers into a single online ecosystem for the convenience of the buyer.
Recently, Brett McCracken and I discussed technology innovations. Blockchain and eClose advancements were at the top of our topic list. These discussions reminded me of a time early in my mortgage career when I led a sales team for a mortgage software company.