COVID-19 has provided an introspection opportunity to the organizations in the real estate and mortgage industry.
It has made many realize just how critical digital capabilities are. Whether it is about virtual appraisals or electronic signing – having technology solutions in place is the need of the hour.
By leveraging technology, you can not only enhance the buyer’s virtual experience but also ensure that the mortgages are effectively and accurately processed.
A recent survey by the Ontario Real Estate Association (OREA) highlighted that 4 in 10 Ontarians, actively looking for properties, would be open to buying a house even if they could only view it virtually.
While 8 in 10 Ontarians are even open to a virtual home purchase.
This is why it is imperative for lenders with antiquated, paper-based processes to get up to speed. Quickly.
Here’s what you can do, to integrate technology in your current processes and offerings:
Build Digital Presences
If you do not have a website or social media presence, you are missing out on a huge opportunity for relationship building and mortgage marketing.
In an industry where networking is key, a strong online presence can help you build and sustain relationships even during a time where physical distancing regulations are in place. You can use these platforms to communicate news, share business updates, and even invite questions from your customers.
Creating a strong visual identity can help with brand recognition as well. Remember – out of sight, out of mind.
So, focus on your digital presence to ensure that you are always able to communicate with your audience and network with industry peers.
Enhance Digital Capabilities
Many real estate professionals are now processing their documents digitally. However, some private lenders and smaller credit unions are still using archaic systems like fax machines or relying heavily on paper.
E-signing solutions are easy to implement. They also make it faster and easier to complete the documentation process.
There are two reasons why many organizations are hesitant to adopt technology – data security and a potential loss of jobs.
While some mortgage professionals may feel that technology can replace them, that really isn’t the case. Technology is just there to assist them. Human interaction is vital for the mortgage industry and it will always be valuable.
Also, when it comes to data security, both public and private organizations have put several measures in place to ensure digital security and safeguard consumer information.
For instance, to strengthen data security, Equifax has mandated that all credit score inquiries have to be posted with both broker and lender names showcased, on all industry connector platforms.
Similarly, to ensure secure and compliant mortgage transactions, Filogix and Mortgage Automator have joined forces to allow lenders to receive mortgage applications directly from the brokers.
Leverage Digital Resources and Tools
Digital tools can help with almost everything – from mortgage pre-approval process and verifying home equity to mitigating risk and evaluating the possibilities of fraud.
Automated Valuation Models (AVMs), for example, are an excellent way to assess property values during these unprecedented times. They use information such as the property’s location, size, and other key data to generate the property value.
This can be coupled with a drive-by to validate exterior condition and identify visual flags like partial construction, poor property upkeep, and the appearance of undisclosed tenants, etc.
Technology integration isn’t just a nice-to-have in today’s day and age. It is something that the customers expect. If you want to stay competitive, you will have to embrace technology to show your consumers and your referral partners that you are agile and innovative.
At Purview, we’re happy to help! Connect with us today to learn how you can integrate reports, resources, and other Purview tools in your mortgage process to stay ahead of the curve. Call 1-855-787-8439 or visit www.purview.ca.