Digital Disruption Is Here: Prioritize The Right Technology Today or Become Irrelevant Tomorrow

After attending and speaking at this year's Digital Mortgage Conference with over 1,500 mortgage executives and technology innovators, it’s never been more clear there's been a major pivot in the race to achieve the best homebuyer experience, and it’s clear the digital mortgage experience is more important than ever to production, profit and customer satisfaction.

We also have lots of new business models and well-funded disruptors coming into the mortgage space. The digital transition gained momentum in 2015 when Quicken Loans launched Rocket Mortgage, and now Zillow and Redfin have launched mortgage companies and the nation’s #1 real estate company, Keller Williams, is also now in the mortgage space. And there’s going to be an Amazon Mortgage; it’s not if, but when and how Amazon will be in the mortgage space.

In fact, the lines are becoming so blurred between technology and the mortgage industry that Bill Emerson, the CEO of Quicken Loans, said at Digital Mortgage 2018, “there really is no delineation between the mortgage business and the tech business. If you are in lending, you're in technology”.

Watch my debrief of the Digital Mortgage 2018 conference for more insights and takeaways.

What this means for your business as a LOCAL REFERRAL BASED lender and loan officer

It means you’ve got to get on board. Technology is not going to replace loan officers, but loan officers who master technology will replace loan officers who don’t. So you’ve got to make the transition, and you need to do it fast.

This actually is good news for you, because with the use of digital technology, you’ll be able to leverage your local advantage and personal connection in a way that will give you a competitive advantage and help you close loans more effectively.

The New Local Mortgage Model

To prepare your business to survive and thrive in 2020 and beyond, you must start doing these 6 things right now:

• #1 Automate everything you can. Attention local loan officers this means using your CRM daily and leverage every technology you can to improve the quality of your advice and customer experience
• #2 To make yourself Amazon mortgage-proof, you need to double down on your humanity and your value as an advisor. Boost your empathy through the advice-based experience you deliver to clients and Realtors. CLICK to watch my High Trust Selling Interview with Todd Duncan.
• #3 Deliver advice vs. just price. This means providing every client with a Mortgage Coach Total Cost Analysis and be a master mortgage advisor. CLICK watch our "Mortgage Strategies" playlist to see how the best loan officers in American are deliver advice.
• #4 Build a personal brand and leverage social media to grow your digital friends. Many of today's top loan officers have strong local personal brands and they are becoming the digital majors in their local community.
• #5 You need to go beyond just managing relationships and you need to also manage the mortgage for life by delivering Annual Mortgage Reviews. Delivering Annual Mortgage Reviews creates a loyal client for life and also helps you uncover hidden loan opportunities to help your clients with smart mortgage decisions that will help them build wealth with real estate.
• #6 Inspire your team to buy in into this new advice-based model and train them to deliver a Mortgage Coach experience to every home buyer.

If you want to crush it today in 2018, and thrive in 2020 and beyond, this is what you need to do to differentiate yourself as a local referral-based lender. You need digital technology and the #1 reasons should be conversion and to create clients for life. Most loan officers lose 3x the loans they close because they aren't investing enough time and money deploying and mastering technology to create clients for life.

How Mortgage Coach helps you makes the digital transition

Mortgage Coach is an advice platform that helps you deliver a digital advice-based experience. With our mobile app and our integrations with technology platforms (LOS, PPE, POS and CRM), you can deliver mortgage advice to your customers anytime, anywhere, with our Total Cost Analysis that's tailored to your customer’s goals, and use our video capabilities to emotionally connect with customers in a way that increases your production, profits and improves customer satisfaction. CLICK to watch how Josh Mettle won with a first-time buyer who was shopping him with 7 lenders, and he showed 3 different MI strategies and a rate buydown to with this clients trust and loan.

This photo is a great example of Mortgage Coach in action: Jay Crowell, in Seattle, ensures his clients download the Mortgage Coach app. So when they’re out shopping for a home, they're getting Total Cost Analysis updates and then quickly and easily communicating back with Jay, “Hey, Jay, could you change the rate?” “Hey, we're thinking about spending more,” “Hey, we want to look at different down payment strategies.”

This photo is a first time buyer self-educating with a Rent vs. Own Mortgage Coach experience. If you want to thrive you need to help families go from, “I'm confused, should I buy now, should I buy at this price? Should I put 5% down, 10% down, 20% down?” The opportunity to win is at the point of sale. Go from ordinary to amazing at the point of sale in how you deliver advice.

“Speed is king in 2018 so the Mortgage Coach TOTAL COST ANALYSIS is even more important to buyer clarity and loan officer success this year. The loan officer who can help a buyer go from CONFUSION to CLARITY to CLOSE fastest wins.” Josh Mettle

Most loan officers aren't truly coaches and advisors to homebuyers and home sellers today. So there's a lot of work to do to get to that level. You’re not going to win at the transactional game against major tech disruptors, so you’ve got to go for the relationship. Invest in that amazing front-end customer experience.

There’s no time to wait. Technology is disrupting the mortgage industry now. You can either get on board or get out of the business. Which road are you going to take?

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