USING MORTGAGE TECH TO BECOME A SMARTER, STRONGER, & BETTER LEADER, W/ MICHAEL BRADY

The mortgage industry is at a pivotal juncture, and whatever your personal feelings may be, the fact is that technology is no longer a luxury in our industry, it is essential to achieve real and lasting success. This also means that leadership in the industry is evolving rapidly, and without an adaptability to change, today’s leaders might be tomorrow’s followers.

But according to Michael Brady of LeaderOne Financial, this doesn’t have to be a frightening trend, and is one that is actually chock full of potential for mortgage pros who have their finger on the pulse. We recently chatted with Michael (sans his trusty sidekick ) about floating with the industry’s shifting winds.

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TECH CAN IMPROVE YOUR LEADERSHIP STYLE

Resilience and adaptability have always been vital traits for leadership in any industry, but particularly so in our volatile mortgage market. Leaders in this industry are constantly confronted with fluctuating interest rates, changing regulations, and shifting demand. The last few years have proven that adapting quickly is key to survival and growth. Between COVID-19 and the market contraction of the last few years, mortgage companies that focused on resilience and adaptability were better positioned to weather the storm.

That’s where tech plays a critical role. Leaders who embrace flexible, scalable technology are going to be ready to pivot when market conditions change. And they WILL change. That means faster, more informed decisions that keep you a step ahead of market shifts. And it also ensures that leaders can scale up or down without major disruptions. Who wouldn’t want that kind of competitive edge? That’s what tech can give you.

YOUR TEAMS CAN’T BE KEPT IN THE DARK

Of course, tech can’t operate in a vacuum. It also requires a close collaboration between teams. We’ve all seen how different departments can operate in silos if left unchecked, with sales pushing for more deals while the tech side focuses on maintaining operational integrity. The most forward-thinking mortgage companies are breaking down these silos to foster collaboration. That means using technology to create shared goals and clear communication. Sales teams on the front lines can gather customer feedback and technology teams can use that info to enhance tools that help both customer and lender. A win-win for all involved!

SCALING, SCALING, SCALING

Scaling a mortgage business has always been a challenge due to the complexity of the industry, but technology is a huge game changer in that regard. Prepared leaders understand that automating operations, enhancing customer experience, and streamlining workflows is critical to efficient scaling. Out with the old, in with the new. In the past, cost constraints limited IMBs’ access to advanced proprietary tech. But now, thanks to SaaS affordability, virtually anyone has sophisticated scaling capacity tools at their fingertips. The days of increasing workforces proportional to volume are (thankfully) long gone. Systems like LOS and CRM platforms can pick up the slack.

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YES, AI REALLY CAN BE LEVERAGED WITHIN STRATEGY

And now we come to AI. It might be a dirty word for some, but AI is revolutionizing many industries, and the mortgage sector is no exception. That’s just the objective truth. Integrating AI into your decision-making processes gives you the ability to predict trends, optimize workflows, and make customers happier. When some people think about AI, they visualize simple chatbots or automating tedious tasks. That’s just the tip of the iceberg. Its real power lies in analysis and predictive capabilities. AI can inhale vast amounts of data and use it to forecast market conditions, which helps you and me make better decisions regarding hedging strategies, loan approval rates, operational efficiency, you name it. A forward- thinking leader shouldn’t see AI as a filing drone, but as a powerful tool that can offer deep insights on opportunity & risk, giving them a huge advantage over those resistant to change.

IMBS ARE STILL FINDING THEMSELVES. TECH CAN HELP. IMBs are increasingly finding themselves competing with both traditional banks and tech-enabled mortgage startups and that can put them in an awkward spot. I think that the role of IMB leaders is evolving from just managing operations to becoming innovators who can leverage tech to differentiate their companies from the pack. Now, some IMBs like LeaderOne Financial have strategically positioned themselves for growth by focusing on both financial stability AND technological innovation. In my opinion, any IMB not taking a proactive approach to tech is risking obsolescence. For IMB leaders, this means constantly evaluating your tech stack, it means listening to your teams, and it means ensuring that the technology you adopt offers tangible benefits. Innovation is FAST. What works today might not work tomorrow. Only leaders who remain agile and open to change will be positioned to thrive.

Our Mic-Drop to understand what went into this episode

To hear more lively discussions and special guest insights in the realm of mortgages and real estate, check out TheMikedUp Show with Mike Kelleher and Michael Zau, every Thursday at 2pmET!

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