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Three Mortgage Technology Musts for 2018
In nearly every industry, new technologies drive businesses forward. Early adopters thrive and those late to the party often suffer as a result. The same is true in the mortgage industry. This blog post will explain why lenders and loan officers need to embrace mortgage technology early, and often.
Cybersecurity: a Necessary Investment and an Opportunity
With roughly 50% of the U.S. population affected by the recent Equifax breach (totaling 145 million personal records), cybersecurity is top of mind in the mortgage and title insurance industries. Regardless of the size of your firm, you are not immune to cyberattacks that could compromise sensitive borrower information.
Though news of data breaches in the past have perhaps fallen on deaf ears—with borrowers thinking, “Well, it won’t happen to me”—this breach could prove to be a turning point.
Numerous mortgage technology products can be utilized to increase the security of your borrowers’ personal information. These are a good investment for your business and can also serve as fuel for powerful marketing messages.
Deliver a Better Closing Experience Using Velo-Paperless Closer
Paper is slow. In any regulated industry, but especially the mortgage industry, it can also be a liability. At Velocity Title, we don’t just use our in-house attorneys to deliver a better closing experience. We also use our proprietary closing and ordering technology, Velo-Paperless Closer and Velo-Ordering.
We believe that the moving parts of your transactions, from placing your order and uploading your documents to tracking the progress of your closing, should be streamlined, simple and available in real-time.
When you work with a company that leverages the latest mortgage technology, you will have more time to spend on the things that really matter: answering your clients questions, improving your customer service, and growing your business.
Go Mobile, the Internet Already Has
Those of us who grew up in the age of desktop computers may find it hard to believe, but the majority of web traffic has moved away from PCs and laptops onto mobile devices (42% vs. 51%). This seismic shift has several impacts on the mortgage industry. First, your website must have a responsive design so it can be viewed optimally from any device, tablets included. Second, you must have a mobile app where:
- Prospective borrowers can provide their information and receive it in turn
- Current borrowers can ask questions, share information and read your content
- Mobile apps are certainly part of the future of mortgage technology, and the price of developing an app continues to drop.
About Velocity Title
Velocity Title is a technology-driven, full-service tile company that offers a comprehensive line of title products and services to lenders, realtors, attorneys, homebuyers and builders. To learn more about how we can add value to your next transaction, visit our homepage or contact us today!