Mortgage Industry Trends — For the last 2 years, the mortgage origination landscape has resembled a tea kettle on constant boil whistling at a relentless decibel level. Marked by explosive borrower demand due to historically low-interest rates, lender consolidation with smaller branch originators acquired, and Covid based virtual lending becoming the norm, today’s lenders must navigate through a “Perfect Storm” of challenges that require a renewed commitment to investments in modern digital lending capabilities.
Barriers to Digital Innovation — Today more than ever, lenders need to engage borrowers with transparency, efficiently process and underwrite loans and quickly close and fund for customers who have more options than ever before. The industry openly embraces visions of intelligent lending systems that auto-execute functions and proactively serve up the right tasks to the right party at the right time. Some large lenders likely have the deep pockets to deliver “chunks” of the whiz-bang tech automation needed to reach the vision, but what about the other 95% of lenders. How do mainstream, regional and growth lenders achieve game-changing innovation as they fight each day to keep their heads above water? It’s a perpetual cycle as operations groups lack processing standards, different functional silos use disparate technology platforms and internal IT teams are overwhelmed with a steep backlog of upgrade requests? It’s very daunting, but there is a predictable way forward.
A Recipe for Executing a Successful Digital Agenda — Let’s imagine a more modern workflow centric operating model where data and documents are accurately processed upfront, nullifying downstream errors; where digital data sets auto-trigger events for proactive alerts and notifications and tasks are automatically presented in role-based task queues with links to the precise workspace needed; where transaction transparency, real-time reporting, and rules-based compliance is a natural by-product of a properly architected holistic technology platform.
Today, technology costs have come way down, and API-based innovations are available to all lenders willing to analyze and improve their end-to-end operating models and prescribe the right mix of technology enablers allowing for continuous integration of improved functionality across current legacy systems. Clearly, this is easier said than done, but it is being done by well-informed lenders challenging the status quo.
Brimma’s Mission — Brimma was founded in 2016 to specifically help lenders deliver the digital automation they need to compete and win in the most complex origination environment of our lifetime. Our recipe for consistent delivery of technology innovation includes a few key ingredients. First, lenders need deep insights into their complex processes and handoffs between teams. With a well-documented current and future state blueprint, lenders can envision where they need to take the business. Second, it is crucial for lenders to understand what technologies are available to them and how they should be integrated to deliver the event-based workflow necessary to address operational capacity challenges and higher loan manufacturing costs. Finally, with a detailed implementation roadmap in hand, lenders can commit to Agile delivery techniques that yield user-friendly innovations their front-line workers will gladly adopt at each release.
Using process optimization, proven technology pillars, and Agile delivery tactics, lenders have a recipe for successfully delivering sustainable technology advantage and corresponding efficiencies across their holistic lending enterprise.
Over the next few weeks, we will delve deeper into the Brimma Innovation Recipe for the consistent delivery of tangible mortgage automation. If you are interested in learning more now click HERE for a deeper dive discussion.
Rob Strickland is a Managing Partner at Brimma Tech Inc., a mortgage technology innovation partner for lenders seeking to deliver integrated holistic automation for their borrowers and front-line operations teams.
As a Chief Revenue Officer for the past 20+ years, he leads high-performing teams across Sales, Marketing, and Operations to deliver solutions that align customers’ business strategies with technology enablement options to exceed stated goals.