How to Achieve Remote Efficiency in the Mortgage Industry
COVID-19 forced a great deal of change onto the mortgage industry – from executive orders to temporary waivers to remote work protocols. This great deal of change then turned the once unimaginable idea of a remote workforce into reality.
According to a survey conducted by Fannie Mae, 88% of lenders experienced a pandemic-driven increase in primarily remote employees, and 77% expect to see a rise in permanent remote work requests post-pandemic. With these statistics in mind, it’s safe to say that the mortgage industry’s remote workforce is likely here to stay.
Now, you’re probably asking yourself, “How can my organization get the most out of my remote workforce?”. The answer? You can ensure that your software solutions are efficient, fast, secure and built for easy collaboration, and that your partners have the experience and expertise necessary to drive remote success.
Select the Right Software Solutions
The right mortgage software solutions can help you thrive in the newly established era of remote work, but finding the right solutions isn’t easy. Many organizations fall into the trap of purchasing software that is really just…software. In order to achieve remote efficiency and excel in the mortgage industry today, you need more than just software. You need true digital solutions.
Here’s a checklist to help you find the right ones:
- Can the software be fully integrated to ensure a streamlined process at every phase of the mortgage workflow?
Integrated software solutions significantly increase productivity, making it possible to stay on track whether you’re working in the office or at home. This is a major game changer when it comes to remotely maintaining acceptable turn times during high volume periods and ensuring mortgage compliance.
- Does the software offer security features that provide adequate protection for workers accessing the system remotely?
Your software solution should come equipped with features that guarantee a secure work-from-home process. Such features may include cloud backup, authentication controls and audit trails.
- Has the software been proven to ensure compliance, both in terms of protecting consumer data and minimizing regulatory defects?
Compliance is a major component of any mortgage process, which is why the best solutions have proven track records of helping companies ensure it. Look for software that has already helped organizations in the mortgage industry expedite processes, meet guidelines and avoid unnecessary fines. That way, you can ensure that it can do the same for you – even with a remote, or partially remote, team.
- Can data be easily searched and accessed when needed, without duplication of data entry?
True digital solutions eliminate tedious manual tasks, like data entry. Through automation technology, they streamline such tasks and give you back the time you need to focus on more valuable functions as you work remotely.
- Does the software offer remote employees a safe collaborative environment that can be accessed from anywhere, at any time?
Collaboration is key to achieving remote efficiency, and it’s also one of the most significant challenges for teams working from home. According to Fannie Mae’s survey results, over 50% of mortgage lenders have experienced substantial degradation in employee collaboration since working remotely.
Fortunately, there are software solutions available that facilitate seamless collaboration. Look for a solution that provides full transparency to authorized users and on-platform communication tools that make answering questions and solving issues easier than ever.
Choose the Right Partner
Selecting the right partner is just as important as adopting the right solutions. You need to be able to trust not only your mortgage software but the team of experts behind them. After all, it will be the team who will train your staff to use the platforms, support you when you have questions, and drive remote efficiency through expert services.
Look for a partner with:
- Experience helping companies like yours achieve their goals
- A dedicated team of mortgage industry experts to provide you with the help you need when you need it
- Proven mortgage solutions that combine state-of-the-art technology with seasoned industry professionals
- Customizable solutions that ensure your specific needs are met
- Platforms that provide you with real-time insights, so you’re always in the know – regardless of where you’re working
Remote Solutions Built for Success in the Mortgage Industry
At MetaSource, our mortgage solutions are built on the expertise of a mortgage team with decades of industry experience and keen insights into the challenges and opportunities our clients face.
The need for both people and platforms to achieve efficient processes is always a factor in the industry-leading solutions we offer. Today, our foresight and innovation help mortgage lenders, servicers and investors navigate the demands of the remote mortgage workforce with confidence.
From software that bridges time-consuming gaps in the loan origination process, to platforms designed to ease reporting and compliance burdens, to cloud-based platforms for secure, accessible document management, our mortgage solutions are designed to let you work efficiently, grow your business and overcome obstacles, no matter where your employees are working.
Contact one of our mortgage experts today to learn more about how to make the most of your remote workforce.