As we embrace the holiday season, forward-thinking lenders recognize the strategic value of preparing for the challenges and opportunities that await in 2024. Let’s dive into the crucial role of tech stacks, the backbone of efficient operations, exploring how strategic optimization can drive success.
During this hectic end of year time, we are thinking about budgets, volume goals and operations goals—it’s prudent for lenders to reflect on the future and invest in streamlining their tech stacks. Let’s navigate common pain points, highlight key success indicators, and spotlight solutions like the Empower LOS that promise a prosperous mortgage operation.
What is a mortgage tech stack?
A mortgage tech stack is the combination of solutions, platforms and processes that a lender uses to run their business. It includes technology such as a loan origination system (LOS), point of sale solution (POS), customer relationship management tool (CRM) and more.
A strong tech stack will help create efficient processes, strong customer communications and sound database management that help a lender win business, keep their loan pipelines flowing and save money.
Why is your tech stack slowing you down?
With many moving parts, lenders can sometimes find themselves bottlenecked by their technology.
Common pain points of a tech stack include:
• Too many components in the tech stack itself
• Redundant manual data entry
• A significant number of human touchpoints
• Excessive maintenance, resources or investment
• Impact on employee recruitment and retention
What’s the best way to know if a tech stack is working for you?
Lenders should look at their internal processes with a critical eye. The more efficient an organization becomes, the more cost savings and the better the return on investment (ROI) it can realize.
In a highly competitive market, lenders can look for efficiencies by:
• Reducing or eliminating manual tasks
• Automating workflows and decision-making
• Decreasing cycle times
• Making employees more specialized
• Incorporating robotic process automation (RPA), AI and machine learning
• Optimizing document processing and data extraction
The Empower® LOS can meet these goals and more with pre-built configurations based on industry standards, while still giving lenders the flexibility to custom-configure their workflows.