Digital Toolkit for Commercial Mortgage Brokers

Commercial mortgage brokers have always depended on educated guesswork during the early stages, but specific digital toolkits have arisen as a disruptive answer for the time-consuming process. It is now more crucial than ever to use the correct technologies to enhance efficiency because the market for mortgage brokering services is expected to continue to climb shortly. 

The commercial mortgage brokerage market has experienced significant growth and transformation in the past ten years. Paperwork signing and loan closing, two procedures that formerly required physical presence, can now be completed virtually from any location with access to the internet. 

With these adjustments in mind, technological advancements have significantly increased productivity, enabling you to process loans 20% faster and reducing user error, which results in 25% fewer loan defaults. The way individuals purchase and sell properties, as well as the job of the commercial mortgage broker, has been massively revolutionized by technology. 

Many businesses have already changed the mortgage process and are giving brokers the digital toolkits they need to go online and communicate with clients virtually.  

Various tools are available on the market to help speed up the process, including screen-scraping programs to obtain bank statements, digital signature providers, remote VOI tools to do identification checks, and “soft” credit checks that do not affect scores. 

Businesses that operate in this sector have also been considering how to streamline the experience by upgrading and redesigning what they provide to the industry. 

Lists and Functions of the Ideal Toolkits for Commercial Mortgage Brokers

Loan Origination System (LOS)

The creation of a loan and its fulfillment are the two primary purposes of a loan origination system. The team working on the loan creation, including the processors, underwriters, and loan officers, will be brought together by a LOS. 

This system will monitor and guide borrowers throughout the pre-qualification, pre-approval, loan application, processing, underwriting, credit decision, quality control, and funding stages of the origination process. 

In addition to streamlining your daily tasks, current loan origination systems frequently include tools and analytics for compliance-related reporting, fraud detection, automated decision-making, and data security.  

It’s important to consider how different LOS software integrates with your POS and CRM software when evaluating them. These two systems being interconnected allows your customer to seamlessly transition from searching for a loan to applying for one.  

Here are some LOS you can consider: 

Empower: is a LOS that uses AI, digital loan applications and closings, analytics, and a vast network of outside service providers to help you work more productively and at a lesser cost. 

Encompass: is a flexible LOS that expands with your brokerage. Encompass is a comprehensive system that can assist you in originating more loans and closing them more swiftly—enabling document management, digital signatures, compliance checks, and interaction with numerous widely used CRMs. 

Point-of-Sale (POS) Software

Given that customers now anticipate being able to obtain anything they require via the internet quickly, why not simplify their application process by offering your own point-of-sale system? Provide your customers with the choice to forego any additional calls or meetings that can be taken care of by a digital solution. 

Brokers in the mortgage business now have a customer-facing software solution thanks to the point of sale (POS) systems that support online applications and client portals for the required paperwork. POSs also provide the front end for loan origination systems (LOS). You can incorporate the following POS software products into your CRM and LOS: 

Floify: enables you to gather all the necessary documentation from your clients in one place, making the process simple and effective for you and your clients. To provide an engaging way to guide a customer through the mortgage process, Floify offers internal audit features, allows you to categorize uploaded papers, and lets you modify your workflows. 

SimpleNexus: It aims to combine the individuals, processes, and phases of the mortgage application process into a simplified solution. 

Customer Relationship Management (CRM) Software

Customer relationship management software lets you control client relationships and activities through a professionally planned database. You must concentrate on engaging your potential, existing, and previous clients to generate revenue because the relationships you create are vital to succeed in the mortgage market. 

In order to accomplish this, you probably spend much time reviewing documents and fielding client calls. Work intelligently, not harder, by allowing a CRM to maintain track of specifics like your most recent customer engagement, loan information, and contact information so you can concentrate on what’s genuinely crucial: providing your clients with the best possible service. 

You can check out these CRMs for your commercial mortgage brokerages; 

Keap: It lets you keep track of invoices, plan emails, carry out marketing strategies, quickly provide quotations to clients, and save all of that data in one location. It essentially arranges your daily chores and client information to free up time in your schedule. 

Surefire CRM: this application offers free tools and set-it-and-forget-it procedures to help you maintain and develop relationships with borrowers, recruiters, members, other brokers, and real estate agents. 

Advantages of Using Digital Toolkits

Each commercial mortgage broker differs from the others. They employ various methods and interact with customers who have certain requirements. Looking at the broader picture of what you want technology to accomplish for you will help you choose the best digital toolkit for your firm. 

Enhanced Workflows: Process visibility is produced by CRMs and document-gathering solutions. This visibility must always provide information about improved, updated workflows. 

Scheduling Appointments: By enabling consumers to browse your calendar and easily book appointments with a click, mortgage broker software solutions make scheduling a breeze rather than a minor source of stress. 

With the correct customer relationship management (CRM) system, administrative duties like accepting and handling these online bookings would be much simpler so businesses can better organize their schedules. 

Better sales and marketing: A lead management system eliminates the need for expensive marketing agency consultations by giving you the immediate capacity to buy leads.  

Brokerages should be able to use their platform for various tasks, including managing their productivity, keeping track of their leads, and directly purchasing leads from lead sources that also include brokerage profiles to promote brand recognition. 

Financial data collection and security: In order to automatically gather and track financial information, including bank statements and other crucial paperwork, mortgage brokerages require a safe and secure web system.  

You may quickly and securely process these requests with the aid of a well-designed internet gateway. You won’t need to return repeatedly to request additional papers because of this, which will save time. 

Flexibility: With the proper digital toolkits that can carry out many strenuous tasks seamlessly for you, you would have more time for other essential things like thinking of ways to improve your service. 

Final Thoughts

Despite the number of digital toolkits mentioned and discussed, Finance Lobby is the best tool. With Finance Lobby, commercial mortgage brokers don’t need multiple digital toolkits.   

Finance Lobby is the top commercial real estate finance marketplace. It is an all-in-one solution for commercial mortgage brokers and lenders wishing to save time, enhance their closing rates, and uncover more promising opportunities.  

Finance Lobby is transforming the CRE finance business by making it easier for brokers and lenders to identify deals they can close on. This marketplace is created to streamline your operations and aid you in getting more business, regardless of how many transactions you execute yearly or how much money they are worth. 


November 14, 2022