Embracing Agile Tech Stacks in Mortgage Lending: Insights from Society Mortgage
Mortgage lenders are often caught in the dilemma of choosing between innovation and longevity. Chad Turner representing Society Mortgage, a dynamic player in the lending sector, recently shared valuable insights in a Mortgage Tech Talks episode, hosted by Steven Cooley from Mortgage Advisor Tools. Turner imparted practical knowledge from Society Mortgage’s tech journey, making this discussion quintessential for lenders looking to optimize their mortgage technology stack.
Technology Stack Adaptability: The Society Mortgage Experience
Society Mortgage has demonstrated the importance of adaptability within the mortgage industry. As they expanded their operations, they experienced firsthand the necessity of a flexible tech stack to meet the unique needs of different verticals within the industry. Turner highlighted their transition from a consumer-direct focus, using tools like Calyx Path, Insellerate, and Lodasoft, to embracing additional platforms such as Encompass, Surefire, and SimpleNexus for their branching vertical.
This episode’s conversation serves as an eye-opener for mortgage lenders. It is becoming apparent that a one-size-fits-all technology solution is no longer viable. The lending arena is vast, and each operation has its specific requirements. Society Mortgage’s ability to pivot and tailor their tech stack to these needs underscores the critical aspect of having an agile approach to technology integrations.
Effective Tech Management: Juggling Innovation and Support
The journey to optimize a tech stack doesn’t end at selection. Turner discussed the importance of internal and external support in managing these technologies. KensieMae’s external support coupled with the internal “super admin” helps to ensure seamless integration and operation of their tech systems. Turner’s emphasis on leveraging expertise to oversee technology reaffirms that a strategic blend of internal leadership and external partnerships is vital in maintaining a robust tech ecosystem.
Setting Goals and Measuring Performance
Moreover, Turner introduces an intriguing concept – setting goals for tech providers. Even though Society Mortgage does not currently practice this, the idea of explicitly defining expectations and regularly reviewing provider performance against these benchmarks has sparked interest. Such practice could help in holding vendors accountable, thus ensuring continuous development and alignment with lenders’ business objectives.
Navigating the Dilemmas of Tech Adoption
The talk also delved into the real-world challenges lenders face when choosing technology solutions. From the allure of cutting-edge features to the desire for proven reliability, Turner’s revelations encapsulate the delicate balance lenders must strike to ensure sound tech investments. Specifically, his admission of buyer’s remorse in 18 months, in line with a Gartner statistic, resonates with many lenders’ experiences, shedding light on the common pitfalls of tech adoption.
Final Thoughts: The Importance of Keeping an Open Technology Mindset
As the mortgage industry grapples with continuous change, lenders are encouraged to keep an open mindset towards technology. Turner’s parting thoughts on AI are a testament to this – it’s an undeniable future that requires embrace, not resistance. His optimistic perspective on AI reducing man-hours and improving efficiency is a belief widely shared across the industry.
In conclusion, this episode with Chad Turner from Society Mortgage delivers a multifaceted look at navigating mortgage technology. It’s not only a rich source of insights for lenders considering tech upgrades but also a meaningful guide to weathering the rapid evolution of the mortgage tech landscape. As we strive towards a future where technology and human insight strike an optimal balance, lenders are encouraged to watch the full video and join the conversation about harnessing the full potential of mortgage technology.
