Standing Above the Crowd: Top Mortgage Broker Tools for 2015

2015 is here and so it’s only prudent that we take a look at the coolest mobile apps and digital platforms that mortgage brokers can take advantage of.

Marketing

Social media is by far the most effective and affordable way that mortgage brokers can market themselves. In 2015 mortgage brokers really can’t afford not to have presences on the following.

• Facebook: Create a page for your brokerage and then participate in Facebook groups to raise awareness of the page. You can also take advantage of paid advertising on Facebook like “boost” posts and “promote” page which are 2 paid options to promote a particular post or your page in prospects’ timelines.
• Twitter: Twitter is completely different. On Twitter you will want to follow colleagues, lenders, suppliers, educating bodies, etc. to begin building a network. You can also begin sharing content published in the media to attract attention to your page and to begin dialogue with media bodies. Twitter also offers an option where you can pay to promote tweets in prospects’ twitter feeds.
• LinkedIn: Many mortgage agents and brokers get a large portion of their business from referral sources like real estate agents and other financial professionals. Connecting and expanding professional connections leading to more referral business.

Underwriting

When underwriting a deal the primary things you will want to validate are: credit, income, debt servicing ratios, and property information. You not only need to be able to access this information but also share it with your lenders. Using the 3 tools below you will have your mortgage underwriting bases covered.

• Filogix: This is the tool that mortgage brokers use to underwrite mortgage applications, submit deals and prepare mortgage documents.
• Purview For Mortgage Brokers: A subscription-based tool that used to only be available to lenders, Purview For Mortgage Brokers is an online application that brokers and agents can now use to generate AVMs, validate property values, verify homeowner information, view mortgage registered on file and more…
• Teranet Express: A per search fee-based website where you can request a Parcel Register which can uncover any liens registered against a property’s title. If a lien does come up on title, you can also purchase instrument images to verify all of the lien registrant’s details.

Administering

Administration comes down to paper, paper, paper – and so naturally many mortgage brokers are taking measures to go paperless.

• DocuSign: In the age of electronic documents, mortgage brokers are using DocuSign to simply email documents to clients to be signed. Some brokers even use DocuSign to meet their clients on the go and have them sign electronically right on their tablet.
• Dropbox: The nature of the beast is that in any mortgage transaction a massive amount of paperwork goes back and forth and the more you can do to be paperless, the more you can increase efficiency and help the environment =) Dropbox enables you to store large files centrally, transmit large files, create a link where customers can upload files.

The tools available for mortgage brokers and agents are numerous, and taking advantage of the right ones can really help to make you more efficient. This list of the top tools should really help narrow the playing field.

For more about the top mortgage broker tools for 2015, or about Purview For Mortgage Brokers, please call 1.855.787.8439.