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Brokerages on The Hunt For More Advanced Technology By Anthony Garritano The perception of the broker market is that they aren't tech savvy, that they're just looking for the fastest way to close a deal and that lenders often determine the technology used by mortgage brokers. All three comments are accurate to a point, but brokerages like Freedom Mortgage are demanding more, which their president Stan Middleman said was the reason they switched to another loan origination system. "For the past eight years we were Calyx users," said Mr. Middleman. "We liked it because it was simple and easy to train. Recently we made a move to Encompass. We made the switch because we felt that we needed technology based on a server instead of hosted at each branch. "For example, we like for people to make a decision within 30 days of taking an app and there was no way to police that with Calyx," he noted. "So, we needed a system that was easy to update and send out custom forms with. In using Encompass we update the server once and that update is automatically available to all the branches. Also, the sheer number of tools available in Encompass is superior. First, Encompass offers document tracking, which isn't really present in Calyx beyond one screen." In advising brokers on technology selection, Mr. Middleman believes that looking at technology to make the brokerage more efficient and generate more business is key. "There are two things that you have to do to attract quality originators," he said. "First, you need to give them tools to be more productive and also to work seamlessly with you. The second part of the software equation is investing in technology to help them close more business. You need to invest in customer relationship management technology so they can manage their customers better and more efficiently to get repeat business." "At a high level, these companies need to provide technology to originators to get more business," added Jonathan Corr, chief strategy officer at Ellie Mae. "The originator needs to look at their customer relationship management features, getting new leads into the system, partnering with companies to get new revenue streams, like maybe selling life insurance for example. "Second, the originator needs to look at what the companies are doing to enable them to provide better service to their borrower," he continued. "To me, that's about providing pipeline management and transparency as the loan is processed. It's also about getting out quick disclosures. These things will distinguish the better companies and attract people to come work for them."

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