According to Fannie Mae, 90% [https://www.fanniemae.com/media/52916/display] of surveyed 2024 homebuyers were interested in a more or fully digital mortgage process. That’s an increase of 27% since 2021! 

Now more than ever, digital workflows could help you differentiate yourself, demonstrate value, and grow your business [https://www.wemlo.io/blog/quick-tip-for-mlos-to-help-win-clients-and-more-business/]. 

Because the reality is that modern tools are reshaping how home loans are applied for, processed, and closed, which can give brokers the edge they need to win business and best serve today’s tech-savvy borrowers. 

Here’s what you need to know: 

Get to Know Digital Workflows in the Mortgage Space

First things first, let’s clarify a few terms. 

Your mortgage workflow is made up of all the steps it takes to move a client through the home financing process, from lead intake to close. 

A digital mortgage workflow refers to the use of technology to automate and streamline those steps. 

In the mortgage space, this might include utilizing tools for digital applications, collecting eSignatures, automating document requests and similar repetitive tasks, providing cloud-based systems, and offering online borrower communication platforms.   

But keep in mind that this approach isn’t about optimizing tasks on a one-off basis. It’s about optimizing each and every step, creating a modern, streamlined system that truly flows.

Unpacking the Shift Toward Digital 

Now, how are digital workflows influencing the mortgage industry? After all, pen and paper have worked just fine for centuries, right? 

The reality is that buyer expectations have changed and shifted significantly in recent years. Borrowers have a greater desire (or even demand) for speed and convenience, especially as they embark on the often complicated and lengthy process of buying a home.  

Digital-first lenders are intimately familiar with this reality. In fact, it’s the foundation of their business model. So, in order to compete, mortgage brokers will need to provide their own version of a smooth, efficient, and online process. 

Exploring the Key Benefits of Digital Workflows 

The good news is that digital workflows benefit mortgage professionals as well as borrowers. 

The right tech stack can reduce operational costs, enhance communication, simplify compliance, and scale in tandem with your business. 

Greater Efficiency 

The standard mortgage workflow can streamline highly manual tasks. Depending on your processes, this might include document uploads, data entry, and even tasks like scheduling or outreach. 

Digital workflows simplify and streamline these tasks, potentially leading to less repetitive admin work and potentially faster closings. 

Improved Communication 

Between a full email inbox, missed calls, and appointment reminders, client communication is another task that some mortgage professionals struggle to get just right. Fortunately, this is another area where digital workflows excel. 

Top tools provide borrower portals, where clients can log in to track the progress of their loan as well as communicate directly with their homebuying team. Tasks like email newsletters and appointment reminders can also be automated. As a result, clarity and response times tend to go up while borrower anxiety and confusion go down. 

Record-Keeping and Compliance 

Manually storing data and files can be risky, considering the potential for human error. Slip-ups here could derail a loan or even lead to audit or compliance issues. 

With a digital workflow, record-keeping is simpler, safer, and specific documents may even be searchable. 

Scalability 

Scaling manual processes almost always requires additional manpower, meaning additional resources. This can both cut into profits and quickly become impossible to manage.   

Instead, digital workflows grow and contract with your volume. With the right tools, scaling becomes possible without proportional increases in effort or costs. 

Transitioning to Digital Workflows Successfully 

The reality is that digital workflows are transforming the mortgage industry. If you’re ready to get started implementing your own system, there are a few best practices to keep in mind.   

First off, you might consider starting small. While an optimized workflow is the eventual goal, it doesn’t always make sense to change everything right away. Start by determining one or two tasks that are costing you significant time or money. Then, consider how you could optimize each one using digital tools.   

It’s important to get buy-in from any relevant stakeholders early, including staff. Everyone will also eventually need clear guidance and training to ensure adoption and effective utilization.  

Next, you’ll want to choose the right tech. Digital tools should integrate well and offer the support you’re looking for. Some organizations offer a demo or trial program to ensure the platform meets your unique needs. 

Finally, when your digital workflow is up and running, don’t forget to track key metrics, like time to close and borrower satisfaction rates. Keep an eye on these numbers to ensure they’re trending in the right direction. If not, you may need to tweak your digital workflow. 

Wrapping Up: Digital Workflows in the Mortgage Industry 

At the end of the day, digital workflows aren’t just a tech upgrade. They’re a strategic investment in long-term growth. 

The right system could save you time and money while providing clients with an improved experience. In other words, let’s get digitizing!