Virtual Business Options for MLOs

wemloknowledge work cloud, Mortgage broker business, mortgage loan processing, virtual loan origination

Virtual business options for almost every industry are beginning to open up. With consistent technological enhancements comes the ability to operate from anywhere on the globe.

 

As an MLO, you have the unique ability to travel down this path and work with customers from anywhere. And this doesn’t exclude customers local to your area. For many, a virtual visit or conversation has its own benefits.

 

It can save time.

It can save money on travel expenses such as gas and tolls.

It can save energy on making the physical trip.

 

While some customers may prefer the in-person communication methods, many of today’s buyers are happy with the benefits of working with an MLO virtually.

 

Methods for conducting a virtual business

Conducting a virtual business as an MLO might sound promising—after all, the lack of a commute can save you time in your already busy day—but it can be tricky at first. Taking your MLO business virtual without diminishing the quality of a physical location is the magic formula for success.

 

That being said, here are some methods we suggest for smooth operation:

 

Communicate

Communication is key when working with customers who are making one of the biggest purchases of their lives. If those you work with are okay with phone conversation, then the simple distribution of your phone number should suffice.

 

But what about those who aren’t? For many, this large purchase is significant and they want a more personal working relationship with their MLO. Having a virtual business in this instance becomes different.

 

Different, but not difficult. There are a variety of online communication tools available at your disposal, and many of them are free. For customers who want to video chat, try Skype, Zoom, or a simple FaceTime call.

 

Remain flexible

Having a virtual business most often means working from home, and working from home can have its pros and cons. One of the cons is that you can never separate yourself from your office because…well, your office is at home.

 

While you should try to limit yourself to certain working hours while home, it’s important to also remain flexible. Your customers will want to reach out to you when they are available and they will expect you to be there for them.

 

Stay accountable

While you may be home, you’re still working. More importantly, you are operating a business. Remain accountable and see to it that all deadlines are being hit and information is being relayed to the customers you are working with.

 

Automate and organize

Allow your virtual business to grow. Rather than doing all the back-end paperwork, work with a knowledge work cloud to automate your processes and bring them into the 21st century. If you try to combine the modern way of originating loans through a virtual business with the antiquated, manual processes, you may find it hard to keep up.

 

More importantly, you may find it hard to stand above the rest of your MLO competitors.

 

Want to stay ahead?

Your virtual business options as an MLO are growing with each new piece of technology that is introduced to the business. Wemlo is the only platform that both organizes and automates your loan origination process.

 

Want to know more? Schedule a free demo to see how your business can thrive.