Explore the Latest and Greatest Mortgage Technology Advances in 2023

Home buyers can expect mortgage rates to drop in the coming year. However, high demand and a lack of availability may result in some residual friction. 

As a mortgage lender, you have an opportunity to reduce that friction. Your digital tools can generate more leads, streamline the process, and boost buyers’ confidence. Here are the top mortgage marketing tech advances in 2023.

Mortgage Marketing Tech Advances in 2023

Yes, interest rates will likely drop in 2023. Buyers who held out for lower rates may start the shopping process. Some of the best mortgage marketing tech advances in 2023 will help you find these buyers.

Video Content Creation Tools

With social media channels already jammed with content, it’s important to stand out. Video can help you do that. Most social platforms allow you to create video advertisements. And video has been shown to connect well with millennial buyers who prefer the format over reading text.

That’s where it helps to have a reliable customer relationship management (CRM) platform. A solid CRM system offers curated video content to jumpstart your marketing efforts and connect with younger buyers.

You can also view analytical data to assess the effectiveness of your campaigns. Make adjustments to your strategy and learn what works for your target market.

Integrative Marketing Content

Social media will continue to be the place to connect with buyers. But managing your social accounts across multiple platforms can be challenging.

Most mortgage CRMs allow you to manage your social channels through a centralized dashboard. This enables you to create a social calendar, manage content, and schedule posts. 

But the most important feature is the ability to integrate with your mortgage pipeline. The leads you generate will automatically populate your pipeline. That means that you can seamlessly connect with buyers with only a few clicks.

AI Chatbots

Visitors come to your website for information. And if they have questions, they want them answered right away. A chat feature allows you to immediately connect with them.

Some platforms use artificial intelligence (AI) to transform their chat feature. Visitors interact with a computer program that uses algorithms to answer user questions.

But while the technology is being perfected, other lenders can still connect with an interactive chat feature. A quality CRM can even alert you to an income query, allowing you to address your customers in real-time. 

Collaborative Tools

Some of your best leads will come from other industry professionals. Real estate agents, for example, can be excellent partners to help you generate meaningful, local leads.

Impress other professionals with a well-built mortgage pipeline. They can then use collaborative tools to drop new leads into this pipeline. And because the system is cloud-based, they can provide new leads from anywhere, including local events or open houses.

This is often one of the best mortgage marketing tech advances in 2023. Collaborating with other professionals expands your network. It also gives you access to a wider range of potential buyers. 

Advances that Streamline the Lending Process

Besides these mortgage marketing tech advances in 2023, other tools streamline the process itself. 

Digital Application Process

Today’s buyers are used to doing just about everything online. Make it convenient for them by offering a digital application process.

For example, a mortgage CRM allows you to create and customize a digital 1003 mortgage application. You can park the form on your website, send it through email, and more.

Additionally, the “save” feature means borrowers don’t have to complete the form in one sitting. This helps you maintain a relationship with new borrowers. It also allows you to address questions that come up along the way.

AI and Machine Learning

Speed is king when it comes to the mortgage application process. AI and machine learning can autocomplete certain form fields. This decreases the time it takes to receive mortgage approval, giving your clients immediate feedback.

You can use these same tools to evaluate a borrower’s creditworthiness. This likewise speeds up the process and predicts the borrower’s ability to buy a home.

In fact, the most advanced systems examine external databases to evaluate customer data. This gives lenders complete access to important financial information. Additionally, it streamlines the screening process. AI eliminates the need for a lot of manual research.

E-Signatures

The lending process can be long and inconvenient. Borrowers often have to physically come to the lender’s office to complete and sign forms. That can be time-consuming, especially since borrowers typically have to sign multiple documents.

But a quality mortgage CRM makes things much easier. Mortgage loan officers can create digital loan documents, then incorporate an e-signature feature.

Borrowers can access these documents through the CRM customer portal. When they’re ready, they can sign and re-upload these documents. This saves time and avoids the hassle of physically visiting your office.

Online Appraisals

One of the challenges of the 2023 housing market will be the lack of available homes. This is partly due to a lack of professional home appraisers. Historically, appraisers had to evaluate a property in person. That creates snags in the process, resulting in fewer eligible homes.

But as of 2022, Fannie Mae and Freddie Mac announced that they’ll accept more “desktop appraisals.” Similarly, the Federal Housing Finance Agency now permits remote valuations.

The bottom line is lenders can expect remote appraisals to become the norm. That’s good news for you and your clients. You’ll have a larger inventory of available homes. And the fast turnaround of online appraisals will give you access to new inventory all the time.

Customer Service Tech Trends for Mortgage Lenders

Some of the most important mortgage marketing tech advances in 2023 relate to communication. Remember, first-time borrowers are entering unfamiliar territory. They’ll be looking to you for information and guidance. The right tools deliver a frictionless customer experience.

Automated Communication

Stay in touch with each of your borrowers. Automated communication tools provide instant feedback and status updates. This ensures that your clients understand the process and how far they’re advancing.

A mortgage CRM can send automated updates once a borrower has completed a crucial step in their journey. For instance, once they pass a credit check, your system will send them a confirmation message.

Since the process is automated, you don’t have to lift a finger to stay in touch with your clients. This allows you to manage a larger client portfolio without losing your personal touch.

Educational Resources

Many borrowers come to your website for information. This is especially true if you occupy an industry niche. Borrowers looking for data on first-time lending options or commercial mortgages may find you through a Google search.

That’s why it helps to build a library of educational content. Blog posts and instructional videos offer a deeper look into the lending process. By creating just one or two blog posts per week, you’ll soon build a resource library on your website.

This is another area where a mortgage CRM can be helpful. The right platform will provide templates to help you develop solid content. It will also help you curate this content and measure engagement.

Customer Follow-Up Tools

Do you have a plan for following up with your former clients? You should. Your satisfied clients can be your greatest source of future leads. If they receive quality services from you, they’ll be more likely to recommend you to others.

There are two main ways in which you can follow up with your clients. First, you can send them emails to celebrate their mortgage anniversary. This ke

eps your name in front of them and may remind them of your quality services. The personal touch may also make them more likely to mention you to friends or family.

Second, you can ask for reviews. Customer reviews and testimonials make great material for your marketing efforts. A good mortgage CRM allows you to collect reviews and post them on your website or social channels. 

And if you receive negative feedback, you’ll have the chance to contact the client. You can address problems and concerns to deliver a superior customer experience.

Blockchain Payment Options

By now, it’s no secret that blockchain technology is here to stay. Some companies are already allowing customers to pay using Bitcoin or Ethereum tokens. 

Will customers soon be able to buy a home using cryptocurrency? Surprisingly, yes. Freddie Mac has said that bitcoin can be used under some circumstances to determine mortgage eligibility. You can’t use crypto to buy a home directly, but you can convert your holdings into cash.

These trends will likely continue now that cryptocurrency has gone mainstream. Lenders can expect to see more buyers with crypto portfolios, which may have an impact on their mortgage options.

The Importance of the Right Mortgage CRM

Most of these mortgage marketing tech advances in 2023 can be implemented with the right CRM. If you don’t currently use a CRM system, now’s your chance to make a new year’s resolution. The BNTouch platform can streamline your business and improve customer relationships.

To request a demo, contact BNTouch today!

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