Leveraging digital solutions ensures the greatest workflow efficiency, says executive
Aside from ensuring the smoothest possible consumer experience, tech-powered platforms give mortgage professionals much more time to do what they’re really good at – establishing and closing deals – by significantly reducing the investment needed for rote tasks, according to Grant Armstrong of Community Trust.
“A lot of the underwriting processes are verifying paperwork that has been given,” Armstrong said in a recent tech power panel hosted by Canadian Mortgage Professional.
“I want us to be able to move to more advice and solutions and less verification and admin,” he said, stressing that this would “allow the brokers to be what they really are, which is trusted advisors. I’m hoping it’s easy technology.”
Data from Statistics Canada indicated that the mortgage industry’s adoption of next-generation technologies has so far focused on collaboration tools (32.2%), security software (28.7%), and cloud solutions (27.1%).
“The alt lending space has been evolving since day one, but 2020 and 2021 amplified the need for change,” said Grant Armstrong during an early CMP Talk podcast episode focused on the alternative lending outlook for 2022. https://t.co/M3YqMFOK1L
— Canadian Mortgage Professional Magazine (@CMPmagazine) January 9, 2023
The Canadian mortgage industry has yet to deploy task automation (3.2%), artificial intelligence (1.4%), and machine learning (0.4%) on a larger scale, StatCan reported.
On Community Trust’s part, Armstrong said that the firm has been hard at work in collating feedback from its partners through its quarterly broker advisory council.
“What do they need? What do they want? We’ve been floating some of our ideas to them,” Armstrong said. “We say, ‘This is what we are thinking of. Will you use it? Will it help you? Will it make the relationship better?’”
To further refine Community Trust’s approach and offerings, Armstrong said that the company is also in constant communication with its technology, industry, and business partners.
“What are they seeing? What’s new? What’s on their horizon? What are they trying to come up with so that we can be one of the first available to step into that marketplace?”
Watch now: Transformational Tech meets mortgage industry
