"We can actually save them the time to look at more documents to help out our broker partners"
An efficient mortgage process is a boon for both brokerage and client alike, and nothing ensures a more streamlined experience than the proper leveraging of the latest technology.
For Grant, of Community Trust, this is achieved through the integration of tools powered by artificial intelligence.
“Some AI integration in the background [helps] do some of the very automated processes,” Armstrong told Canadian Mortgage Professional.
Deploying such tools is an elegant solution for administrative work, “things that might take an underwriter or a fulfillment specialist an hour or two to do,” he said.
The application of AI can save mortgage professionals from the drudgery of repetitive tasks, allowing them to focus their energies and work more effectively.
“We can actually save them the time to look at more documents to help out our broker partners and automate those processes internally,” Armstrong said. “So we’ve got a number of administrative processes that are underwriting or funding our fulfillment teams that we can just [simplify] … and they can actually take that time and focus it towards what they really are good at, which is helping the broker partner.”
Read more: Technology assists, not replaces, brokers – analyst
The approach also has tangible benefits for consumers.
“We use technology a lot to speed up the process, to get rid of the blockages or the blockers that we have in our processes,” Armstrong said. “But we also measure it by our customer satisfaction. Are [our brokers and our own staff] able to do their job faster, simpler, easier? Are [clients] getting more satisfaction? And are our broker partners seeing the improvement in a process, [to the point] that they want to continue to work with us over it?”
Further details on the myriad of ways that technology affects the mortgage sector can be viewed here.
