October 12, 2022 | 3 min read
Can Technology Help Me through a Down Market?
Mario DiBenedetto
Managing Director
It can be hard to think about upgrading your technology right now with the market taking a downturn. But embracing automation can now help you get through these leaner times, and it can better prepare you for whatever comes next.
If you are wondering whether technology can help you during a down market, this podcast article just might be the thing. Brimma Tech’s Director for Customer Success Trevor Bono spoke with Mike Savino, head of multimedia for the Mortgage News Network. In this podcast article, Trevor talks about how embracing automation and technology at a time when the market is going through a slump might just be something industry leaders need. It gives the much-needed time to assess and reevaluate the need for technology.
Is the Mortgage Industry slow to take on technology?
When questioned about the reason why the mortgage industry is slow to embrace technology in comparison to other industries such as health care where there is a lot more documentation involved, Trevor shares how in reality it is pretty much the same. There are some companies that have completely automated their processes and then there are those that are slow in stepping into the automation arena. Taking away from a recently concluded conference, Trevor shares how some companies adopt the complete software lifecycle and hire development teams. But this can be a sizable task for mid-level banks and lenders. But unless you want to be in the software business, creating an in-house development team might just result in LESS technology innovation.
Adopting Automation — The finer points
Talking about ways in which technology can be incorporated and how lenders can benefit from it if they have not already started, Trevor shares how a deeper look at the process can throw light on prospective areas that can be automated. Brimma has over 30 automations for end-to-end processes. Tasks such as sending out initial disclosures, closing disclosures, flood certs etc. which are considered a part and parcel of conducting business can be easily automated.
Adopting automation for such simple tasks can make the entire process efficient.
