Mortgage Broker

CMB MAGAZINE cmba-achc.ca summer 2016 | 27 mobileapps With the steadily increasing pace of the mortgage business, brokers are constantly pressed to offer faster turnaround times and less paperwork hassle for clients. ese demands are happening simultaneous to the expectation that brokers work with a variety of image and document types – as well as several different online platforms – that securely transmit documents to lenders. e problem with these demands is that they run contrary to prudent lending practices and due diligence. Lenders demand time to review files and documents – and rightfully so – while clients and realtors demand faster turnaround from brokers. Furthermore, technological advancements such as smartphones and scanners make many brokers feel they are obligated to be on their phone at all times. (is is especially true during offer negotiations with their borrower and realtor, which oen happen in the evening.) e bottom line: e pace of business and the demands of clients are ever increasing. Many brokers lament having to carry around a large bundle of paperwork and documentation, and spend time shuffling and searching through their documents when on the phone with lenders and clients. In addition, having this large amount of paperwork to carry around means that work oen only gets done "at the office," which is just another overhead cost in a business that seems to have ever- tightening margins. But there is another way: Go paperless and become a road warrior At first blush, many people ask themselves what they would do to keep track of urgent tasks without their multi-coloured sticky notes affixed to the edges of their computer screen, or how they could possibly organize all the paperwork and documentation into a meaningful format they can easily access to send to lenders and clients. Some people just like the tactile experience of having the paperwork in their hands and reviewing it without it being on a backlit screen. Others want to have a physical workplace away from their home – to "go to work" and separate home and work life. ere are numerous technological innovations that can help overcome virtually all reasons to continue using paper files. A broker's workflow and paperwork requirements can be broken down into the following steps (ignoring the drip marketing and follow-up aer closing): n taking the initial application n entering the deal into Expert n collecting and digitizing paperwork n sending documentation to the lender n ordering and appraisals (if needed) n collecting signatures on commitments and disclosures ere are apps and technological solutions to each of the above tasks that help to enable work on the road, so you can be the broker that gives an instant answer on the fly instead of the broker that says "I'll call you back" while the client moves on to the next name they were given. Taking the initial application Many brokers still insist on sitting with a client and physically having them fill out a paper application, or sending it by email for later collection by fax or email. To prevent the requirement of a physical piece of paper, consider either a fillable PDF file or have your website built to include an online application with all relevant disclosures and boilerplate built into it. is way you can send a link to the client who completes the application, and you can get right to entering it into Expert instead of waiting for the client to find a fax machine (which few people own nowadays) or print, scan and email. (Clients almost invariably don't have their scanner hooked up or are out of toner for their printer.) During this time, you will oen need to answer questions about loan-to-value and CMHC premiums and rates and payments. For this, I suggest getting the Calc10BII app. is app replicates the HP 10BII financial calculator layout that is used in the sub-broker course, so that your financial calculator is built into your phone. Never forget to have it with you, as you may forget your calculator but likely will never forget your phone. One common app, called 10bii, is available from K2 Cashflow, Inc. Entering the application into Expert While I prefer to enter an application onto my laptop, there are times when I'm at an event, HOW MOBILE APPS CAN EASILY TRANSFORM YOUR BUSINESS FOR THE BETTER BY ROWAN SMITH

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