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How can brokers help Uber-ize the mortgage industry? 

By acting as a bridge between clients who want the ease of e-signatures and Zoom meetings, and banking partners who may just be stuck in the technological past. 

That’s according to Hyder Mirza (pictured), CEO at CloudJunction, a Salesforce advisory firm based in Toronto. 

“The mortgage market doesn’t tend to approach its customers with a personalized message that’s context-aware, that’s situation-aware,” Mirza told Canadian Mortgage Professional

“The mortgage market, they don’t approach their customers with a personalized message that is context aware, that is situation aware,” said Hyder Mirza, CEO and Salesforce architect with CloudJunction, during a recent interview. 

What the customer needs in the mortgage process is visibility, and what the industry needs as a whole is data-driven personalization. 

“Personalization means that your system knows me and it knows my data,” said Mirza. 

Just like Amazon records all of your previous purchases and can recommend new things for you to buy based on your purchase history, or how Uber can begin to recognize where your home is due to repeated trips, such technology can be used for mortgage companies and brokers too. 

“Suggest to me, recommend to me, inform me, educate me, and add value to me,” Mirza said. 

And who collects more data that can be mined than brokers, realtors, and real estate lawyers? 

Those professionals know how many properties your clients own, what type of mortgages they have, their incomes, and much more. 

With all of this information available, companies can use available tools to tailor their communications to their clients in a way that is relevant. 

“I will click on that email ahead of the 50 other emails in my inbox because that is relevant to me,” he said. “From Amazon to Ubers, from Google to Instagram feeds, they’re all optimized.” 

That element of curation of information, and insight based on available data, is what the modern customer is expecting in their mortgage journey. 

Making the mortgage process more visible 

But what about the actual mortgage transaction itself? How can that be made more visible? 

Your phone can tell you that your Uber driver is 10 minutes away, or you can track when your Amazon order will arrive. 

Where is the visibility for mortgage customers then? 

“Tell me when I’m missing in action. Tell me when I’ve completed everything and I can rest in peace,” said Mirza. 

His lawyer is a living example of someone who keeps his legal affairs on track. 

She is friends with him on Facebook and Instagram. If she needs anything from him, he can expect an email, followed by a note on Facebook Messenger. 

He would like to see her visible example played out in the mortgage market. 

“When you are going through something as complex as a mortgage application, it helps when there is a system or a person keeping you on track,” he said. 

Mirza wants to remove the friction from the process and make it more seamless, so that the client can have the visibility to see what has been done and what is needed next. 

“We’re very much technology laggards in the mortgage industry,” he said. “The banks are working in a very antiquated form. So the space is ripe for disruption.” 

When he used to work at Salesforce, the question would often be asked: “When is your company going to Uber-ize?” 

As happened to the taxi, grocery, and housing rental businesses, it could be only a matter of time before this disruptive business model comes to the mortgage industry. 

So what role do brokers play in this transformation? 

Zoom meetings and e-signatures are the new norm, as are document upload portals. Technology adoption has gone to the next level, with the pandemic having spurred many people into this new reality who otherwise would have adapted more slowly. 

But Mirza noted that “brokers are in a funny situation because they’re still working with antiquated lenders, who are still using antiquated systems,” he said. But even with that acknowledgement of the bind they are in, “I still expect the brokers to give me a better, streamlined experience.” 

He expects brokers to be that technological bridge, between laggard banks and tech-savvy clients, and he believes that the time is coming when people will leave brokers who are not on the right side of the tech shift, using digital tools. 

“The consumer trends, the consumer expectations are personalization, and bringing visibility into that transaction,” he said. 

CloudJunction’s integrated technological solutions for brokers

CloudJunction can offer the tools that a broker looking to make this leap is looking for. 

“We are offering a digital mortgage platform, which is powered by the world’s number one CRM, which is salesforce.com,” he said. 

 The platform capitalizes on Salesforce’s customer digital interfaces, allowing brokers, and others, to manage customer interactions through technology. The platform also bridges the gap between mortgage systems and CRM tools. 

Salesforce uses a secure, authenticated, and trusted client portal where clients can submit their documents and other information. They will also get status updates on their applications, even through WhatsApp, iMessage, SMS, etc., as the application moves along. If a document is rejected or needs to be re-submitted, the client will be alerted. 

“All of that communication is being threaded on one central unified, thread,” he said. It helps “meet the customer where they are, and it all ends up in the same place.”

His company has integrated with the three most popular deal submission engines in the mortgage industry, and it is a two-way integration. This means that any data that is submitted can be brought back to Salesforce. The information gets sent to the bank, naturally, but is also shared on the broker CRM, showing the clients’ income, properties, liabilities, other mortgages, and so on. 

Bringing the Salesforce marketing engine, the customer portal, and the whole digital experience together, with the digital communication tools of Salesforce, “the broker is armed and enabled because they have all the data,” Mirza said, “and the latest and greatest technology from the world’s top customer technology solution maker.” 

After all — unless you are leaving your sales career in 48 hours — there is always next year!

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