The old survival tactics of mortgage brokers used to be an independent way of living: brokers venture out of their office, find clients, secure a deal, fill out the paper work and follow up—essentially the broker will be in charge of everything start to finish. The new way of living is different.
Today the mortgage broker industry is a team environment. And Calgary-based Revo Mortgage Collaboration System is a new dashboard platform assisting all team members in communicating effectively and staying organized.
“Mortgage brokers are hunter and gatherers,” explains Philip Slen, president of Revodoc Inc., in an interview with Techvibes. “They bring in the business and in house assistance, underwriters or administration will take care of the rest. That frees up the mortgage associate’s time to have more customer face-time, more sales activities to generate more business and to do what they do best, which is selling mortgages and advising customers—instead of being tied down with paperwork."
"Our system came about because there are no tools to help them collaborate on deals," he added.
Deals get passed around from one member of the team to another, then back to the clients and then handed off to another member. Often times with no successful way of organization, certain works get lost or misremembered. Revo is designed to keep every member associated with the deal in the loop. So when the customer calls in, the brokerage team will have the information at the fingertips, instead of having to deal with the heinous chore of ruffling through file folders.
Security is a prime concern for most mortgage brokers and emailing documents is not always the wisest choice in communication. The Revo platform enables brokers to send customers secure-links, which will allow the customer to access information, not as a downloaded source, but from the actual deal.
Each deal, condition and customer is different, so that makes communication key. Important notes are taken all through the process and brokers will now be able to use Revo to underwrite these key information where applicable so that in-house underwriters and assistance will already have that information captured.
“There has been origination systems for a long time, but those are just systems where you route your application to a lender,” says Slen. It doesn’t allow you to do anything more; there is no workflow, no progress tracking, etc. It makes it very difficult for the brokerage team to collaborate when they are working on deals.”
Revo jumped upon the demand and created a standard for mortgage brokers. Before this platform has been created, Slen had noticed that many brokers were simply using different systems to address different situations, such as using Outlook calendar to send reminders or Excel spreadsheets to do tracking.
“Whatever database they have,” notes Slen, “they create it on their own. The tools are really only for proprietary use. It’s not an enterprise system that is cloud-based where everyone can have access. Our system allows them to grow and scale without having any influence with IT.”
Many consider mortgage to be a complicated undertaking and there is often gratitude for those who can simplify the task—Revo Mortgage Collaboration System may create many grateful brokers in the future with their workflow and organization system. After a brief tour through the dashboard I noted the many different conditions and categories to handling a mortgage deal, as well as the importance of clear, concise communication.