With the government-mandated self-quarantine and social distancing measures, remote work has become the new normal across various industries. As mortgage lenders begin to move their operations to virtual environments, due to the stay-at-home orders, we are reminded of how lending partners need BeSmartee now more than ever.
By using the BeSmartee Mortgage Point-of-Sale (POS) platform, lenders can continue business as usual, even during times of uncertainty, by managing remote access for their loan originators.
In this brief, we’ll cover the benefits of POS technology in mortgage—particularly, during a world crisis, such as the current Coronavirus pandemic.
Keeping Up with the Demands of Low Mortgage Rates Caused by Coronavirus Outbreak
While other industries bear the brunt of the pandemic, with day-to-day operations experiencing dramatic slow-downs and rising unemployment claims (more than 33% last week, according U.S. News), lenders have seen a boost in mortgage applications as a result of record-low interest rates.
In a recent newsletter, HousingWire CEO, Clayton Collins, shares an excerpt from a podcast episode featuring MBA President and CEO Bob Broeksmit, where Broeksmit is quoted saying, “Loan officers are doing a real service for America and they’re putting their customers first, despite the risks from this current pandemic. They are getting these loans processed, unleashing billions of dollars of economic stimulus making life better for millions of Americans, and I just urge them to keep doing it. I know it’s a tough time. I know nothing is working the way it usually does. But keep doing it. What you’re doing for America really matters at a time of crisis.”
From their home offices, using BeSmartee’s Mortgage POS platform, originators have been able to manage the surge in loan application volume. They have continued to process remote transactions, taking their borrowers from application to appraisal in minutes and without connectivity issues—a huge benefit given the low interest rate environment.
Arvin Sahakian, BeSmartee’s Co-founder and EVP of Sales & Marketing, spoke to the spike in platform usage since the onset of the Coronavirus, saying, “The general gauge on lender activity is that in the first two weeks of March, our clients saw an application influx they typically see in an average month. Yet to see by the end of the month, but in pace to take in twice the number of applications in March. Collectively, this is the busiest our clients have been in the last 10 years.”
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Benefits of POS Technology in Mortgage During a Pandemic
As a company, we are constantly considering the needs of our clients—how we can improve the way lenders experience our products, even in volatile, uncertain markets.
“Changing the mortgage industry’s reputation in the American economy will require tech savvy, creative working arrangements, ” Brian S. Levy, RESPA expert and attorney at Katten & Temple, LLP, wrote in his Mortgage Musings newsletter.
Having made meaningful product enhancements a priority since BeSmartee’s inception, we’ve been able to offer increased work-from-home benefits realized by the lenders who interact with our technology platforms daily.
- Strong security posture and compliant architecture
- Deep and functional bi-directional integrations
- Ability to accommodate a large influx of clients remotely with ease
- Ability to virtually collaborate with borrowers in real-time via co-browsing and messaging tools
- Virtual peer-to-peer communication via the MLO Command Center
- Overall control over interruptions and increased productivity
All BeSmartee Mortgage POS features allow for business continuity in the wake of a pandemic.
Conclusion
Financial institutions, previously reluctant to move operations online, are feeling the pressure, recognizing the importance of a swift migration to digital mortgage platforms in order to minimize business impact during a pandemic.
Contact us here to see a virtual demonstration of BeSmartee’s digital Mortgage POS platform.
