Identifying the right mortgage automation software can often come down to the credibility and authority of the company supplying it to you. Automation should always serve business processes, not the other way around.
Mortgage technology companies that approach the market with a partner-forward strategy are best positioned to form meaningful, long-term relationships with your team and are typically more seasoned in consultative and design services.
Mortgage technology vendors typically give you what you want, but mortgage technology partners give you what you need. Let’s break that down.
Mortgage lending can often feel like more of a network than a business. If you and your Real Estate partners aren’t moving in sync, your customer experience suffers, and that’s always bad for the team’s bottom line.
When bringing other parties into the mix, like mortgage technology companies, it goes without saying that the best return comes with a shared goal. If your experience with these companies feels transactional, you’re working with vendors. If your experience with these companies feels like a mutually beneficial relationship, you’re working with partners. What sounds better for your business?
In our opinion, here are the top two most important differentiators between vendors and partners:
Here are a few tips we think may help:
The great part about testimonials and reviews is that you often get a good bit of user insight. Perhaps your references above were decision makers who don't use the product day in and day out but value what it has done for the company at large. The added layer of user feedback will best inform the solutions' ease-of-use and value to referral partners. Pro tip: Google reviews are a good place to start. It's the first place people go when they aren't happy.
At LenderLogix, we like to consider ourselves mortgage technology partners. And we're proud to say that our enterprise clients would agree.
In the Spring of 2022, we surveyed several hundred of the institutions we're partnered with and the responses were incredible! We wound up with a Net Promoter Score of 86, falling into the World Class category.
An excerpt of this article was originally published on the PROGRESS in Lending Association™ blog.Net Promoter Score (NPS) is a measure based on the likelihood to recommend a given brand, product, service or experience. NPS ranges from -100 to +100. Anything above +80 is considered "World Class."