Mortgage Tech Talks

13: Automation vs AI...What's the Difference?

In this episode, Tom & Massimo explain the differences between automation and AI, artificial intelligence, and why it's important to understand the nuances to make the most of them in your business.
 
What was discussed:→ What automation and AI are and how they work.→ Generative AI and when it makes sense to use it.→ And what could be the future for automation and AI.
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E12: Mortgage Marketing for Spring 2024

It's only 1 month into 2024, and it's already been a crazy start to the year.
 
We are seeing a level of optimism and activity that hasn't been around for months. But is this translating to more business as a mortgage broker?
 
We discuss this in the episode, as well as marketing tips to A) convert leads in this environment and B) how to educate your clients and partners to make sure you're not left in an awkward position.
 
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E11: Switch Brokerages? What It Means For Technology

More and more of our clients are in the process of switching brokerages. And it makes sense! As the market slows down, it creates the perfect opportunity to look around. So what does this mean for tech?
Should You Switch Brokerages for Better Tech?
Frequently the "pitch" for a new brokerage is being "tech-enabled", and allow you to double your productivity.
In practice, we don't see this as completely true. Between all deal submission platforms, it's probably +/-25%. So it can help, but it's not a game-changer.
Every now and then, a platform will release a new feature that gives them a temporary edge- until all the other platforms catch up!
So pick a brokerage based on flexibility so you can take advantage of these new features when they come up.
How Tech Makes Your Switch Easier
While your deal submission platform is tied to the brokerage (technically they provision the software and give agents access), all other tech doesn't have to be!
Make an effort to own all other technology. This can include eSign, CRM, Calendar Booking, Online Meetings, email inbox, website, etc.. By doing so, the switch becomes much easier.
The same concept applies to your data. In the deal submission platform, the data is technically owned by your brokerage. Make sure this data is on an external system (CRM, Excel, etc.) that you own- so you're not held hostage to your own data!
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E10: Product Deep Dive: Calendar Booking

Calendar booking tools streamline the meeting scheduling process by replacing back-and-forth emails with a single link for clients or colleagues to book a time directly in your calendar.
Every Calendar booking tool should be able to integrate with your calendar, and ensure accurate availability. Support for group bookings and integration with video conferencing tools are "nice-to-have" features that can differentiate products.
Calendly:
Market leader with top-notch integrations. High reliability but comes at a higher price.
HubSpot:
Integrates with GSuite and O365 Simple but may have limitations. Free for HubSpot users.
Zoho Bookings:
Zoho's tool with full integration within the Zoho ecosystem. Integrates with GSuite and O365, but reliability may be a concern. Free for Zoho CRM users.
If you're using Zoho or HubSpot use their booking tool. It'll save you money and reliability is generally good within the same ecosystem. In all other cases, Calendly stands out with top-notch integrations, reliability, and efficiency. It's well-worth the higher cost.
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E9: Top Tips for the Holiday Break

Want to take full advantage of the holiday break to optimize your mortgage business for 2024?
Check out our top tips of how to best us your time off.
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E8: The #1 Success Factor for Software Success

The surprising answer? Flexibility!
The emphasis on flexibility comes from the rapid evolution of the tech landscape. We don't know where tech is going, and you need to stay in a position to fully take advantage of new innovation.
Flexibility involves both software products and team dynamics. For software, a flexible product seamlessly backs up data and boasts a fully Open API. Flexibility is not just a product attribute but a cultural value, evident in a company's pricing flexibility.
Regarding teams, flexibility isn't about chasing every tech trend but understanding the cost/benefit of transitions. Upfront costs should be balanced with a focus on long-term gains.
In the realm of Canadian Mortgage Tech, a historical monopoly has given way to collaborative players. However, uncertainty lingers, defining the industry's current state.
The trajectory from this uncertainty rests on your influence. Advocating for flexibility from software providers becomes a potent driver for transformative change in the Canadian Mortgage Tech sector.
For those who haven't prioritized flexibility, now is the time. Embracing flexibility positions your enterprise to harness the full potential of forthcoming technological advancements.
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E7: Product Deep Dive- Video Conferencing

Hey! Remember when video conferencing was a mystery? Now, it's part of daily life. But, seriously, when did you last think about the tool you're using?
Quality Matters: Video feeds differ, and it's not just about internet speed. The tool matters for top-notch quality.
Joining Should Be a Breeze: A great video is useless if folks can't join. It should be easy—no complicated downloads.
Fit into Your Workflow: Your video tool should blend seamlessly with your daily tools. Integration is key.
Privacy Check: Some tools may snoop on your video data. Do you care?
Now, for the results:
Google Meets and Microsoft Teams (B+): Easy entry, especially if you love G-Suite or Office 365. But be careful if you don't want to be in the Google/Microsoft ecosystem forever
Zoho Meeting (B-): Good video, no downloads, but joining can be a hassle. It's really for users who are deep in the Zoho ecosystem.
Zoom (A-): The golden child. Best quality, everyone knows it, plays nice with everything. Yeah, you have to download it, but who hasn't?
Winner? In general, we say Zoom, but it does depend on you. Think about the most important factors for you, and then make your decision.
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E6: You’re In Debt! (Technical Debt)

Technical debt is the proficiency gap between your current technological capabilities and the most tech-advanced mortgage professional in Canada (who we called Sally).
Interest amount in technical debt are the additional time spent on a task compared to Sally. The principle amount signifies the time required to catch up to Sally. And so the interest rate on technical debt is, of course, the interest amount / principle amount.
Prioritizing high-interest technical debts is a strategic move. Rather than adhering solely to minimum payments, tackling significant debts is the most efficient. This approach not only conserves time but also bolsters confidence to tackle the next "debt".
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E5: Start Using Video NOW

Amidst COVID-19, the mortgage industry swiftly shifted online. Now, post-pandemic, a return to in-person interactions is deemed crucial. Video bridges the gap.
Top Examples Used by High-Producing Brokers
Introduction: Start with a personalized video showcasing common interests or connections for trust-building.
Signing Package Walkthrough: Simplify complex documents, aiding compliance.
Current Event Explanation: Address market developments like rate hikes to be a reliable information source.
Why choose video?
Builds Trust: Seeing a person's face fosters trust, leading to client receptivity and a positive feedback loop.
Strengthens Personal Brand: Sets brokers apart from institutions, establishing a competitive edge.
Clarifies Complex Concepts: Visual aids are crucial for explaining intricate mortgage details.
What's the ideal setup?
To begin, use existing equipment so there is $0 of investment needed. Once comfortable, invest in tools like Loom or BombBomb for easy sharing upon progress. Full equipment upgrade only necessary for frequent video production.
Video provides a distinct advantage. Minimal cost means there's no reason not to start now.
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E4: I’m a Mortgage Broker, Not a Techie!

We hear it all the time- brokers want to focus on brokering, not tech. And we get it. Brokering is essential to your business, whereas some tech tools are not.
These brokers end up outsourcing a lot of their tech, which is great in the short run, but creates some long term risk.
So how to decide you're what to outsource? It's useful to follow this framework:
Own It!: Keep control of essential tasks that directly impact your success.
Be Dangerous: Know enough to handle critical tasks, even if you didn't set them up.
Fully Outsource: Delegate tasks that don't need your direct attention, like intricate website coding.
The biggest caveat is to stay updated on tech trends because things change fast. Don't get too comfy with outsourcing, as what used to be hands-off might now need your attention. Staying tech-savvy is key in the ever-evolving world of mortgage brokering!
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