Why the Mortgage industry will grow in 2022:

Award winning special finance distributor Crystal explored the post pandemic landscape and its unique effect on mortgage brokers in a recent report. Through a network of mortgage brokers, an international research and analytics group and specialist insight from finance’s experts, Crystal ultimately found great optimism for growth opportunities and exploding markets in the mortgage industry in 2022.

Crystal’s managing director Jo Breeden stated that “it is encouraging to see that despite more than half of our surveyed mortgage brokers finding the pandemic hard, they stated their outlook to be optimistic for the future.”

Such optimism is echoed in the results of the survey with 88% of mortgage brokers expecting to see “excellent or marginal growth in the next 12 months”. As the analysis of consumer behaviour shows, buyers still prefer permanent home workspaces, larger outside areas and more coastal or rural regions. This suggests a “new second wave of command is expected as the ‘race for space’ continues”.  

With the help of a ‘relaxed planning approval environment’, their survey found that ‘the commercial and development finance markets are set to explode’. Permitted Development schemes enticing investors will subsequently result in both rural green belt development and residential dwellings replacing empty office spacing in urban areas. This rise in residential development inevitably provides great opportunities for businesses in the mortgage industry to prosper.

Why the Mortgage Industry is Going Digital in 2022:

Like most industries, a hybrid of virtual and face-to-face communication is expected to continue for brokers in 2022 as 56% of those surveyed revealed that virtual meetings are their preferred method of communication. 

Virtual also plays a significant role in the lives of consumers as the pandemic “shifted buying habits to online channels and businesses pivoted in turn”. The adoption of digital processes has undoubtedly skyrocketed in recent times and this new age of commerce is likely to remain in the mortgage application process too.

Automated valuation models (AVM) decreasing costs and completion times, electronic IDs and verification replacing manual processing and administration and automated chatbots and self-service tools increasing communication efficiency are all welcomed, permanent additions to brokers and their processes.

“Brokers that embrace fintech innovation are able to differentiate from those preferring more traditional methods, delivering more effectively on borrower expectations in the rise of a digital age and avoid being ‘left behind’”, Emma Cox, Sales Director of Shawbrook Bank. By utilising the benefits of digital processing in mortgage applications, brokers can achieve an enhanced user experience with flexible communication methods and reduced administrative work.

Salesforce for Mortgages

The traditional and outdated mortgage application process is as timely as it is labour intensive. Paper-based forms need to be  printed, filled out, signed, scanned and emailed to various parties. This offers high risk of costly omissions and errors throughout and results in a slow, repetitive and frustrating process for all involved. This, combined with the growing financial regulations and compliance procedures makes conducting business in this industry rather difficult. The solution? Salesforce + Ignyto.

Salesforce’s Financial Services Cloud provides mortgage specific CRM solutions to unlock convenience and enhance efficiency in the industry. It unifies the mortgage experience for borrowers, lenders and partners. A CRM implementation offers a holistic overview of operations and provides a centralised management system where brokers have immediate access to necessary information with any relevant data uploaded in real time.

As the World’s #1 CRM platform, Salesforce is the perfect tool for customer first banking in this digital age of mortgages. From guided loan applications to speed up the process, streamlined document approval and tracking systems to reduce errors and mishaps and an all new mortgage data model for lenders to build deeper relationships with borrowers, Salesforce allows brokers to remove unnecessary busy work and focus on what’s important to get ahead of the competition and grow the business.

How Ignyto can Help

To help integrate Financial Services Cloud, we leverage our industry leading expertise to develop a customer first banking solution, tailored specifically to your business and its requirements. Whether it’s implementing ‘Know Your Customer’ (KYC) verification tools to improve compliance and personal information processing, integrating Twenty7Tec and other application technologies or Lightning components guiding users where to upload documentation, Ignyto can leverage Salesforce’s various products to provide a custom solution, tailored to growing your business. 

To find out how we’ve helped our valued customer SMART Mortgages to:

• Reduce application process by over 50%
• Reduce cost per application by 60%
• Create a far more efficient capture of customer data
• Create opportunity for cross selling
• Improve compliance,

check out our detailed case study. To find out more about how we can assist you and your business, contact us now and we’ll be happy to help!