MReport September 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

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32 | TH E M R EP O RT FEATURE features. But companies with limited resources need to be ruth- less about prioritizing technologies which have a measurable financial impact. Down the road, those returns can be used to finance technologies with longer term ROI horizons. 4. Obsess over the details. The pitch decks always sound good. Ask 10,000 questions and use real life scenarios to probe for answers. It's critical to know not just the "what" but the "how." Also, remember to carefully consider upstream and downstream cost implications. The sticker price may seem reasonable until you realize how much needs to change in order to integrate the technology. 5. Give the deployment and adoption phases as much attention as the build and implementation phase. This is one of the most frequent reasons for not achieving ROI targets. So much effort went into discovery, vetting, and build out phases. But then the new technology is tossed over the wall to a group of unsuspecting users, who see it as an unwelcome hindrance to their existing processes. Strong leader- ship, change management, and even internal marketing is required to realize the full potential of these investments. 6. Look ahead. The ground is always moving. Choose a point in the future to cut off the competi- tion when the playing field is more level. 7. Don't try to do everything. First, it's impossible. Second, by the time you did it, everything will have changed and you'll have to start over. It can be tempting to add something to your roadmap because "everyone else has it". 8. Negotiate. Sticker prices are more like guidelines. And by negotiate, I don't mean the discount they put in the proposal where the MSRP is marked up and they're giving you a 20% discount. Truly negoti- ate. Be creative. You will also find that smaller, early stage vendors are more willing to be creative with terms. Especially if you're willing to serve as a reference to other potential clients. 9. Look for vendors who are willing to take on some risk. If they're con- fident in their product, then they can put their money where their mouth is. But have an abundance mentality about it also. If their technology is helping you win, they should be feeling like winners too. Grow together. 10. Don't let consultants build your roadmap. Consultants have their place, and we have some of the finest in our industry helping us with critical items. But this is not an area to delegate your future. If you don't have the expertise to do this, then develop it. Or hire for it. But bring it in house. High Tech, High Touch D espite the need for technologi- cal solutions, customer satis- faction surveys tell us that human interaction is still a key component in providing excellent service. Customers want to engage with a human being they can trust during the mortgage process. It is still the single biggest financial transaction that most people will have in their lives and they want a trusted, personal advisor to guide them. Remember that technology should empower your team to provide world class, personalized service to every customer. Let technology do what technology is good at, so your people can do what people are good at—creating lasting relationships and craft- ing customized solutions, one customer at a time. Now, let me ask you one last question. Is your company a technology company or a lender? Do everything you can to ensure the answer is both. As Head of Consumer Direct & Digital Mortgage Lending at Flagstar Bank, ROCK Y STUBBS leads a world-class team on a mission to completely disrupt the mortgage industry with high-tech digital tools while delivering a high-touch, personal- ized service experience. With over 15 years in the mortgage industry at both privately held and Fortune 100 companies, Stubbs enjoys a strong industry reputation as a strategic thinker and bold innovator who is highly skilled at leading rapid growth agendas, attracting top talent, and creating a white-glove, customer-centric service culture. Prior to joining Flagstar, Stubbs led the Direct & Digital Mortgage channel for Capital One Home Loans. Under his leadership, the business achieved record volumes and profitability and developed multiple proprietary consumer technologies, all while delivering industry leading customer satisfaction and associate Let technology do what technology is good at, so your people can do what people are good at—creating lasting relationships and crafting customized solutions, one customer at a time.

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