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M R EP O RT | 29 FEATURE answer questions (or find the answers for them), and keep all parties up-to-date. Intelligence can play a role here and save everyone significant time by automatically inviting the right parties into a centralized chat (think Slack, which has quickly gained in popularity for a reason), giving all parties who play a role a single location from which to efficiently exchange information, address issues as they come up, and im- prove response times. 3. A Single, Unifying Platform T here are currently many disparate systems involved in the mortgage process: POSs, LOSs, and AUSs, among others. While each of these systems ad- dresses a specific stage of the loan process, they only communicate with lenders and borrowers, leav- ing everyone else out—and each of these systems has gaps and limita- tions (as described above). To solve for the gaps existing in these tools, a platform would work with the outputs to identify up- front what documents and infor- mation are needed for a particular borrower/lender/loan program combination. In addition to alert- ing parties about what documents are needed at each stage, the platform would also know from whom to request them and the status of those documents, keeping everyone in the loop. Most impor- tantly, this type of platform would not replace the current systems in which banks and brokerages have already invested. Rather, it would easily work with them to improve the process and increase the value those systems deliver, offering a better overall experience for MLOs and borrowers. Now Is the Time to Prepare G iven the flood of demand that's just around the corner, banks, lenders, and processors need to be prepared and have the right tools in place before the demand curve shoots up. Waiting until activity increases will be too late. Evaluating and installing the right software and getting teams on-boarded and properly trained is critical in the near-term. The right tools and technology in place that automate and digitize all aspects of loan processing will facilitate fast, centralized com- munication helping everyone involved. Additionally, this type of digital mortgage processing will give financial institutions a powerful tool for working proac- tively rather than reactively with customers, which can ultimately help them preserve the bottom- line and contribute to a growing economy. . Prior to founding RealKey in 2015, CHRISTOPHER HUSSAIN was the number-one mortgage originator in the United States from 2010-2011. He personally funded over $2 billion in residential loans in all 50 states. A born entrepreneur, in 2013 Hussain also co-founded Sindeo, a San Francisco- based startup that raised $50 million to create a new mortgage experience. As a recognized business and thought leader in the mortgage industry, he has successfully scaled numerous mortgage loan companies. In his current role as CEO and Founder of RealKey, Hussain is leveraging his breadth of industry experience to transform and enable faster, more efficient mortgage loan processing. SOMETIMES, IT'S GOOD TO BE A FOLLOWER. Follow MReport on social media to put the latest mortgage banking news, stories, strategies, and insights at the touch of your fingertips. MReport @TheMReportNews The MReport powered by THEFIVESTARINSTITUTE