It might not be making headlines, but one of the most in-demand jobs available today is that of a mortgage loan officer. With the housing market on an upswing not seen for years, and no signs of a slowdown coming anytime soon, loan officers are certainly highly sought after at the moment, according to executives at Wyndham Capital Mortgage.
At Wyndham Capital, they believe one of the best recruitment tools they have is the way they do business and how they set their loan officers up for success. The company has made a commitment to leading-edge technology when it comes to providing loan officers, and by extension homebuyers and sellers, an experience like no other that’s less stressful, less anxiety-producing and kills fewer trees.
Wyndham Capital is building an entirely new model for loan officers, offering freedom and flexibility, operational speed and scale, and comprehensive marketing support.
“We have a system that provides a better customer experience with efficiency and speed,” said Steve St. John (NMLS 420821), Director of Sales for Wyndham Capital here in Kansas City.
The company’s Operations department supports loan officers with dedicated speed teams, robotics, and an all-inclusive marketing platform, resulting in closing timelines up to 15 percent faster than the national average.
In the mortgage industry, this artificial intelligence (AI) is taking the form of automating many of the time-consuming processes associated with a mortgage loan.
Wyndham Capital’s Augmented Intelligence
At Wyndham Capital, it’s called augmented intelligence, a concept that treats robots as aides to human intelligence. Those robots assist team members in executing tasks to their highest caliber and ability.
Software robots can access the loan origination system, gather documents, open documents and send communications to a consumer. This frees up loan officers and operations team members from menial tasks to focus on customer service and building their business.
“For example, disclosures. We have the ability to get them to people in minutes – even while we are still on the phone,” St. John said. “That’s a 24-48-hour process for many lenders.”
But the emergence of technology doesn’t mean that Wyndham Capital isn’t looking for more people – quite the opposite. According to a 2017 report from PwC, analysts predict that up to 38 percent of U.S. jobs will be influenced by automation and robotics by the early 2030s. In many cases, however, those jobs will change rather than disappear. Researchers note: “… based on these predictions, there will be a meaningful impact on the way that most traditional office work is performed, and mortgage lending will undoubtedly be a major player in this changing economic and labor landscape.”
Technology Brings Stronger Relationships
For St. John, the technology is simply a means to an end and actually provides loan officers more time to build significant relationships with their clients. They have more time to work with clients and less paperwork and back-end details to worry about.
“Working for Wyndham Capital gives you the best of both worlds,” St. John said. “There is the speed and tech on the front end; customers can self-serve as much as they want, but when they run into a problem, they can pick up the phone and call a person they know as opposed to just an 800 number.
“It’s really a good mix. It’s a more personalized experience with built-in convenience.”
Wyndham Capital’s agents are confident about the technology’s abilities because they don’t have to worry about anything when it comes to the back end. Which means even veteran, seasoned loan officers who might not be tech-savvy can use the tools easily.
“All of the tech is embedded,” St.John said. “After a four- or five-day training, everyone is familiar with the tools and how to use them.”
At Wyndham Capital, technology helps employees focus on the aspects of the business that bring them the most joy and fulfillment. They’re no longer stuck with tasks that do nothing to certify their value to the organization, or as human beings. And larger organizations that choose to integrate this technology into their workflow have a responsibility to their employees to ensure that rather than replace them, this augmented intelligence supplements their workload, reallocating and elevating headwork over handwork.
Technology Means Flexibility for Loan Officers
The other advantage to the Wyndham Capital system is the absolute flexibility it offers loan officers. Even before the pandemic forced many people into work-from-home situations, Wyndham Capital’s teams had freedom and flexibility. Need to be at a child’s baseball game? Have a deal to do while on vacation? What about finishing paperwork on a weekend? With the Wyndham Capital system, loan officers can work on their own time.
“It’s really about being able to take our clients across the finish line efficiently and successfully,” St. John said.
The addition of augmented technology to the loan process isn’t just about efficiency. It’s about setting loan officers up for success and the ability to do more and better. Not only does the inclusion of augmented intelligence into the workflow improve the efficiency and effectiveness of the employee, it provides organizations with a sustainable, scalable growth model.
Put to the test in 2020, Wyndham Capital’s early adoption of robotics meant that loan officers were ready to go when homeowners wanted to refinance and now that the market is on fire, they are busier than ever. Because the company had already embraced robotics it was in a unique position to help homeowners and loan officers get deals done quickly and efficiently – it saw 15 percent faster turn times than industry standards, giving loan officers more time to prospect and complete deals.
Thanks to augmented intelligence, employees can try new things, take the ball and run with it. They have the freedom to enjoy, embrace and embark on a journey of self-discovery for their career that helps them realize their own potential. Employees will drive mortgage lending companies forward, and augmented intelligence will be what they drive to get there.
Interested in learning more? Wyndham Capital is looking to add experienced loan officers to their team in Kansas City. If you want to be a part of the future of mortgages, follow this link to find out why WCM is leading the pack.