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How Are Mortgage Brokers Benefiting from Video Conferencing?

Jackie Drumm Jan 6, 2023 8:06:47 AM

Necessity is the mother of invention, so the saying goes. It was most certainly true when it came to the innovations that were born of the pandemic. Professionals quickly figured out new ways they could work with clients and colleagues to keep their businesses afloat when we all needed to stay at least 6 feet apart. Video conferencing took hold and now, three years later, their efficiency has made video calls a mainstay in the business world. 

Video conferencing remains an effective way for mortgage brokers to facilitate the mortgage process, deepen client relationships and provide convenience for their customers (and themselves!). Here are five ways in which mortgage brokers are benefiting from using video conferencing:

1. Increased convenience for clients.

Sixty-three percent of consumers believe that an online mortgage process would make buying a home easier than an in-person process. Video conferencing allows mortgage brokers to meet with clients remotely, which is beneficial for homebuyers who may not have the time, ability or desire to meet in person but still have a lot of questions about their options and the home-buying process. Offering video conferencing as a means of meeting also allows brokers to gain an edge over their competitors who don’t provide the same flexibility. 

2. Improved communication.

Sixty-two percent of executives say that, relative to phone calls, video conferencing significantly improves the quality of communication. Video conferencing can be as quick and easy as communicating by phone or email, but provides greater opportunities for reading non-verbal cues such as body language and facial expressions. This allows brokers to ensure they’re completely answering clients’ questions and meeting their needs. Talking face to face can also help build trust and break the ice with new clients.

Just as real estate agents do, mortgage brokers can use screen sharing to show and explain potentially confusing documents, such as Loan Estimates, to bring additional clarity to the process and reduce the need for a lot of back and forth communication. Brokers can also use screen sharing to help clients understand how to use the secure file transfer system and upload the documents needed for approval and underwriting.

3. Greater flexibility.

Video conferencing allows mortgage brokers to work from anywhere with internet access. Eighty-seven percent of people prefer remote work after all! Additionally, video conferencing also allows brokers to more easily build relationships with prospects and clients in a larger geographic area. 

4. Cost savings.

Video conferencing helps mortgage brokers save money on travel expenses, like gas or Uber rides, since they have the option to meet with clients remotely. Bonus: This can also help to reduce their carbon footprint.

5. Time savings.

Not only does meeting with clients by video save money, but limiting travel also saves a lot of time for both brokers and their clients. Additionally, faster decisions can often be made virtually, especially when there are multiple people involved. If an important discussion is needed where everyone needs to refer to documents, files, or videos, access to video conferencing can make that process much more simple. 

Video conferencing is a useful tool for mortgage brokers to continue serving their clients effectively and efficiently from wherever they are. LiveSwitch Video is the video conferencing partner of the National Association of Mortgage Brokers (NAMB). To learn more about how LiveSwitch Video can help mortgage brokers stand out from the competition, and to try it for free, visit LiveSwitch.com/NAMB