Thoughts from the Head of Mike Kelleher

The mortgage industry is at a crossroads. As the market continues to fluctuate, many lenders find themselves stuck in old-age thinking—using outdated processes and siloed systems that slow their ability to innovate and capitalize on opportunities. I consider myself a grinder, someone who a lender could reach out to and say "I am taking my chances by going against the grain". From point-of-sale (POS) to loan origination systems (LOS) and product and pricing engines (PPE), the lack of integration between key components is draining time, resources, and money. And let’s be honest—every dollar wasted on inefficiency is a dollar that could have been spent growing market share. This is where I can help and I do not feel enough lenders take a chance on mindsets like mine below the easy surface level.

The reality is that the way many lenders approach technology, vendor selection, and operational strategy just isn’t cutting it anymore. We’re in a new age of lending, but many organizations are still approaching it with old-world tools and mindsets. The good news is, there’s a better way forward—one that allows lenders to get much further with the same investment, without losing sight of what matters most: speed, efficiency, and experience.

Rethinking Vendor Selection: The Right Decision at the Right Time

One of the biggest mistakes I see in this industry is the rushed decision-making process when it comes to vendor selection. The MBA Annual is upon us next week, what better way to reflect, then when you come back, tell me what you did differently. Better yet, tell me it was a lot of the same you saw there, and you are ready to be different.

The common challenges I see among lenders often come down to how they buy mortgage vendors. Typically, someone is assigned to vet potential vendors, but this process ends up becoming little more than an opportunity for vendors to showcase demos. The issue is that after a while, all the demos start to look the same, and lenders get fooled by "vaporware"—solutions that promise much but deliver little in practice. I saw this for years in point of sale. Look at enough point of sale screens long enough and I swear they all look the same, meanwhile the vendor believes every page is different. This is because they know what is different, but they still have not told you what that has to do with the price of tea in China when it comes to an effective roll out. Especially in distributed retail with the old "net branch"model, or current "p&l" model.

By the time lenders make their final pick, they feel an obligation to move quickly, skipping over the deeper questions that could have revealed potential issues. This rush leads to a poor rollout. Even if they took their time vetting, they often fast-track critical steps toward the end, leaving them locked into contracts with vendors who don’t perform as expected. Worse the leader lets each C-level pick a vendor and you get vendors who have contracts that do not all expires together. When things go wrong, they blame the vendor, but the reality is it was the decision-making and rollout process that fell short. It would be easy for me to say the vendor sold vapor ware, but you have to call me for me to tell you my long list of those.

Lenders need to rethink how they approach vendor selection—not just moving slow, but moving strategically. Taking the time to ask deeper questions, thoroughly vet claims, and ensure the solution integrates seamlessly with their broader ecosystem is critical. Only then can they avoid costly missteps and build a tech stack that supports long-term success. This is why all my vendor clients typically have no sales person, have had multiple clients I know from Morpac, The Chairmans Dinner, Open Doors Event, etc. who have told me how they are saving true cost or better helped them recruit a branch or increase clicks to close.

By focusing on the right decision-making process upfront, lenders can avoid being trapped in underperforming partnerships and instead unlock the true value these solutions offer.

Leveraging Existing Systems to Empower Your Workforce

Another missed opportunity is failing to leverage long-standing, reliable software to drive workforce efficiency. You don't always need to reinvent the wheel with the latest shiny tech product. Sometimes, a more nuanced integration of tools that have already proven their worth is the key to keeping things moving. Optimizing existing systems—rather than chasing every new tool on the market—can do wonders for maintaining operational flow and empowering teams to work more effectively.

This is where my perspective becomes invaluable. I help lenders zoom out, understand the bigger picture, and implement systems that don't just work on paper, but deliver real-world value across the organization. I heard a large bank tell me today they use 40% of their CRM, 50% of their Point of Sale, and probably 30% of their LOS. With their company not investing in ways to get those numbers up, they have fallen behind in the last 3 years. My point is you do not have to buy new tech to remain relevant when current adoption of existing technology stinks.

Why Persona-Based Automation Is a Game-Changer

One area where forward-thinking lenders can outpace the competition is through the adoption of persona-based bots and automation. Imagine if your operations were optimized not just for speed, but for tailored experiences. Persona-based bots bring in an extra layer of efficiency by interacting with different segments of your customer base, workforce, and systems in ways that are relevant to them. When the right tools are in place, not only do you enhance the customer journey, but you also create an internal environment that fosters smarter, faster decision-making. I am not talking Chat GPT chat bots, if your company is doing this, it should be on the person who brought it in's P&L and they should have to develop on a draw. This right now is the number one project taking away resources from many better projects your peers are doing.

A New Age Perspective: Why It’s Time to Rethink Traditional Approaches

I’m passionate about helping lenders break through these barriers because I know what’s possible when you embrace a forward-thinking mindset. I created the mobile app space and just have this linkedin following, some great clients, and you as my 2nd family and community to show for it. It might not be traditional to reach out for advice from someone outside of the usual suspects in the industry—but that’s exactly why it’s worth doing. As they use to call me, one half of the Irish Brothers. These were all terms and thinking by the old guard. I have a secret weapon called references. The old ways have gotten us into the situation we’re in now. Continuing down that same path will only lead to more of the same challenges.

By taking a fresh look at how you approach technology, vendor relationships, and operational efficiency, you can get further with your dollar while positioning yourself to capture more market share. I enjoy working with lenders who are willing to take that step into the new age and leave behind the mindset that’s holding them back. The market is moving fast, and those who adapt quickly and smartly will not only survive, but thrive.

If you’re ready to break free from the traditional model and move towards a more integrated, strategic, and efficient future, I’m here to help. Together, we can build a new framework that unlocks the true potential of your organization—one that is faster, leaner, and more competitive in today’s dynamic market.

Let’s redefine what’s possible in the mortgage industry. At the very least let me come in and help your workforce become accountable in their community.