Moving Around the Tech Scene: Your Quick Guide to Tech Words for the Mortgage World
People are always on the move, especially when they’re getting ready to make the move into a new home. They want calculators and apps that help them determine the best loans for their mortgage needs while they’re on the go. But when you’re looking for the best software and online presence to accomplish that goal for your clients, you might feel like you’ve gotten lost in the world of tech terms. Well, set your software destination to success, because this quick guide will define all the tech lingo you need to know so you can map success for you and your clients.
User Experience Lingo
UI or User Interface explains how a website or app is interacted with by the user. For a loan originator (LO) or borrower, this could mean answering questions by typing in information, checking checkboxes, choosing from drop-down lists, selecting dates from a calendar or tapping radio buttons and submitting the information electronically.
UX or User Experience refers to how people feel when they use a website. Does the page cause frustration because it loads too slowly? Are there so many questions on each page that the user gets overwhelmed? Are users able to navigate each page easily and quickly?
Responsive Websites adapt your screen and auto adjust to different-sized devices like phones, tablets and wearables.
API or Application Programming Interface is the method computers and web applications use to share information with each other. For mortgage loan software, this means that borrowers don’t have to leave your website to complete a loan application. The API creates an efficient transfer of information between LOs, processors, underwriters and the borrower.
APP or Application means software that operates on a mobile device. Apps are downloaded from an app store and work independently of a device’s browser.
Web APP or HTML5 App is a mobile website that looks and functions like an app but is opened in a device’s browser. Filling out forms on a web app can be more responsive for users and provide a more satisfying UX.
Cloud Computing stores information remotely and allows access via the Internet. This means that you don’t have to dedicate servers on your own physical property (in a room or building) to store and run software. Users are then able to access the information anywhere there’s Internet access.
Data Security Definitions
Firewall Systems protect internal computer networks from security risks originating from external networks, like the Internet. Using firewalls creates a trusted environment, which is especially important when dealing with sensitive financial data.
Encryption means that data is changed, like a secret code, to keep information safe from theft while still maintaining the integrity of the data.
Content and Usage Words
Content is any information you put on the web or communicate with your clients. It can be original written content, infographics, pictures or branding.
Embedding refers to including content (especially social media content) on a web page to make it easier for a user to navigate to your other content. You might embed a YouTube video of how to complete a 1003 form on your app to your blog.
Social Media Channels such as Facebook, Twitter, LinkedIn, YouTube and Instagram provide you with marketing and communication outlets for your clients and networks. You can engage potential clients and stay updated through sharing content on these channels.
Email Marketing uses direct emails (outbound marketing) to communicate with current and potential customers.
CRM or Customer Relationship Management refers to the strategies you use to develop customer relationships and the technologies you use to manage those relationships. CRM systems allow you to store contact information and social media accounts and data, track interactions and follow customers through the relationship lifecycle. This allows you to keep track of the entire loan process successfully.
To learn more tech knowledge and other nerd words give us a call. Remember we pulled all of the mortgage lingo out of our loan software questionnaire to make it simple for your borrowers to understand and complete it. Contact PerfectLO today to discuss your road to success.
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