Most assume that the future of the mortgage industry lies in technology, and they’re not wrong. The advances in mortgage technology over the past few years, coupled with growing investor acceptance of digitally produced mortgage and regulatory directives to improve the consumer lending experience, have eased the way for lenders to complete more of the loan origination processed electronically.
Furthermore, the advent of Rocket Mortgage has set the tone for how mortgage lending shops will have to operate, at least in part, moving forward, and as more tech-savvy Millennials enter the home-buying market, having digital tools to allow consumers to complete some or all of the mortgage process themselves is going to be a necessity in order to survive.
However, the future of the mortgage industry won’t be driven just by technology it will also be driven by people.
No matter how advanced mortgage technology becomes, there is a human element to the mortgage process that cannot be ignored, and eschewing all human interaction and human-driven processes in favor of a completely automated, self-serve approach risks alienating consumers that would prefer a more consultative approach. For today’s mortgage lender, the future depends on striking the right balance between automation and consultation and focusing on people first.
Read More In October’s National Mortgage Professional Magazine: The Future of Mortgage Banking