The Future of Home Mortgage

Home mortgages and the underwriting process continues to evolve and not always in the best interest of consumers. Credit reports will soon no longer show tax liens and judgments but that does not remove them from the equation of obtaining a home mortgage. Currently the Investors’ I have spoken with have no answer on how to address the lien issue. So a new service is about to be born and at the cost of consumers. How has AMC’s benefited consumers in terms of cost?

The individual home mortgage banker or broker will always be a key part of originating any home mortgage. A computer cannot always explain the proper documentation needed to resolve underwriting issues. I am sure we all fully understand income add backs and who has not experienced “conditions supplied illicit additional conditions.” Us as professionals have found that Lender “A” is OK with income but has an issue with property type and Lender “B” is good with property type but does not like the income. Now put yourself in a position of a consumer dealing with a computer generated response and how frustrated you would be.

This lack of personal interaction has me questioning just how successful the automated process will actually be. In simple terms, the automated process currently, does require the consumer to work at a fortune 500 company and bank with a major bank. I am sure this process will improve but small business is the backbone of the American work force so full automation is a future technology that might be “rocketing out” a little early. I guess time will tell.

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