Monthly Archives: April 2018

Technology In The Mortgage Industry

Today I think it is fair to say we live in a technology world.  When it comes to the Mortgage Industry your mortgage is not something you really want to rocket into.  Technology is a great thing but it will not replace the benefit of a qualified Loan Officer.  Until we have actual thinking technology it will be difficult for borrower’s to actually pick the best mortgage option for them without human interaction.  For example, if you are only emailing with someone in any business you are leaving your emails open to the receiving parties interpretation.  So your message could be completely misunderstood.  So now ask yourself, can a computer that only speaks in text, actually communicate as well as a qualified Loan Officer?

Technology is best used as support to the Loan Officer and not as the only means of communication between a borrower and the Lender.  MN Capital Home Mortgage has a very good example of technology supporting both the borrower and the Loan Officer.  If you go to MN Capital Home Mortgage Facebook page you will see they are currently posting educational information for borrowers. Here is an example of what MNC is doing MNC Video Link.  The video link addresses PMI or mortgage insurance.

Do not get me wrong, I do like technology.  I just have not seen Mortgage Industry technology that works for all loan types over multiple Lender platforms.  I am sure the day will come but until then the current technology is helpful but in my opinion there is still more development work to be done before it will equal the benefit of a qualified Loan Officer.

 

Stay Tuned…

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