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<< Tech continued from Page 142 between them and the borrower, creating more distance between the parties.
Coupled with the fact that assistants
and processors now handle much of
the verbal communications with the
borrowers, this digital distancing is
diminishing the role of the mortgage
Much of the new technology being
developed is, in effect, making it pos-
sible for borrowers to be their own
loan officers. Tech companies have
doubled down on the assumption that
The fact remains that you could have
the most cutting-edge technology and
the success of that technology will be
dependent on the implementation and
buy-in from the rest of the company.
Another consideration with respect to
the reliance on technology is that the
IT department needs to maintain the
software, so they need more people —
and good IT people are not cheap.
As technology replaces people in
operations, the remaining staff must be
more versatile and experienced. That
means when you lose key mortgage
originators, they are harder to replace.
Now all of the experience and knowledge resides with the processors and
The threat to the mortgage profes-
sional is that technology is coming
millennials do not care about customer
service or human interaction. Service is
still an important factor in everything
we do. It’s an over generalization to
think that the millennial generation is all
about technology and independence.
One of the many things to learn from
the millennial generation is that they
cannot be categorized. Society attempts
to place millennials into a box, and
millennials keep proving society wrong.
The millennial generation is the most
highly educated generation in our country’s history. As such, millennials want
to be able to conduct independent
research and have enough information to speak intelligently to whatever
endeavor they may be undertaking.
They are free-thinking independents
who want the ease of technology, but
also require the advice and guidance of
experienced mortgage professionals.
It is our task as mortgage professionals to provide our clients — from baby
boomers to Generation Z — enough
technology to be relevant, yet not
so much technology that the human
element is eliminated.
Technology will certainly continue to
revolutionize the mortgage industry.
As companies like Zillow and potentially Amazon enter the fray, they will
find new ways of automating the process and driving down costs — minimizing, or even eliminating, the need for
the mortgage professional. This will
impact primarily conventional and perhaps even some nonqualified mortgage business.
Rome is not burning, however, as the
government-lending sector will always
need the human element. The level of
complexity that is inherent with government lending means that there will
also always be a need for mortgage
professionals who understand and know
how to navigate those complexities.
The mortgage industry must balance
the human element with technology
so the industry does not become so
binary that algorithms and artificial
intelligence are making all the decisions.
The challenge as an industry is to find
the balance between technology and
people, while evolving with the borrowers’ desires and a new automated
<< Tech continued from Page 70