Our industry is at a pivotal point as today’s average loan officer reaches their 50s. In the next decade, approximately 200,000 of these professionals will enter retirement, leaving a massive hole in the market if the next generation does not start stepping into their shoes. As mortgage professionals, we must collectively prioritize finding brand new originators if we want our industry to prosper over the years to come.
The number of satisfied customers begin to drop dramatically as loan officers become less communicative. When a customer has to call a lender for a status update, the customer satisfaction rating drops to 65%. And when the customer doesn’t receive a checklist for completing the loan at the beginning of the process, their satisfaction rating sinks down to 57%.
The mortgage industry is leveraging technology like never before, streamlining processes across the spectrum of lending, servicing, investing and real estate. The combination of regulatory pressure and consumer expectations have set a high standard for efficiency and transparency, requiring a significant investment of time, money and talent to hit the right notes for both.
Ironically, the monkey on the mortgage industry’s back for the past 10 years — increasing regulation — is the very thing that forced companies to find efficiencies in every part of the process, which serves them well as they look to engage tech-savvy consumers. Even as the enforcement of some of those regulations is now in question, the long-lasting benefits of investing in automation will stand.
Mortgage banks have traditionally been slow to embrace new technologies, and while the technology that has improved efficiency, security and customer experience in a multitude of other industries (transportation, education and retail, to name a few) is finding its way into the loan production process, a lot of opportunity still exists in other stages of the mortgage life cycle.