One expert explained that while housing tech is improving, dreams of an all-tech experience where homes can be bought in a matter of minutes might be just a bit ambitious. He shares what he thinks housing tech will look like in five years.
Nominations for HousingWire’s Tech100 Award opened at the beginning of this month, and now the deadline is quickly approaching.
One of the biggest changes to this year’s award is the addition of our editorial advisory committee. This year, for the first time ever, nominees will be reviewed by an advisory committee, made up of some of the best minds in the housing industry. This committee will then advise HousingWire’s internal award review board of potential finalists before the winners are selected. Click here to see who is on this committee.
But now, members of that committee have come together to inform HW readers on some of the biggest issues in tech today. HousingWire interviewed Mike Jones, Dixon Hughes Goodman director of advisory services, who talked about some of housing’s biggest issues – including the need for more transparency among mortgage lenders.
Here is the second part:
HousingWire: Where do you see real estate tech in five years?
Mike Jones: There’s a vision in the mortgage lending industry that in the future a homebuyer will tour an open house, authenticate a loan application with a thumb print on a mobile device, and seconds later purchase funds will be transferred into the sellers account. It’s an ambitious goal.
But, the reality is closing times will be measured in days, not seconds, for the foreseeable future. But it is safe to say that technology will continue to improve the experience for borrowers. Shopping for loans and providing information to lenders will be more seamless and require less effort by borrowers.
Lenders will go beyond the digital front-end to smooth out many of the bumps in the back office to achieve faster closings, fewer regulatory challenges and lower-cost operations.
HW: Will machines eventually replace humans?
MJ: Human interaction is as fundamental as housing itself, so humans will always be part of the market. Roles will change and people will adapt as technology makes things more efficient. But, people solve problems and forge relationships. As long as innovation is there to change things, people will be there to harness innovation.