A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.
As thousands of mortgage bankers and service providers gather in a place that grooves on the promise of quick riches and instant pleasure, they are all asking the same question: what is going to happen to me in today's lending market?
LOs will, of course, play an essential role in building purchase business. But they’ll have to do more than just drop off donuts. However, from a compliance perspective, there are significant risks in letting LOs have unfettered control over marketing and deals.
While some mortgage lenders fail to keep up with the changing times, others are excelling, capitalizing on the change and those who weren’t ready for it. So what’s their secret? Customer service? Technology? An innovative approach to loan originations, and who to lend to? It’s actually all of the above, and more.