In a recent article in The Scotsman Guide, CEO of Blue Sage Solutions Joe Langner highlights the inevitable way that technology is changing how “homes are bought, sold and financed.” To emphasize the impact of technology on markets, Langner talks about the future of malls and how over 12,000 retail stores are expected to close this year. And by 2023, half of the malls throughout the United States are predicted to shut down. However, even with the changing technology, Langner believes there will always be a place in the mortgage market for independent brokers, especially if they embrace technology and adapt to customer expectations. Here are some of the key highlights from Langner’s article for mortgage brokers:
- Homebuyers now expect immediate knowledge and help. “They have been conditioned to get what they need, when they need it. That applies to practically everything—groceries, appliances, a plumber, movies and games, Spanish lessons, legal advice, a date, a ride, a car, you name it.”
- Even with the emerging technology and at-your-fingertips knowledge, homebuyers still need expertise and guidance. “Getting a mortgage is still a relatively, lengthy, complicated process.”
- If mortgage brokers have the right loan origination system, borrowers will have a great experience that meets their technological expectations; “Originators can truly provide consumers with the digital mortgage experience they are looking for.”
Essentially, Langner believes that even with homebuyers relying on technology, now is an exciting time to be a mortgage broker. “A key difference between you and your competition will likely be how you deliver expertise,” he says. “If you can figure that out, there’s no apocalypse that will be able to stop your voice.”
Read Langner’s full article The Times are Changing Before Our Very Eyes.