More and more, your friendly neighbourhood Mortgage Professional is reading of the threat to our business from online mortgage channels. More specifically, the threat that you and your friends and neighbours will turn to online mortgage applications rather than actually talking to a Mortgage Professional.
One of my colleagues put a post on one of our Broker Pages exhorting us to make sure that our 2017 Business Plans have a major digital component. He included a meme in the post that said “ TECHNOLOGY DOESN’T GIVE A F#$% ABOUT YOU.”
He meant that to be directed at your friendly neighbourhood Mortgage Professional but it really applies to you. What it really means is, in less errr, abrupt terms, is that Technology doesn’t discern you as being any different than any other credit scored applicant.
Think about it; you go online and apply for the mortgage for your first home, your second home or even a rental property. Perhaps you are now the sole owner of your home, as a result of marital breakdown and need to “pay out” your spouse.
Even before you apply, you had questions but you’ve applied anyway and now the application is submitted, it comes back DECLINED. Now you have even more questions, you call the call centre providing support and you wait and wait and wait.
What’s missing from the process? Just about everything that you come to me and my colleagues for; Advice, confidence, re-assurance and just plain friendliness.
You don’t pay for that advice, confidence, re-assurance and friendliness. Lenders compensate us for your business though, just as they do when you talk to one of their internal representatives. Now, we’re at the stage where some lenders imagine being able to eliminate even that cost by using technology.
Even with 30 years of experience, I wouldn’t borrow large amounts of money, perhaps the largest amount I’ll ever borrow, without talking to and getting advice from someone.
For me, its a diverse human element that defines pretty much everything I do, every interaction. I think that our lives are diminished without it. I’m counting on the fact that you think the same way and maybe, want the same experience.
That, in a nutshell, is the digital element to my business plan.
Peace and best wishes for the holiday season. I hope the coming year is a healthy, happy one for you and your family.