Page 24 - Best Magazine Summer Edition 2019

4
ECONOMY AND FINANCE
Global Mobility, how technology is changing
the mortgage
industry:
In recent years, most people within the mortgage industry have recognized the necessity of embracing technology and
innovation. As with so many industries, having the strongest relationships and the best reputation is no longer the sole recipe for success (although it is, of course, still very important). Technology is now widely recognized as a key driver for growing and sustaining a business, and forward- thinking mortgage professionals who have embraced it are reaping the benefits.
There are a number of different tools that has been provided to mortgage brokers, mainly applications and websites that increase efficiency and transparency for brokers and, ultimately, their clients; a great example of it has changed the mortgage business occurred in 2006 when Davis & Henderson launched Filogix, the system that brokers use to communicate effectively with banks, other examples include online mortgage calculators, electronic
BY NESTOR PAEZ
application market places, customer relationship management (CRM) tools, and document generation software.
The expectations of clients change over the years and fears for brokers who are reluctant to embrace technology. When somebody is used to being able to email their babysitter money, book their vacations online and instantly communicate with anyone around the world in real time, that expectation flows through when they’re trying to get a mortgage. If you’re reluctant to move along with technology, to keep up with ever changing customer expectations, you are certainly going to be left behind.
Mortgage technology continues to improve the competitive broker business by making it more efficient. Everything from paperless, mobile offices to automated valuation models work to confirm application information. However, as technology advances, making more financial transactions easier for consumers to do themselves online, will the mortgage
broker eventually become irrelevant? While it’s great to have the convenience of a mobile app to help make our lives easier, there are some life events that require the help of a professional like credit challenges, self employed, new to Canada, investment properties, first time home buyer, student mortgage, CHIP mortgage, isolated lack of work or bill payment, etc. Finding the right mortgage is also one of those events. A professional mortgage broker is dedicated to finding clients the best possible mortgage and mortgage rate possible. Nothing can substitute the knowledge and experience that a mortgage broker can bring to the table.
Use the technology to your advantage when you are planning to buy your first, second & investment property or renew your mortgage ask the right questions!!
Source: mortgagebrokernews.ca – Purview.ca
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THE BEST MAGAZINE SUMMER 2019
WWW.THEBESTGROUP.CA
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