Technology and Mortgage Brokering
Technology is changing every aspect of our lives, both professionally and personally. Innovative companies like Airbnb and Uber have completely changed the way we perceive the industries in which they operate, and it’s hard to imagine a world without them. The mortgage industry is no different. Although not in the mainstream media as prominently as the ride-sharing or home rentals firms, innovators in Canada’s mortgage brokering space are revolutionizing the industry and enabling brokers across the country to conduct their business with increased efficiency, control and transparency.
“Mortgage brokers need to enhance their value proposition to their clients,” says Brad James of Fundever. “How technologically savvy a broker is directly impacts client perceptions, either positively or negatively.”
Adopting the latest technology can also act as a good marketing tool for a broker. Modern clients want to partner with professionals who invest in themselves and their businesses, they don’t want to think that there are better options in the marketplace. “When a client perceives his or her mortgage broker as being on the cutting edge of technology, they view the broker’s advice and counsel as having value,” James says. “If a mortgage broker is a person who resists technological change, even if they may have quality information and are able to give quality advice, the perception of that that broker can be altered because they haven’t adopted the latest technology.”
Although there are some strong options currently available to brokers, Dong Lee, President of Mortgage Architects, believes the channel needs to evolve. “I think technology will play a big part of it – finding faster and more efficient ways to process the business and make it more cost-effective for lenders as well as for brokers,” Lee recently told CMP. “I think these FinTech companies, whatever or however they look like, will start to define how this channel evolves. I think it’ll be for the better because we’ll have to find more effective ways to do our business.”