Categories: Technology

How The Mortgage Industry Has Been Impacted By Technology

When it comes to technology in the mortgage industry, consumers always seek a mix of digital information from mortgage brokers while still having human interaction. It’s a balancing act that only a few in the mortgage industry have managed to achieve. Service 1st Mortgage is a mortgage broker located in Glen Burnie, Maryland.

The company serves the ending needs of prospective home buyers and current homeowners through specialized mortgage products that offer the best rates and lowest costs. As for the role of technology in the day to day running of the business, the company is a leader in balancing technological upgrades with past broker practices.

IMAGE: PEXELS

The Customer Experience

Although technology is considered a positive and transformative force in the mortgage industry, that shouldn’t come at the cost of the customer experience and human interaction. With so many start-ups in the mortgage industry, embracing technology, and providing a fully digital mortgage experience, many forget that customers are right at the heart of the mortgage industry.

No matter how appealing technology seems both on the operational side and financial aspects of the business, its role should always be limited to improving the customer experience, not to fully replace the broker in the traditional sense.

This is something the Service 1st Mortgage, the wholesale broker specializing in FHA and VA government loans, understood, and has fully implemented: that the consumers still want to have an input and a sort of interaction in person.

It’s true that customers rely on the digital experience to find more about the lender either through online reviews or through ratings. However, when it comes to actually using the services of the company, nothing replaces an experienced broker who can offer the customer the type of services tailored to their individual needs.

The Human Touch

While technology can undoubtedly streamline the operations of the mortgage company and speed up the service as a whole, it still lags behind as far as the customer experience is concerned. That’s because the tenets of that experience, mainly advice, trust, recognition, convenience, and value are not part of the digital realm.

Rather, they are enshrined in the human world. Only a broker of flesh and blood can gain the trust of the customer, offer them sound advice, and make the whole process as convenient as possible.

Service 1st Mortgage On The Technological Angle

So, what can technology offer the mortgage industry? For a company such as Service 1st Mortgage that has embraced technology early on, the impact of technology on the loan process has been quite positive. The digital mortgage experience allows for the running of simultaneous processes at the same time. This means that the company can serve more than one customer at the same time without using up more company resources.

At the same time, the loan process moves up much faster when technology is involved. And with smartphones becoming ubiquitous, the services of the mortgage industry have become more convenient and easily accessible to the customers no matter where they are.

Lenders Using Technology To Connect With Prospects

Lenders are increasingly using technology to connect mortgage prospects to two loan terms. E.g., in 2021 lenders offer many special online tools such as mortgage rates that update in real-time and even reverse mortgage calculators that offer real-time loan terms and eligibility Empowering consumers to shop and compare loan terms without the hassle of meeting a mortgage broker or visiting their local bank branch.

If you are interested in even more technology-related articles and information from us here at Bit Rebels, then we have a lot to choose from.