Constant communication in the loan process

by MPA13 May 2016

In the mortgage industry, things can get messy. Unlike many other consumer-facing industries, the mortgage industry deals with a very complicated product. For the most part, buyers don't understand the product well enough to make decisions on their own. They can't just pull a mortgage off the shelf, read the package, and put it into their cart. They need to ask questions and try to figure out what they're getting themselves into.

In many ways, this complexity is precisely what makes selling mortgages a viable career --  we become the package that people can read so that they can put mortgaged into their carts. That's a good thing, because it makes our careers possible; we bring something to the table. But, due to the level of complexity, it also means that a lot can go wrong. When trying to explain such a complicated product and buying process, there is plenty of room for misunderstanding.

Most of the fiascos that occur in the mortgage industry, I would argue, are from misunderstandings. It isn't that consumers are unreasonable and demanding. And, it isn't that lenders are greedy and conniving. When things go wrong, though, that's how each side might see the other. The truth is, though, that there has been some failure in communication. And, as representatives in the mortgage industry, we should always take responsibility for that. Want to eliminate misunderstandings in the loan process? Maintain constant communication with buyers. It's a complicated product; make sure you're clarifying it as much as you possibly can.


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