Are you ready for a digital evolution?

We asked one recent inductee to the Mortgage Hall of Fame where the mortgage channel was headed – and the dangers of not keeping pace

Are you ready for a digital evolution?
“I truly believe that there is some 17-year-old working in his parents’ basement right now, working on some form of technology that might make us just a little less relevant.”

That is the cautionary observation of Boris Bozic, founder and president of Merix Financial, who was inducted into the Mortgage Hall of Fame at the recent CAAMP (Mortgage Professionals Canada) 2015 Mortgage Forum Awards Ceremony.

Looking back over his three decades in the industry, Bozic sees the recent changes as something the entire mortgage channel needs to embrace now.

“We’re constantly going through this evolution, a maturation process of our industry,” says Bozic. “Having 30 years in the business, I remember what it used to be like. But the sheer size and the magnitude and the dollar volumes that are being generated today, it is overwhelming when I think about it from a historical standpoint.”

However, as much as the mortgage industry evolved, Bozic told MBN that he believes we’ve only scratched the surface.

“My biggest concern for the industry going forward is: this next wave, next evolution – and I’m speaking of digital now – is dramatically changing,” says Bozic, “and I wonder if we are keeping up with those changes?”

He points out that there have been so many industries revolutionized by the changes in technology, the mortgage channel shouldn’t feel it is above it all.

“We’ve insulated ourselves in believing that everything we provide is so unique, that somehow what is happening out there in the rest of the world really doesn’t pertain to us,” says Bozic. “I would suggest otherwise. I don’t suffer from the hubris of believing we are all that and a bag of chips.”

Having an opinion on the industry isn’t new ground for Bozic, as he frequently shares his views on the mortgage channel through his blog To the Point with Bozic, writing on a variety of topics from a staunch defense of trailer fees to his rejuvenating meeting with NDP leader Thomas Mulcair.