Like many technologies in the workplace, digital mortgages will soon become the norm
For decades or even centuries there have been people fearing technology, thinking that it would take over the world. Surprisingly, this stigma still exists today, even with the digital era we live in. While one can argue that it has had that effect, it’s easier to look at all the advantages technology has provided us. As a lender, one of the biggest concerns is that technology will eventually replace their staff. More specifically, with the rise of digital mortgage solutions, there has been a decline in drawn out pen-and-paper traditional 1003 applications making most loan officers fear that their positions will become obsolete. However, this theory couldn’t be any further from the truth. Technology is here to make our lives and duties easier, more efficient, and also valuable.
Dating back to 1876 when Alexander Graham Bell invented the telephone, there have been individuals fearing the growth of technology. At the time of its invention, many elderly people feared that it would even give them electric shocks. They couldn’t grasp the concept of having such a simple form of communication, and ultimately assumed the worst. Specifically in Sweden, there were preachers who called it the “Instrument of the Devil” and avoided phones at all costs. It took some time to overcome these fears, but now we can’t picture life without a telephone. On a daily basis the phone is used in case of emergency, in order to communicate easily, and to stay in contact with long distance friends and family. Most people have a hard time even leaving the house without it. Therefore, the telephone is so important to daily life that it's hard to imagine a world where it doesn’t exist.
Fears in the workplace
Advanced technology in the workplace has certainly developed fear in the past amongst employees as well. For one, the invention of computers seemed to have instilled panic for workers of several occupations. The concern was that computers would take away jobs, making many workers’ positions obsolete. People were frantic and wanted to avoid this advancement, even though it would simply make their jobs easier. In most cases, computers either simplified one’s duties, or slightly altered their roles. More importantly, computers opened up more opportunities in the workplace. These jobs required different needs which provided great opportunities in the world as a whole. Eventually, the fears subsided and computers became an everyday item found in every workplace.
Fears in the mortgage industry
Just as we’ve seen in the past, technology is constantly evolving. Currently, mortgage companies and specifically loan officers have become concerned that digital 1003 applications and the use of automation will make their positions obsolete. What they don’t understand is that their job will actually become easier. Once the mortgage industry becomes fully automated online, loan officers will be responsible for building relationships with the borrower and helping them with any questions they may have. Just like with the invention of computers, digital applications and automation will only asist the job of the loan officer. Rather than gathering documents for the borrower and calling realtors, they will be more focused on what really matters. This includes, but is not limited to, building a relationship with the potential homebuyers and ensuring that all of their questions are answered . They will be expected to give potential buyers 100% certainty regarding their large financial investment, resolving any concerns they may have. They don’t have to worry about losing their jobs, but rather adapting to their new roles.
The role of the loan officer is still extremely vital in the loan application process, and we don’t see that changing any time soon. Just like we’ve seen in the past, it is likely that their role will change and become more valuable, but they definitely won’t become obsolete. Technology is here to help us make everyday tasks easier and more efficient, making the most out of everyone's time. In order to see success, it’s imperative to embrace technological advances, and prepare for the ever-changing world.
Curt Tegeler, CEO and president at WebMax, is responsible for providing direction for action to all employees and business initiatives. Tegeler’s main responsibilities include communicating and implementing the company’s vision and mission; leading, guiding, directing, and evaluating the work of executive leaders; formulating and implementing the strategic plan; forming, staffing, guiding, leading and managing WebMax; evaluating organizational success; and represents WebMax in civic and professional activities.