NMP - October 2016 - 76

The Mortgage Industry: The Only Constant Is Change hen I entered the mortgage industry more than 30 years ago with a background in finance and economics, I could never have predicted that I was beginning a career in such a dynamic and ever-changing field. Throughout my time and experience in various facets of the mortgage industry, I have found that change is inevitable, and while it can prove challenging it has consistently made the industry stronger. Over the past 10 years, we've seen many changes within the mortgage industry such as the implementation of the SAFE Act, the introduction and implications of TRID, and the overall tightening of regulations to W protect consumers and lenders. While the many changes in the industry continue to present benefits and challenges, there are three major forces currently driving the mortgage industry forward: The continued advancement of technology and social media, the need to address financing options for our aging population and the need to foster professional growth within the industry. The continued adoption and evolution of mortgage technology and social media will be a driving force behind lead generation. Digital media has the potential to be the biggest research tool and relationship builder and maintainer that we've seen. Technological tools that create efficiencies for the borrower are being introduced and OCTOBER 2016 ■ /BUJPOBM.PSUHBHF1SPGFTTJPOBM.BHB[JOF ■ NationalMortgageProfessional.com 76 It's time for a women's revolution in the mortgage industry. Join us at Mortgage Star Conference 2016 November 16-17, 2016 Canyons Resort 4000 Canyons Resort Drive l Park City, Utah For more information, call (860) 922-3441 or visit Mortgage-Star.net. By Amy Slotnick embraced daily. Gone are the days when a loan officer completed the mortgage application by hand sitting across the kitchen table from their client. The continued use and development of e-tools, even things as simple as e-signatures, allows the process to be more consumer friendly providing for efficiencies that previously had not been available. Joe Wilson, vice president of Advanced Technology for Fairway Independent Mortgage Corporation, is on the frontlines of increased involvement of technology in the industry. Wilson, charged with the task of assisting Fairway in moving towards increased technology use notes that, "on top of what is available today, the future of mortgages from my perspective is full automation. This is beyond clients simply connecting bank statements and tax returns to the lender; full automation is recognition of whom you are based on all available public and non-public records and utilizes big data to analyze your credit risk, profile you based on similar types of borrowers, and instantly makes a credit decision." Full automation of the loan process however does not mean that the mortgage professional will ever be obsolete. "Obtaining a mortgage should never be as simple as ordering something from Amazon," said Wilson. There is a level of knowledge, learning and expertise that will never be replicated by an app or online program. While the move to full automation will make the buyer experience smoother and less stressful, we shouldn't sacrifice the ability for consumers to work with an individual who truly cares about the outcome. The need for the knowledge of the loan officer and their ability to guide a consumer through the mortgage process will never be completely replaced by technology. After all, we are talking about the largest financial decision made in most people's lives. The human element to this is critical. In addition to the continued transition to automation of the mortgage process, social media will continue to be prevalent in the business. As Millennials begin to make up a larger portion of the purchasing population, social media will become increasingly important. Millennials will use social media to learn more about the loan process, and also as a means of finding out more about their potential partner in that process, their loan officer. Sarah Slotnick, Fairway's New England digital marketing specialist, charged with bringing the Millennial mindset to the region highlights that, "Approximately two thirds of the Millennial population, those 17-34 with a predicted buying power of $200 billion, has yet to purchase their first home. Given they grew up with social media playing an important role in their day-to-day lives it is expected that those they interact with will have a digital media presence. Regardless of which social platforms Millennials are currently using, they will conduct research using all platforms available. While research may be their first step, they will still look to find a personal connection with those they will trust to do their mortgage. Transparency is key to gaining and maintaining Millennial business. Having a digital presence and allowing Millennials into your digital world is imperative." At the other end of the buying spectrum is the senior segment of buyers which accounts for approximately 15 percent of the total population. The majority of loan officers focus on originating forward mortgages and finding ways to reach the millennial population, however; as the population continues to live longer, the need to create and offer mortgage products that meet the needs of our aging citizens is critical. The reverse mortgage, available to applicants age 62 and older, is gaining popularity. This product is a tremendous financial tool for many as they face the need to finance their post retirement lives. Harlan Accola, national reverse mortgage director, CRMP, CSA, RFC for Fairway Independent Mortgage Corporation offers the following insights: "As mortgage experts, one of the things that we are always looking for is important trends in the industry and new ways to serve our clients in the best way possible. We know about the Millennials and their need to be introduced to the first homebuying experience; but we also know that there are over 10,000 folks turning 62 every day. We know that http://www.NationalMortgageProfessional.com http://www.Mortgage-Star.net

Table of Contents for the Digital Edition of NMP - October 2016

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