NMP - October 2016 - 89

a simple process like booking airfare or purchasing a vehicle, borrowers and regulators know that the general public, for the most part, need assistance in a process that will likely be a borrower's largest investment in their lifetime. Daniel Richardson, CPA MBA graduated from Drexel University in 2008 with a BS in accounting, and obtained his MBA from Rider University in 2013. Daniel has been with WithumSmith+Brown PC for six-plus years and is a member of the mortgage banker and governance niches within the firm. He may be reached by phone at (609) 520-1188 or e-mail DRichardson@Withum.com. 89 NationalMortgageProfessional.com n National Mortgage Professional Magazine n OCTOBER 2016 education and getting licenses. Many mortgage companies are relying on leads from LendingTree and the like for loan volume. This approach will provide an increase in loan volume however companies that opt out know the disadvantages of obtaining blind leads. Companies are paying for every individual lead they are receiving, many of which are window shoppers just observing the market. Companies will need to evaluate whether it's advantageous to look into leads and determine the profitability and likelihood of leads yielding a settlement. Some professionals seem to think that the process will be completely online in the near future. If this happens, then location is irrelevant for the lender and the costs of brick and mortar will be replaced with marketing and public relation costs and IT professionals. If a potential borrower can provide the necessary information for the application, do their own property search and rate comparison, they may still need the expertise, especially for the first-time home buyer. If you're using Quicken Loans, you may not have the same loan officer on the phone with you after the first call; you likely won't establish a relationship with someone over the phone. People will want someone they can trust and have a sit-down with if needed. This may open the door to loan officers taking on more of a mortgage consultant role and working as a correspondent LO for a bank or even just consulting a buyer and not having a relationship with a lending institution. From my experience working at a CPA firm, CPAs and other finance professionals have advised clients when purchasing a home in addition to making referrals to lenders. This is an example that a borrower could solicit advice and go through the lending process as separate services. I don't think that the mortgage process will ever be http://www.NationalMortgageProfessional.com http://aag.com/wholesale http://aag.com/disclosure

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

Table of Contents
NMP - October 2016 - Cover1
NMP - October 2016 - Cover2
NMP - October 2016 - 1
NMP - October 2016 - Table of Contents
NMP - October 2016 - 3
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