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Mortgage Technology – Is This the End of the Broker?

Mortgage technology continues to improve the competitive broker business by making it more efficient. Everything from paperless, mobile offices to automated valuation models work to confirm application information. However, as technology advances, making more financial transactions easier for consumers to do themselves online, will the mortgage broker eventually become irrelevant?

The debate does exist! While some claim this is inevitable – this World Economic Forum article actually predicts the “death” of the broker as a result of technology – other sources, including this HousingWire article, argue that technology just improves the process

We believe that, not only does tech make you more competitive, it gives you an edge. The tools you use make it possible to access information the customer can’t!

While it’s great to have the convenience of a mobile app to help make our lives easier, there are some life events that require the help of a professional. Finding the right mortgage is one of those events. A professional mortgage broker is dedicated to finding clients the best possible mortgage and mortgage rate possible. Nothing can substitute the knowledge and experience that a mortgage broker can bring to the table.

For most agents and brokers, technological innovations are not only interesting, but incredibly useful when they increase the bottom line.

One technology that hits home for many real estate pros is the automated valuation model (AVM). These online valuation tools are popular with information-hungry consumers and real estate professionals. Today, more mortgage brokers are accepting AVMs for what they are – a useful starting point to valuate a property and a way to simplify the application process, giving you more information without having to access a survey.

The implications of automated property valuations are huge because they influence how property decisions are made by all parties – from agents to brokers to lenders.

If you are unfamiliar with what an AVM is, it is a mathematically based program that gives an estimate of residential property value based on public records, property locations, market conditions and real estate characteristics in real-time. This means whatever info you pull from your AVM, make sure that it is based on the latest and most accurate information available.

Despite the dire predictions of the death of mortgage brokers, the access to tools such as an AVM makes you invaluable. Furthermore, only experienced, trained professionals can take the raw data from an AVM and turn it into trusted advice.

With Purview, mortgage technology is your friend! As a broker, your income growth will increase as you become more and more familiar with the reports, resources and other Purview features.

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