The Technologic Revolution of the Mortgage Industry

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  • The Technologic Revolution of the Mortgage Industry

    We are amid some of the biggest tradeshows of the year, and tech is on the tip of everyone’s tongue. Think about this year’s Digital Mortgage and MBA conferences; the takeaway was clear: Innovate or be left behind.

    Some great tools mortgage companies should look to can be found on the 2018 HousingWire’s Tech 100. Class Appraisal was among the winners this year, and we were joined by some vendors from different facets of the mortgage industry that are taking steps to invest in their digital processes. The convergence of tech is even noted by the author, highlighting some of the exciting changes that are underway:

    …this year’s Tech100 features a much more expansive landscape than ever before. Applicants include heavy hitters and innovative disruptors. Even new tech players in the blockchain space are joining the party now. Other exciting developments can be seen on the identity-protection and fraud-prevention sides. But make no mistake, the name of the game in tech, these days, is lending, lending, lending.

    While these changes are exciting and beneficial to the consumer, there are pitfalls that should be avoided.

    An article on Forbes addresses this, as well as tackling the issue of what an app should do; a notion that sounds simple, but one that many still struggle with. At the end of the day, the reason we want technology is convenience. According to the article, “The trend is towards eliminating all possible sources of friction between the consumer and what he or she wants (hence, the rise of wearables and smart watches, which help people connect with technology and get that immediate gratification without even using a device)”. This “trend” as the author defines it, should be the center of every lender’s conversation when discerning which technology to implement. It is not enough that our clients can receive email updates at every stage of their appraisal, there is still a layer of friction. We created FastTrack to create an even simpler way to receive that information in seconds. The Forbes article challenges businesses to look inward if they want to utilize technology effectively:

    For businesses looking to innovate… taking a look at their brand’s current and potential touch points with customers is a good start. Ask the question, “Where can my business engage with my customers?” More importantly, though, is analyzing where your customers might want to be engaged with your business: Where in the customer lifecycle can you add value?

    These are things we advocate for at Class Appraisal – integration with your LOS, updates through whichever medium you want, and delivering the best and fastest results.

    What’s more: We’re not stopping there.

    In the coming months, Class is looking to revolutionize the valuation space. Innovation is coming, not just for our clients but for our appraisers as well. The dawn of a new age of valuation, and indeed the mortgage industry as a whole, is here. Stay tuned for new products, methods, and conveniences that we are building with you while keeping your borrowers in mind!

    About the Author

    Josh Buck is an Account Executive at Class Appraisal. He holds a BA in Communications and English and is a Real Estate Appraiser in training. For inquiries, he can be reached at 248-385-0204 or by email at jbuck@classappraisal.com.