I truly believe that we are on the cusp of a tech revolution in the mortgage industry.
Before you groan, I know it’s been predicted before and remember when BM Solutions adverts showed a postbox nailed shut to hail the ‘One Minute Mortgage’? This offered a virtual mortgage offer subject only to valuation in less than 60 seconds and that was almost exactly to the month 21 years ago…
However, I really can see change occurring and it’ll happen faster than we think. At OMS, the conversations we are having with all types of lenders, including building societies, make it clear that change is afoot, and technology is seen as a key differentiator by lenders when products and criteria largely are commoditised.
In addition, in my executive role with the Open Property Data Association (OPDA), I can see real progress with open conversations and a real desire from everyone we engage with to improve the overall ‘broken’ homebuying and selling process.
These advancements in technology, sit alongside the ability for manual intervention, when needed, which is different to the One Minute Mortgage model, but since then we have seen the rapid advancement of AI. This has meant decisions can be quicker end to end using AI, but skilled and experienced underwriters can always make the difference for some customers who need to avoid the automated tech decision.
The tech we are seeing now delivers not only better experiences for brokers on originations, but also incorporates areas like customer retention which is vitally important for lenders and brokers alike.
For all parties choosing a new technology partner, finding solutions that are adaptable without breaking the bank for every change request is paramount and so is their ability for collaboration with other tech businesses, as no system can do everything. This is why at the outset when designed One Mortgage System, we ensured we partnered and collaborated with the best in class across disciplines.
Change is coming, are you ready?
