February 23, 2023 at 10:39 am #11340
Dustin Owen
Keymaster

Personally, technology does little to excite me. I am in the boat of being a fast-follower. Meaning, let someone else develop the tech, invest all the $ and time, beta-test, provide feedback, work out bugs etc. and then once there is a proof of concept I will move swiftly to adopt once I am confident the technology is a benefit.

I can say this…MANY companies have spent the past 2 decades trying to help the mortgage industry streamline their processes, consume less human capital, manufacture mortgages quicker and cheaper. MOST of those companies have failed. Those that have succeeded still have not convinced the industry that the industry is “better” in terms of time and costs. In order for one mortgage to be manufactured, it requires over 30 other counterparties to participate. (Employers, Realtors, Title Companies, Appraisers, IRS, other financial institutions, credit reporting agencies, home owner’s insurance, mortgage insurance, multiple borrowers, sellers, warehouse lenders, multiple regulators, investors, servicing companies, attorneys etc. etc.) No one mortgage transaction is alike.

My best piece of advise to anyone in the tech world…Go out and personal generate 100 leads. Convert those 100 leads into 40 mortgage Pre-Approvals. Convert those 40 Pre-Approvals into 20 closings and you’ll have the data you need from an LO’s POV.

Then, go and process 50 loans as a Mortgage Processor. Once you do this you’ll have the data you need from the Processors POV.

Next, work as a Mortgage Closer and send out closing packages on 100 files.

After learning about what it takes to actually take a loan from fully approved to funded go work with a Mortgage Underwriter next for about a month. (Job Shadow)

After loans fund they need to be shipped…Working in a Shipping Department for a month.

I hope this helps.

Unfortunately, this is all the time I have for this thread. My office number is 407-645-6363. Feel free to call me if you’d like. I can take an additional 15 minutes over the phone to answer any follow-up you may have.