The mortgage transaction will remain a human-to-human endeavour for the foreseeable future, executive says
While every mortgage brokerage should seek to make the most out of technological advancements to streamline workflows, industry professionals have little to fear of these innovations ousting them from their role.
The mortgage transaction can be reasonably expected to remain a human-to-human endeavour for the foreseeable future, according to Jason Henneberry, chief operating officer at Tango Financial.
“Homeowners want good-quality advice, and they want to know the people behind them are helping them make the right decision,” Henneberry told Canadian Mortgage Professional recently.
While acknowledging the fears that artificial intelligence and similar innovations might make the broker’s role obsolete, “I don’t personally believe that we are at risk in any material way, [since] a mortgage is a complicated thing,” Henneberry said.
“As long as that remains true, there’s going to be a place for mortgage brokers who can rise to the occasion.”
At the same time, AI and similar technologies can carve a valuable place in the industry when it comes to process automation and documentary verification – paving the way for brokers to do what they are best at.
Trustworthy data “might reduce a lot of friction,” Henneberry said. “Ease of information, we’d love to see it on the broker side, too… The heaviest part of the job is working through documentation.”
For more of industry leaders’ thoughts on the ever-evolving role of mortgage technology, click here.
