Executive highlights the role tech can play
With the pandemic highlighting the importance of communications technology and other advancements in the financial industry, the potential of digital platforms and applications in the mortgage space is virtually limitless at this point, argues Jesse Abrams, co-founder and CEO of Homewise.
For Abrams, these innovations should all be in the service of one thing: the core of what the mortgage professional should be offering in the first place.
“We’re always building new technology. And the goal of that is to make the customer experience faster, easier, more transparent,” Abrams said.
This approach has numerous benefits for the mortgage professional, as well.
Technology makes the team “faster, and has them focusing on what’s most important, which is providing value to their clients and getting as many deals done as possible along the way.”
Read more: What’s shaping mortgage industry trends?
Companies that deploy these technologies effectively are ideally placed to respond to the rapidly changing economic and fiscal environment, Abrams said.
“As interest rates increase, [consumers are] less likely to buy a second property or an investment property when the price becomes that much more expensive to manage on a month to month basis. So it’ll be interesting to see companies like ours and many others in the market that focus on the end user and the actual homeowner and how that can actually see some more parity in the market where they get to enter,” he explained.
“I’m on the optimistic side for the potential homeowner saying this could be an interesting time to get into the market and maybe we’ll see. Hopefully, we’ll see prices decrease quite substantially this year – which probably won’t happen, but I hope it does.”
Abrams further elaborates on Homewise’s digital approach and future developments here.
