As a loan officer, just being good at the transaction is no longer enough. Leveraging technology is more valuable than ever before. With the diminishing value of being a rate quoter, what abilities are will set us apart and keep us in the game? Is it necessary to build our own technology to meet the new needs of the market? How do we become great advisors? On this episode, Mortgage Coach founder and CEO, Dave Savage shares on the opportunities that will come with the changes in the business.
The transactional piece of this business is going to become less and less valuable, and technology is going to drive more of that. -Dave Savage
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Three Things We Learned From Dave Savage
The consumer can find rates quickly and easily
Right now it’s easier than ever for the consumer to shop for rates. With Facebook and Zillow literally at their fingertips, they can have rates within seconds. This is why being just a rate-quoter will put us out of business very quickly. Because information is so easy for us to leverage as well, giving advice is hardly a special service anymore.
Relationships still matter
Our ability to build solid relationships behind the technology to better serve the customer is what’s going to keep us in the business and keep us valuable. Ultimately, we’re in the people business, and we need to put serving them first.
Find balance between a customized service and an off-the-shelf product
Being able to deliver a great service to our clients and dedicating time to building our own tech is very challenging. At the same time, buying software off the shelf is old thinking. We need to carefully select the best in all categories. The best strategy is to land in the middle and get technology that suits our specific needs without having to build it from scratch.
There will always be opportunities for the loan officers who are skilled at building strong relationships, embracing technology and continuing to learn. Right now it is critical to integrate technology into our work in a seamless, automated, and powerful way. Turn your friends and clients into digital friends. Believe that when there’s chaos there’s opportunity. Be humble, hungry, and smart, and take care of your health. If we can do all this, we’ll have years of success ahead of us as local referral-based mortgage professionals.
Dave is the founder and CEO of Mortgage Coach. He has over twenty-seven years of experience as a mortgage executive, business leader, and mobile technology pioneer. By launching Mortgage Coach, Dave has helped tens of thousands of loan officers and millions of homeowners make confident, informed mortgage decisions. Dave is passionate about leveraging mobile technology to reinvent the home buying experience. He is a recognized leader in the mortgage industry for his contributions to improve the professionalism and quality of advice that originators provide homeowners. As a mortgage industry leader, Dave has been a speaker at many major industry events, and before Mortgage Coach, Dave was one of the nation’s top loan originators and President of a national mortgage company. Go to https://mortgagecoach.com/ for more information or email firstname.lastname@example.org.