Speaking on stage in front of hundreds of mortgage executives at the Mortgage Bankers Association’s Annual Convention and Expo in Boston, Hearsay CEO and founder Clara Shih posed the question: Will loan officers become obsolete in this new era of do-it-yourself options and automation?
Clara’s cautiously optimistic answer: Loan officers will survive in the long view, but in a different form. Those who continue to hang on to the typical way of doing business will face increasingly insurmountable odds.
Today’s homebuyer journey and expectations – from discovery to research and validation to timely communication throughout the purchase process and beyond – have changed. To stay relevant, loan officers must be available and active on all the digital channels that borrowers and COIs (centers of influence) expect, including social media, search engines, email and text.
But that’s not enough. Not only must loan officers be findable and responsive on all digital challenges, they must leverage technology to deliver high-value service that differentiates them from low-cost, highly automated options. By applying predictive analytics to the growing “exhaust” of data created by these digital interactions, loan officers and their firms can provide high-touch experiences in an intelligent, efficient way, and ultimately grow more business.
The Hearsay team was out in full force at the event, with not just Clara’s keynote but a signing of her latest book, The Social Business Imperative, and an exhibit booth that attracted a steady stream of attendees interested in our solution. As an associate member of the MBA, we’re proud to support one of the leading advocates for the mortgage industry.
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