Elevate Your Business

Loan Officers Are Still Necessary, Just Ask a Millennial

Loan Officers Are Still Necessary, Just Ask a Millennial

Loan Officers Are Still Necessary, Just Ask a Millennial 1024 683 Vellum Mortgage

When it comes to mortgage lending from the consumer’s perspective, it’s not often as simple as it seems. To the consumer with several existing loans, several sources of income and a less-than-perfect credit report, the lending process via automated tools may prove to be less straightforward.

No matter how technologically advanced and automated our industry becomes, there will always be a situation where further explanation or documentation beyond the standard requirements is needed to apply for a loan. A good loan officer is capable of probing to unveil information that might have otherwise gone by the wayside, leading the borrower to choose an unsuitable loan. By asking the right questions, the loan officer is equipping the borrower with everything they need to make a well-informed decision. This fact alone is one reason loan officers will continue to add value to mortgage lending.

Consumers are still looking for personal interaction and service that can be customized to fit their unique situation, beyond an automated response. According to a consumer survey by appointment scheduling vendor TimeTrade, 75% of millennials surveyed are willing to schedule an appointment to meet with a mortgage specialist. Millennials, shockingly enough, were the age group most likely to be willing to schedule an appointment. When the age group with the greatest reputation for using technology and automated services is still willing to visit a mortgage specialist in-person, this indicates the loan officer remains a necessity.

Source: National Mortgage News