Sixty-four percent (64%) of Loan Originators are over the age of 40, and the average age of an LO is shifting younger. Currently, the average age is 44, while in 2014, it was 54 years old. That trend is continuing. What’s more is that the average LO is much more mobile than in the past. With the post-pandemic shift away from the office, most LOs use home offices as their hub rather than a traditional office at work. This shift in work/life balance translates into fewer hours in any office at all. So the question you have to ask yourself is: do you feel prepared? Well, do you? (said in my best Dirty Harry voice)
As the Director of Customer Success here at LenderLogix, I spend most of my time training Loan Officers on some of our solutions, including QuickQual and LiteSpeed. From the green LOs just starting in the business to the veteran LOs who remember polaroid pictures stapled to appraisals, it’s not just borrowers craving a digital mortgage experience. And boy, do I wish I had these types of solutions when I was originating.
So let’s reflect on your current tech stack a bit, shall we?
Are your LOs issuing static PDFs? Are they dropping everything at a moment’s notice to make sure their borrowers have an updated letter to put an offer in? Are they running six different payment scenarios because borrowers think an extra thousand or two will drastically change their monthly payment?
What about your point-of-sale? Are you requiring prospective borrowers to create an account before they even have a chance to connect with a loan officer? Are borrowers calling their LOs for instructions on how to access the application on their phones? What about when they have trouble logging in or securely uploading documents?
Having technology that creates friction points for the borrowers' interactions is not great for generating business. It can impede your ability to recruit and maintain quality salespeople who rely on technology that is more in line with their mobile lifestyle.
From the hundreds of LOs I’ve trained since joining the LenderLogix team, one thing has been constant: technology is a tool to enhance your borrowers' experience. We all have heard the phrase that 'mortgage is a people's business,' and myself and the team firmly believe that. Being a people's business doesn’t mean you should be filling out paper 1003s or sending your borrowers off with paper pre-approvals in hand. Let technology handle the clerical tasks while you focus on what matters: building relationships with your borrowers.