Future technology should always incorporate the personal element
Ephraim Vecina
Mortgage Broker News
While technology has proven to be a massive boon to the mortgage industry, Dominion Lending Centres accredited mortgage professional Eitan Pinsky recently noted that significant challenges remain.
In his piece published at DLC’s online portal, Pinsky noted that due to the very nature of mortgages, any current and future technology should always incorporate the personal element – a concept known in AI research and engineering as HITL (human in the loop).
“Because mortgages are complex, with timelines to follow and anxiety to manage, borrowers are continually requesting human interaction to answer their questions,” Pinsky explained.
“Secondly, although digital applications promise speed and ease of use, all mortgage files still have to have ‘eyes’ on an application. We’re not there yet (nor will we be for the foreseeable future) where humans do not have to touch mortgage applications for final approval. This human requirement means that a mortgage file must wait in queue to be approved.”
More importantly, oversight will ensure that no mistakes are missed.
“If any file has the slightest hiccough and doesn’t conform to exactly what the computer systems need to see, an expert will have to be called in during the process to troubleshoot.”
Crucially, the industry should not forget that technology is, at the end of the day, just a tool. Pinsky argued that there will be no substitute for a broker’s learning, experience, and drive.
“The biggest issue with … relying too much on technology driven companies is that the Realtors who work there are most likely going to be sub-par,” he wrote. “If someone is working for half the commission, they are, by nature, not going to be as good or competent as someone who prides themselves on working for their due.”
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