Is the Borrower Point-of-Sale Experience the Most Important Thing...or the Only Thing?
Perhaps it all started with the eCommerce revolution in the last decade. Americans were seeing a seismic shift away from bricks and mortar toward online shopping experiences that brought economy and immediacy to an ever-greater number of their routine transactions. Need a shirt? Find it online and have it delivered in a day or two. Want the latest book? Head to Amazon and pick between a hard copy or an eReader version that can be enjoyed instantly. Need to find exactly the right car? Search online and pick it up at a local dealership at a fleet price.
eCommerce's assault on the status quo not only disrupted the bulk of our transactions, it permanently changed the expectations of multi-generational consumers around the world. Convenience reigns today to the extent that the customer point-of-sale experience has become the most important thing. In the mortgage industry, it may well be on its way to becoming the only thing.
Mortgages, of course, must operate within a tightly matrixed regulatory environment, but that environment is focused on consumer satisfaction and ease of use-as exemplified by the CFPB's motivation behind TRID. Make it simple for consumers to understand and access, make it economical and transparent, and the future is yours. The problem, as we all know, is that this has all been terribly difficult to bring about.
Fortunately, momentum is on our side, particularly with a number of industry initiatives that are well under way. Just as the autonomous automobile is expected to become commonplace within ten years or less, the truly streamlined mortgage is on its way to being fully realized...Read More Here.