The Limitations of
Modern Technology & Social Media Within the Mortgage Process
Use the Good ... Out With the Bad
Modern technology allows us to communicate quickly and easily. But no matter what device or brand of technology preferred, social media is fast becoming the preferred communication method for the majority using it. Heck, even our TV screens can now be set-up so we can communicate on them.
You would think having all this technology at our fingertips would make us better communicators, right?. But it seems to me, that the result has actually been quite the opposite.
It's been my experience that all this advanced technology has actually diminished our talents, capacity, and desire to communicate with one another. It's shortened our attention spans and lessened our ability to concentrate.
I've found the following to now be true in a growing majority of my clients:
* If messages or instructions can't be conveyed in 140 Twitter characters ...
* If a message can't be abbreviated well for texting ...
* If it can't be transformed into a picture "pin" for Pinterest ...
* If we can't "Like" it or find it on Facebook ...
* If you can't "check in" via Four Square ... scan, fax, hit a button, or forward it ... clients are balking at participating. Even Email is now considered too time-consuming and laborious by many.
I AM a fan of modern technology and communication and the capabilities it offers. I take advantage of it within my business. It's just that I'm finding that our society's reliance and growing obsession with these modern methods of communication can often present a problem for me, while serving as someone's Mortgage Lender.
Why? Because just as the love of this form of communication has grown and spread to record levels of use and become the new norm ... the demand and need for increased attention, dialogue, and communication has simultaneously arrived within the mortgage process.
Simply, within the mortgage process, people's current desire to communicate in staccato VS the need to communicate in length, is out of sync with one another.
Here's my dilemma. With my average Mortgage Pre-Qualification alone now including about 30 +/- preliminary questions, the process becomes rather long and drawn-out if a client tries to conduct it via shortened communications, texts, and emails. And Pre-Qualification is not even the most demanding and time-consuming portion of their mortgage process.
So when it's true, there's never been a time in history when the need for a thorough and complete understanding of the mortgage process has been more important or urgent for someone entering it. Clients cannot and should not solely rely upon these new forms of communication to deliver them a successful, closed transaction.
I personally don't believe that today's detailed and challenging mortgage process translates well into short soundbites, Tweets, texts, check-ins, or "pins". They don't allow room for the vast amount of detail, info, and explanation now found or needed within the transaction. And many times, emails don't cut-it either.
Clients simply must be more involved within their process then those forms of communication allow. They must allow themselves the time and ample opportunity to share their concerns and ask questions of their Mortgage Lender in a more thorough fashion. Verbally, through dialogue. It's in their own best interest.
The communication within the Mortgage Process needs to be somewhat out-of-step with modern society. It must remain more ... "old school". Clients seeking mortgage financing must allow themselves time and opportunity for real dialogue. Taking notes. Question and answer periods. Study Hall.
I say, "Use the Good .. Out with the Bad", when it comes to modern technology and social media.
But of course, everything learned can and should be stored and shared via the very latest technology ...
* Get the in depth info, advice, and guidance you need by contacting me today. I'll be happy to hear from you and have the chance to talk and answer your questions. I can be found at any of the following:
Cell/Text: ![]()
708.921.6331
Email: genemundt
Skype: ![]()
630.219.1316
Mobile: m.genemundt.com
And of course, should you already be a homeowner ...
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