The Limitations of Modern Technology & Social Media Within the Mortgage Process. Use the Good ... Out With the Bad

Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI



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.

Contact Gene Mundt, Mortgage Lender today!
     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 itClients 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 ... 
Contact Gene Mundt, Mortgage Lender     *  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 


And of course, should you already be a homeowner ...

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656


Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 


Your Referrals & Testimonials are Always Greatly Appreciated! 




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Ira Bodenstein
PNC Mortgage - Montclair, NJ
NMLS#: 445143

I couldn't agree more.  I still prefer to talk than type.  Although my typing skills are very good, my mouth can still move faster than my fingers.  Pick up the phone and talk to me.  By the time we exchange several email and few days later, that rate I quoted you is now gone. 

Jul 16, 2012 06:46 AM #5
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Nobody wants to talk anymore - and certainly not at any length.  I have received incredibly long text messages that would have made much more sense if the person had just called.  In fact, I usually end up calling them to verify.

I know all of us "older" people are worried about the next generation and their lack of focus - but why shouldn't we be? And especially when it comes to the intricacies of the mortgage contract - you just can't fit that conversation into a phone screen.

Jul 16, 2012 07:06 AM #6
Sharon Lee
Sharon Lee's Virtual Assistance - Jonesborough, TN
Retired and loving life

Gene-Some things in life just are better done the tried and true method before text and twitter was ever around. Congrats on the feature.

Jul 16, 2012 07:24 AM #7
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.
There should be no compromise for the messages that can't be conveyed in a text or tweet. Use them to establish a meeting time and hammer out details verbally.
Jul 16, 2012 08:11 AM #8
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

I so agree Gene.  And, mortgages are not something that are easy to understand and the requirements have gotten stricker.  Often voice to voice communication is the way to go to ensure there is proper understanding.

Jul 16, 2012 08:18 AM #9
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519



Jul 16, 2012 08:40 AM #10
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

^^ Just kidding. I was doing the abbreviation thing there. Get it?

You're totally right. The one thing that I can say about all the technology is that it's much faster than sending stuff in the mail, and it's easier to keep records of things.

Jul 16, 2012 08:40 AM #11
Carie Shapiro
North Shore Suburbs & Chicago Real Estate - Evanston, IL

Miscommunications even happen with face-to-face dialogue, so I can just imagine the challenges with trying to communicate such sensitive and critical information via modern technology.

Jul 16, 2012 08:41 AM #12
Maureen Bray Portland OR Home Stager ~ Room Solutions Staging
Room Solutions Staging, Portland OR - Portland, OR
"Staging that Sells Portland Homes"

Good 4 U Gene!  Gr8 tips 4 us ... thx :-))

Just kidding!! I dislike the reliance on Social media just because it's "the latest."  Sure, use it for some things.  But important documents need to be transmitted in a way that makes sense.

Jul 16, 2012 10:17 AM #13
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Jane:  It certainly accounts for much of the lost time and slow down that occurs within many transactions.  And it never fails, that the ones that have dozens of questions utilize conversations the least.  It CAN get frustrating ...

Nancy:  As they say, "there's a time and place" .. and it's definitely true with differing forms of communication.  Texting, I agree, can be a fantastic way to deliver brief messages.  For real back-and-forth conversation, not so much ...  GREAT to hear from you, as always ..

Phaedra:  Real communication and conversation is a dying art form, that's for sure.  (BTW, love your name!  Beautiful!)

Steven:  You and I know from experience the amount of information that needs to be conveyed during a transaction.  And how many questions should typically flow back and forth.  Gets very hard to accomplish what is really needing to be done, if you can't talk to them. 

I hear ya, Ira ... as I'm much the same way.  Personally, I just think you circumvent many potential problems when you can have a real conversation ...

It's definitely challenging, Margaret.  Potential issues can be avoided utilizing the old-fashioned conversation.  And we're not old ... we're just classics ...

Sharon:  It's true ... sometimes the old ways are still the best ways ...

Kevin:  "hammer out" ... good term for it! 

Debbie:  You and I are on the same track of thinking with this one.  Just too many opportunities for issues to arise ...

Eric .. you're a riot!  lol    And I agree.  The technology and social media serves a purpose.  But it doesn't completely eliminate the need to talk verbally.  There are just too many things to discuss in detail ...

You're exactly right, Carie.  There's enough to try to understand without adding additional roadblocks in a client's way ...

Cute, Maureen!  Pretty quick on your feet too!  lol   Exactly right ... a more complete and thorough ability to discuss details is demanded ...




Jul 16, 2012 12:34 PM #14
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Gene, believe it or not, I'm a huge fan of the good old fashioned telephone! 

Jul 16, 2012 12:41 PM #15
Howard and Susan Meyers
The Hudson Company Winnetka and North Shore - Winnetka, IL

Gene...we always have to remember not to "throw away the baby with the bath water" when integrating new technologies.

Jul 16, 2012 01:15 PM #16
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Gene, no, you can't do a loan application via texting - no, you can't tweet it either - and heaven forbid you 'pin' it! The basics never change.


Jul 16, 2012 01:39 PM #17
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA


In my business as yours, I have to explain the provisions of a contract in detail so it is understood by the buyer or seller.  You can tweet or text that.  Phone or face to face it takes time to fully explain so the client feels comfortable with what he or she is signing.

Jul 16, 2012 02:05 PM #18
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

I really agree with Steven above.... The more technology I experience the more I simply wish we could sit down and talk - Clients and Realtor having a conversation...

Jul 16, 2012 08:38 PM #19
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Oh I hear ya, Patricia.  SO many things could be done better and accomplished more efficient and quickly if you could just have a real conversation with someone.  It's getting like they're allergic to actual conversation or something ...

Amen!  Simply, Amen! Howard ...

Sharon:  Can you imagine that????  An application via Pinterest???  Hmmm .... you've got me thinking .. lol

You hit the nail on the head, Evelyn.  FULLY explain in detail ... so you can immediately face their fears and address any miscues or misperceptions.  Sometimes I miss the old-fashioned sit-down appointment ... :)

David:  I agree with you.  I think so many speedbumps could be avoided that way in the beginning and throughout our transactions ...

All GREAT Comments!



Jul 17, 2012 01:20 AM #20
David Krichmar - Legend Lending - Sugar Land, TX

Gene Gene, the Mortgage Machine!!  unfortunately as soon as less information is given for a mortgage pre-approval is surely when a denial will happen.  more info is better!!

Jul 17, 2012 02:00 AM #21
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

You and I both know that there is certain info we NEED to supply to our underwriters to get a loan approved.  We have to obtain the info one way or another.  All this back and forth with technology, rather than actual conversation just slows the process down .. and also makes it a target for mishaps and errors.  A certain amount of conversation is just mandatory and vital both ...

And I so agree ... I'd rather have MORE info, than not enough ...


Jul 18, 2012 05:51 AM #22
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Doing mortgage business in eight states make it impossible to be face to face with all my clients, but I take the same amount of time. If you are committed to giving extraordinary service, then each transaction gets completed with a very satified client.

Jul 20, 2012 08:48 PM #23
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Joe:  You're right.  Face to face is not always possible, nor needed.  But dialogue, true conversation is.  Good, old-fashioned talk on the phone would be wonderful.  Thankfully, the technology makes servicing clients more efficiently, and further away .. possible.  But we all still need to talk ... and it seems it's getting harder and harder to get someone to do that ... 


Jul 21, 2012 03:25 AM #24
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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience
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