Personal contact rather than one-click service
As a veteran broker, I truly believe, it is imperative to have personal contact rather than one-click service.
Recently, Amazon has shown signs of entering the mortgage market, bringing a worldwide online retailer into the mortgage space. According to HousingWire’s Jacob Gaffney, Amazon intends to begin with checking programs and later intrude into the debt space.
When you get a mortgage you should talk to someone who understands your individual needs and can think outside of box. Personal contact with a licensed agent is still the way to go, not the low cost customer service center rep that is in a totally different country.
A lack of personal service can cause thousands of dollars to be lost
If Amazon continues with their one-click ordering method, this can shorten and simplify the mortgage process significantly. However when getting the best possible mortgage, everyone has different needs and situations. A one click solution cannot replace an experienced professional who will preform a detailed analysis, to search a program and rate that will best fit your needs.
For borrowers, one click mortgages may not be good news
From a poll of 1,000 Amazon customers conducted by LendEDU, a lending service for students, only 38% confirmed that they would trust Amazon to handle their finances as much as a traditional bank.
Though Amazon is a global superpower, it’s aggressive growth will most likely be restricted by capital rules and opposition, as proved by Wal-Mart almost a decade ago when they attempted to obtain a type of banking license.
In the future of mortgages In-person talks will never be topped by technology
For the reasons stated above, Amazon’s intrusion into the mortgage space shows an increase in demand for digital mortgage but no real improvements in the process of getting mortgages with traditional banks and brokers staying well above in terms of getting the best possible outcome.