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Personalized Mortgages in an Increasingly Digital World

October 11, 2021 By David Wolfe

As with most industries, the increased use of technology has changed many aspects of the mortgage origination experience.  When I first started in this business over 15 years ago, 90% of my interactions were in person and I computed my calculations/payments by hand.  

The trust and confidence developed between the borrower and lender during these face-to-face interactions.  Personally, a good portion of my days involved setting up meetings and driving to houses in the evenings, sitting at kitchen tables with customers. The purchase of a home, which is one of the biggest financial transactions that most people will make, deserved this high level of personal connection. Over the past 10 years, the mortgage industry has become increasingly digital and less personal…BUT small boutique mortgage companies continue to provide a high level of service that remains unmatched by bigger players.  

While digital signing and portals have become the norm, personal and authentic communication continues to be a valuable part of the customer experience in this industry, whether in-person, by phone or via email/texting.  Generally speaking, fully digitalizing the mortgage industry on a scalable level has been somewhat limited by the many rules, regulations and nuances of obtaining a mortgage loan.   As advancements are made in the automation of the mortgage approval process, the future proves to be more and more digital and less relational.  Currently, up to 70% of all mortgage originations are being processed online and at centralized call and processing centers.   Borrowers today are more likely than ever to feel comfortable online with no face-to-face connection, but some kind of personal interaction is still highly beneficial for such an important purchase.  The interaction between the mortgage originator and borrower has moved more towards texting, online and navigating portals, but the value added by a small boutique company far outweighs the lack of any personal connection with completely digital platforms.  

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“I have a bill to present to congress. Banks are “I have a bill to present to congress. Banks are required to increase rates on deposits equivalent to increased rates on loans. Many bankers seem eager to raise rates on loans, however, they are slow to raise rates on deposits. Same logic applies to inflation and prices. Easy to raise prices but hard to lower. I guess this is why they say inflation is sticky!”

-David Wolfe, Owner of PMG

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Here is some business advice: If you’re thinki Here is some business advice: 

If you’re thinking about starting a business, ask your accountant or CPA what their thoughts are. They have looked over thousands of tax returns and can tell you what businesses have margins, and which ones don’t.

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Will rising rates make the housing market worse be Will rising rates make the housing market worse before it gets better? 

Many individuals are hesitating to sell their house and give up a 3% interest rate for a rate in the high 6%? This will ultimately create less supply!

Questions? We’re here to help! Message us today. 

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Be careful! Don’t overlook the little things. Be careful! Don’t overlook the little things. 

Characteristics in homes that were overlooked the last 2 years, will not be overlooked in the future. Below are some examples: 

- 1 Bathroom Upstairs (not good for entertaining)
- No Basement 
- Privacy Issues 
- Low Ceilings 
- Surrounding Area

Buyers will be attracted to the best house for the money! 

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New Years Tip ✨ When you find yourself in a slo New Years Tip ✨

When you find yourself in a slower season, it’s the perfect time to work on inefficiencies. When you’re busy, you get lazy!

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717-735-2203
dwolfe@pmg-funding.com


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