Mortgage Brokering is Being Automated

The CBC at the end of February, 2017:

Tory Shoreman thought she was safe.

As far as career choices go, working in mortgage financing at one of the country’s top banks seemed like a solid bet.

She figured there would be more job security than many other professions and plenty of opportunities to climb the corporate ladder in Toronto.

That was back in 2010.

Over the next seven years, she says she had a front-row seat to watch automation — most often intelligent software — take over nearly every aspect of mortgage processing.

As I stated in my post on The Information Revolution, all repetitive jobs will be automated at some point in the future, regardless of whether they are considered blue-collar or white-collar.

2 thoughts on “Mortgage Brokering is Being Automated”

  1. All true. Since 2010 there’s a new space calling itself FinTech or financial technology. Companies such as SoFi and Lending club are taking over the entire lending space, which includes consumer lending not just mortgage.

    1. Thanks for the first-hand industry knowledge, Mike. Amazing that they’re going after the entirety of consumer lending, but it does make sense.

      How long do you feel manually-driven lending will last? Is the shift happening rapidly?

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