Digital POS My Friend
As a mortgage originator, you're constantly fishing for leads. The pool of mortgage borrowers is a big one, and sometimes they're swarming (like now) and sometimes it seems like the lake is poisoned (like 10 years ago). But we've all got one lure in our toolbox that gives us a chance to catch the big one: the internet. Ok, enough with the fishing analogies.
During Super Bowl 50 in 2016, Quicken Loans introduced Rocket Mortgage and did the entire mortgage industry a huge favor. Rocket Mortgage made mortgage lending cool. It turned getting a loan from a painful, root canal-like process into a futuristic Star Wars-esque experience that everyone just had to try.
But it also raised the bar. A side effect of Rocket Mortgage is that Quicken created a new category of mortgage technology, the Digital POS. Every mortgage originator – bank, credit union, mortgage lender, mortgage broker – felt they had to implement their own Digital POS in order to compete. Everyone was convinced that they were Kevin Costner and that if they built it, borrowers would come.
In the ensuing years, many companies (including yours truly, Lender Price) would pop up with their own version of Rocket Mortgage in order to meet this newfound demand for Digital POS.
Four Super Bowls and two New England Patriot wins later, what is the state of digital lending? Has Digital POS technology transformed the mortgage industry, or are we still sitting in an empty field waiting for borrowers to show up?
Join our webinar on Thursday, August 22 at 2 pm EST as we discuss the impact of Digital POS technology on the mortgage industry. One of our clients will share their experience of using a Digital POS and describe the expected and unexpected outcomes of doing so. As a vendor of a Digital POS system, we will provide our own insight on what has worked, what hasn't, and where we think Digital POS technology is going.
We hope you can make it.