Things can quickly become complicated in the mortgage industry. Unlike some other industries dealing directly with consumers, the mortgage industry presents a very complex product. In most cases, borrowers don’t understand mortgages well enough to make decisions without the help of professionals. They can’t just pull a mortgage off the shelf, read the package, and put it into their cart. Rather, they often feel the need to ask questions—to try to figure out what they’re getting themselves into.
In many ways, the complexity of the product is exactly what makes selling mortgages a viable career–we become the package that people can read so that they can put mortgages into their carts. That’s obviously a great benefit to us, because it makes our careers possible; we bring something to the table. But, due to the level of complexity, it also means that a lot can go wrong. When trying to explain a product and buying process that is difficult to understand, there is plenty of room for catastrophic misunderstandings.
The biggest problems that occur in the mortgage industry, I would argue, are from misunderstandings. It isn’t that consumers are unreasonable and demanding; it also isn’t that lenders are greedy and conniving. When things go wrong, though, that’s how each side often sees the other. However, the truth is often that there has merely been some failure in communication. As representatives in the mortgage industry, we should always take responsibility for that. Want to eliminate misunderstandings in the loan process? Maintain constant communication with buyers. It’s a complicated product; make sure you’re clarifying it as much as you possibly can. Communication is everything.