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Summary: Changes In The Mortgage Industry

Decent Essays
I am a licensed mortgage loan consultant and have been in the industry for over fifteen years. Over the years, I have experienced many changes in the mortgage financing process such as new and innovative loan products or programs being introduced. The recent conduct of many professionals in the industry has come under considerable scrutiny as their reckless, insensitive behavior created turmoil which ultimately led to the financial catastrophe. This behavior mobilized the government/ congress into action. Strict guidelines were put in place. The paradigm shift has altered and changed the way the mortgage industry operates or conduct mortgage loan financing (business). The parameters implemented have incorporated the three levels of planning; namely, mega, macro, and micro. The video “Did You Know 3.0” gave me an indication of how technology and knowledge has and will impact my career and the way the industry conducts the mortgage financing process. The video solidify and demonstrates that technology is ever changing. Interestingly, the mortgage industry has embraced many of these changes; underwriters have ceased manual loan underwriting and are utilizing automated or desktop underwriting (DU) which is solely computer oriented. The utilization of automated/ desktop…show more content…
This indicates that there will be continuous changes at a rapid pace to the industry and the ever changing world. As a mortgage loan consultant it is imperative for me to be at the top, and ahead of my game. This is crucial to my livelihood as well as being successful at my craft. The video highlighted that a super computer will be built that will go beyond the computational capability of the human brain. Likewise, it is predicted “that by 2049, a $1000.00 computer will exceed the computational capabilities of the entire human species.” Is this a case of man versus machine? I
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