When I landed at JFK Airport in New York last week, I called Uber and my driver actually worked for a large ride-service company. The company had signed all of its cars and drivers up for Uber. This is a great example of a company adjusting to a technology change that is wiping out many other companies.
The WSJ recently had an article called the “Uberization of Money.” http://www.wsj.com/articles/the-uberization-of-finance-1446835102. All lending, including mortgages, will someday go the way of Uber, with phone apps compiling data and using algorithms to provide large loans at low rates, with nothing more than a few screen touches.
We are several years away from this now primarily b/c our industry is so heavily regulated and b/c traditional lending sources still offer better terms. But rest assured, it will come.
Real estate too will be Uberized.
The key is to expect it and be ready. JVM will have to transform massively within the next five years, but fortunately, our staff is extremely young, smart, flexible and tech-savvy, and we can’t wait.
Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646
