Apple’s Steve Jobs, who died Wednesday, impacted hundreds of millions of lives in almost every industry, including Canada’s mortgage industry.
One small example was how Apple computers automated mortgage processing. Prior to the mid-80’s, brokers generally took mortgage applications by hand. Brokers would then often manually retype an application before faxing it to a lender.
“In 1985, the first application system (linked directly to lenders), was developed solely on an Apple platform,” say Bruce Davison, one of the original Mortgage Centre owners.
This software eventually evolved into Filogix Expert, the leading mortgage origination platform in our industry.
“Our little boxed (Macintosh SE) computer with a screen not bigger than the current iPad was a shock to me, as to how easy it was to use. All I had to do was point the mouse at items, drop menus, drag and drop (client) files and type where indicated.”
“Better still was the fact that a client could come into my office and I could turn the (yes tiny) screen and show them various payment options, calculations and amortizations.”
Steve Job’s impact on the Canadian mortgage market may have been indirect, “but for us non-techies,” says Davison, “I am sure glad to have been a part of his Apple world.”