‘I wouldn’t be surprised if the total number of brokers shrinks, but the overall amount of business either stays the same or increases’
Plenty of mortgage industry chatter over the past three years has focused on how the role of brokers will change amid a revolution in artificial intelligence (AI) – and whether mortgage professionals could be under threat from technological advancements.
Much of that discussion has centred on AI automating underwriting and document review and approval, and even the (seemingly unlikely) prospect of chatbots replacing human mortgage advisors.
But that focus could be missing the mark on the actual way AI could impact the mortgage sector in the years ahead, according to an industry executive who believes human input will always be essential for more complex mortgage problems – and that identifying those opportunities will separate quality brokers from the rest.
Dan MacDonald (pictured top), co-founder and chief executive officer of client engagement platform Ownwell, told Canadian Mortgage Professional seasoned, expert mortgage brokers will remain an integral part of the industry even as tech progresses, but less committed industry members could be in trouble.
“For consumers who have a simple mortgage solution, I think a large number are going to be comfortable getting that mortgage without having to speak to a human,” he said. “And so I think the mortgage brokers that win are going to be those that are able to identify these problems proactively.
“[Those are] things that aren’t on the bank’s radar yet or aren’t on the client’s radar because they might not even be aware that they might be able to save money, leverage their equity, or move up.”
‘It’s not like you’re going to see some massive change in market share’
Brokers who go through the motions with their clients could find themselves falling by the wayside, MacDonald argued, at the expense of those who can leverage AI tools to add value for clients and focus on human interactions while technology takes care of the more mundane administrative parts of their role.
That means mortgage brokers aren’t going to be replaced by AI, he said. Rather, they’ll be replaced by mortgage brokers that can use and harness AI.
And for those brokers who’ve set up their business correctly to capitalize on the AI wave as it accelerates, opportunities to capture even more business could be ahead.
“It’s not like you’re going to see some massive change in market share away from mortgage brokers,” he said. “But I think you’re going to see a number of really big mortgage brokers take business away from the average.
“So I wouldn’t be surprised if the total number of brokers shrinks, but the overall amount of business either stays the same or increases.”
Because of the increasingly complex nature of today’s mortgage market, coupled with the fact that a home is often the biggest purchase of someone’s life, competent brokers will always be an indispensable component of the buying process, in MacDonald’s eyes.
For mortgage lenders and other servicers, that means resting on their laurels and assuming customers won’t want to speak with a broker is the wrong move.
“I think humans are going to crave human interactions that they can identify as human,” MacDonald said, “and they’re going to be extremely averse to a mortgage broker experience where they can tell that the broker isn’t there and it’s a recording or some kind of automated AI experience.
“For those stressful, emotional situations, people are still going to want to talk to a human. And those mortgage brokers that succeed are going to have to use AI to automate all the other stuff so that they can focus on those real client conversations.”
March’s Vancouver Mortgage Summit draws nearer
MacDonald will appear at the eagerly awaited Canadian Mortgage Summit Vancouver, a complimentary full-day expo arriving at the Vancouver Convention Centre on March 19.
Hundreds of mortgage professionals including leading brokers, lenders, executives, and innovators are set to attend a powerful day of learning, networking and industry-wide collaboration, with attendance completely free for mortgage professionals.
MacDonald said the event will offer an invaluable opportunity for industry members to interact in person and share ideas on ways to gear up for success in 2026.
“I’m really curious to see what people are doing in this market that’s been working for them and what isn’t working,” he said. “It’s been fascinating over the past year to talk to our hundreds of customers to understand some of the really clever ways that mortgage brokers are using not just AI, but technology in general to win in what’s been a tough market.
“There are some really creative ideas out there. So I think those are some of the ones that I’m most looking forward to.”
Registration is still open for the Canadian Mortgage Summit Vancouver on March 19 – completely free to attend for mortgage professionals. Make sure to sign up for your ticket now.
