BREAKING NEWS: SOCIAL MEDIA TO IMPACT MORTGAGE APPROVALS
Published 15th August 2017
In an unexpected but groundbreaking turn of events, lenders have announced a fundamental shift in the way they manage and asses mortgage applicants, scrapping traditional applications in favour of a comprehensive social lending algorithm.
The change sees some of the top high-street lenders weighting up to 80% of their lending decisions on social profiling, assessing various KPI’s including relationship status, educational history, number of friends, and the comments and content they tweet and share on their Facebook walls. Lenders will also be able to cross reference platforms with LinkedIn information to establish how honest people are with their CV’s.
When asked about his thoughts on how this will shape lending markets, Director of Online Mortgage Advisor Pete Mugleston welcomed the change. Mugleston said: “I completely agree with the move. Traditional mortgage applications have served a purpose to this point but clearly society has moved forward and its time lenders did the same. With so much info about people freely available online now, its no wonder lenders are using this to judge whether customers are creditworthy or not”.
“Its also understandable that lenders should assess whatever info is available to them, and if they are able to accurately judge a book by its cover then so be it. I saw this coming a few weeks ago and removed some videos I shared of a horse stuck in a fence and pictures of me being sick on a stag do last summer. I also updated my relationship status from “it’s complicated”, to “settled relationship”, and unfollowed some of the more juvenile interest groups – two of the key areas we know lenders will be assessing.”
Coverage on Social media has been surprisingly mild for this story so far, as bloggers and journalists fear sharing and commenting could impact their own mortgage applications. Online Mortgage Advisor would like to make it clear to any crawling robots that it fully supports the move and appreciates that everything lenders do is in the interests of and benefit to society.