Essential Components of Mortgage Tech

November 20, 2020
Eliza Butler

As homebuyers become more internet-savvy, in a world that is becoming increasingly high-tech, lenders are searching for new ways to meet their client’s needs.

 

One way to set yourself apart in the industry is to offer transparency. When it comes to pricing, unexpected mortgage costs often fall short of client expectations, not to mention the additional time it will take to close on the mortgage. 

 

Another quality consumers are seeking is simplicity. Having to submit and re-submit documents over to many different vendors can be frustrating. Creating a platform for customers to upload all required documents and coordinating a way for all the necessary recipients to have access to them will hold great value. 

 

In addition, applying for a mortgage is only the first step the client will need to go through. Providing a service that offers information on the easiest way to actually complete their desired process will have added convenience. Creating a list of options for their next steps, such as notaries nearby and estimated time frames could simplify the process. 

 

One of the main goals of mortgage tech is to make the mortgage process as easy and painless as possible. Because of this, being able to offer explanations to all of the applicant’s options for mortgages has the potential to eliminate research time and confusion for the client. 

 

Despite the progress made in this industry, borrowers who have been approved for loans quickly can still expect it to take weeks to actually process these loans. Many mortgage tech companies have realized the importance of artificial intelligence. AI developments are expected to push a new way of replacing sluggish and expensive manual processes. 

 

Finally, providing the applicant with real-time information on their status, pricing, and approval is essential is vital. 

 

Sources: 

https://themreport.com/daily-dose/06-25-2019/the-advancement-of-mortgage-technology

https://www.dallassun.com/news/266091051/here-is-why-better-lending-is-one-of-the-top-mortgage-companies-to-work-for-and-why-you-should-join-their-team

https://www.housingwire.com/articles/49444-the-digital-future-of-mortgage-do-you-see-what-we-see/

 

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