In the world of mortgage processing, Technology is the new black. Well, not exactly new. Let's just say that tech has overshadowed all other considerations in the Mortgage Industry. The days of paper applications are gone. And that's just the beginning. The entire process can be digital from beginning to end. Thanks to this new way of finding and securing a mortgage, the mortgage providers, brokers, loan officers, and lenders will find you! And with Mortgage Technology improving and the emergence of AI, machine learning, and big data, applications are more quickly reviewed and approved. And Mortgage Broker Technology has broadened the opportunities for many would-be homeowners because many new categories allow them to qualify. These recent Mortgage Trends open the homeowner market to a vast cohort of new customers.
A digital mortgage exists only in the digital universe – no paper, no physical file, and everything from application to servicing is carried out in the digital realm. This process is happening using the power of intelligent automation and accessing big data, which allows all the players access to the digital tools previously only available to the big financial players. These tools allow access to more diverse data sources, making fraudulent applications easier to spot. Record low mortgage rates, the reluctance for face-to-face meetings, and a booming market fueled this dramatic change.
The application process has been transformed by technology in the past few years as well. Many companies have made various apps that use API (application program interface) integrations, allowing a single repository for what you need for your application – banking, IRA, and investment accounts. Thus the application process can now be more accurate and complete.
Once a latecomer to higher-tech and increasing automation, the mortgage loan processing sector is now embracing those advances fully. What changed? The evolution came from necessity. The Covid 19 pandemic forced the changes, as it did for much of society. Confronted with the new normal, the transition was abrupt. But after a period of growing pains, adjustments, and finally acceptance, Mortgage Tech is here to stay.