We’ve discussed how technology has evolved and changed in the real estate field, but the mortgage industry has also seen its own innovations. Over the past year and a half, COVID-19 prompted many of these changes, not the least of which were the advancement of lending technologies. On top of this, millennials are now aging into their first-time home buyer years and tend to expect things to be more streamlined. Because of this, the traditional had to make its way into the future, and online.
Forbes cites a survey from ICE Mortgage Technology which shows a surge in the adoption of digital technologies among mortgage lenders. The move to online platforms for document processing prompted the desire for permanent change as borrowers now look for lenders that allow them to complete the process of buying or refinancing on line as much as possible. If your business is deciding whether to move more of its processes online, here are some numbers that may influence your decision…
- 90 percent of lenders believe technology can help improve the mortgage application process
- 74 percent believe it will simplify the process of borrowing
- 70 percent believe technologies will reduce the time it takes to close
- 67 percent believe a move online will minimize data entry
- 58 percent said the availability of an online application would impact they lender choice
- 47 percent said the availability of a mobile app would affect their decision
Borrowers are coming to expect the option to complete documents online. “Signing documents electronically is quickly becoming the minimum, and borrowers expect a seamless experience from start to finish,” said Ice Mortgage Technology’s President, Joe Tyrrell. Fortunately, this service, along with online portals for signing and storing documents, is the one most offered by lenders, 91 percent to be exact, and most of these lender’s applications are completed online. Other technologies include electronic signatures, digital data verification, remote notarization, and desktop appraisals.
The benefits are clear as the loan process becomes much faster, easier, and simplified, but it’s not just for borrowers. Those benefits apply to lenders as well, plus being able to respond faster to applicants means they’re less likely to go with a competitor. Lenders also become more attractive to financial institutes looking for other institutions to collaborate with.
It’s a new, faster-paced world. Have you adapted your business for this digital age in lending technologies? If you’re looking to add fresh data to your toolkit to improve your offerings, our data is the perfect place to start. Once you’ve learned about the type of data you can take advantage of, head over to the data solutions page to see all the ways in which you can implement our industry intelligence. Speak with a data specialist today to find the perfect subscription to suit your business needs.
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