There are many benefits to using technology. Yet, for the mortgage industry, the use of technology hasn’t always been prevalent.
Then, the global pandemic hit, and lenders had to find a way to quickly change their processes to improve their customer experience.
How were lenders able to do this? With the use of technology in the mortgage process, of course. So, with all these new changes, has technology made the mortgage loan process better? Well, the simple answer is absolutely.
For starters, technology has reduced the need for face-to-face interactions. It has also expedited the underwriting process and simplified the mortgage refinance process. Understanding how technology will continue to shape the mortgage industry is valuable.
Here’s what you need to know about how technology is shaking up the mortgage industry.
Simplifying the Mortgage Application Process
Did you know that 74% of lenders feel that the mortgage application process can be simplified with technology? Technology can help reduce the time it takes to manually enter customer data and close on a home.
Customers are also seeking lenders who integrate their mortgage process with technology. Flexibility is important in the mortgage process. Clients want an easy way to provide documentation.
Technology is the answer. Not only does it offer convenience, but it also offers security for lenders and their buyers.
Helps Grow the Business
By using technology in the mortgage application process, lenders can help serve more customers. The more customers a lender can approve mortgages for, the faster the business can grow. Other mortgage companies will begin to see the benefits of using technology.
This can make the use of technology in the mortgage process an industry-wide practice.
Redefining the Refinance Mortgage Process
When borrowers look to refinance, their home technology is being used in this process as well. Customers get appraisals, loan information, and more with a few simple clicks.
Mortgage Underwriting Process
Emerging mortgage companies have already begun to streamline the mortgage process with technology. It’s called MortgageTech, and it is changing the underwriting process.
The use of artificial intelligence, or AI, is making the mortgage underwriting process more automated. It helps lenders improve efficiency by reducing the time it takes for mortgage approvals.
AI contributes to the decision-making part of the mortgage application process. It can quickly analyze a buyer’s credit report which helps to grant a mortgage loan. Machine learning and robotic process automation are also being used in the mortgage process.
This specialized software starts by gathering the customer’s information. It then analyzes the data and provides lending recommendations to grant a mortgage loan approval.
Technology Makes the Mortgage Process Easier
As you can see, technology has made a positive impact on the mortgage process. It’s simplified the application process, has helped customers refinance their homes, and made the underwriting process a breeze.
If you are ready to see how easy technology has made the mortgage process, reach out to our trusted mortgage advisors at JTS & Co. today to get started.