The mortgage industry threw its doors open to the latest technological and digital innovations a few years ago. This has resulted in a sea-change in the way in which the business as a whole has responded.
Technology is ubiquitous.With every passing year, we are witnessing many impressive innovations in mortgage services technology. Each one of these transformations serves to make the choices of customers that much easier.
The mortgage industry today is commanded by lead aggregators who are active online. Their job is to gather bits of borrower information, before passing individual borrowers to select lenders.
A few major trends that are shaping the technological shifts in the industry this year are:
Mortgage sans Paperwork
The moment one thinks of the word “Mortgage” the image that instantly springs to mind is that of paperwork! Yes, be it disclosures or closing, endless rounds of information and signatures have to be entered on reams of paper. But with the latest technological strides, banks are better positioned to understand the advantages of going paperless.
While tons of paper will be available for other uses, customer relationship management teams can build strong bonds with their clientele. Customers can examine their closing and disclosure package in the online format; and subsequently imprint their e-signature. In all of this, establishing robust cooperation online between internal and external stakeholders in the mortgage loan process will be the next big challenge to overcome.
Related: What you need to know about the trends driving in the tech industry
Thrust is on Mobility
Enterprises that do not design their operations for mobility cannot survive in today’s competitive environment. Mobiles and other handheld devices are in many ways the zenith of our current technological achievements. The reason is simple: globally, more and more people use mobiles to gather information about products and services, in comparison to traditional desktops.
This is precisely why one can find dozens of mortgage mobile apps now. The function of each of these apps is varied. While some assist users in tracking the latest mortgage rates, other apps take customers through the entire mortgage origination process. These are indeed welcome additions and scores of customers have derived the benefits by utilizing such apps.
With all the evidence on the ground, clearly, mobile is the way forward for the mortgage industry. It will streamline processes and enable customers to gain a comprehensive view of their requirements.
The onus is on lenders to stay focused in adopting the myriad technologies that have come to the fore today. Customers will be more than happy to manage their finance and accounting needs effectively with the aid of technology. There is no escaping the ultimate digitalization of the mortgage process.
Trigent Software has been a revolutionary in helping a lot of Mortgage companies in the US, digitizing their assets to a greater ROI.