5 Ways Technology is Changing the Mortgage Industry

Technology's Effect on Mortgage Approval

5 Ways Technology is Changing the Mortgage Industry

The mortgage industry has changed the way that we finance our homes

Technology has advanced almost everything in our lives. We can instantly communicate with people across the world, and manage all of our money with the touch of a button.

But how has this affected the mortgage industry? Only recently has the mortgage industry advanced with the technology.

Consumers want DIY financing
With 9 out of 10 respondents using some sort of online technology to help them with the home financing process, more loan companies are no longer charging mortgage lenders a fee to submit loans to their automated underwriting systems. This makes it much simpler for your lender to get on board.

Online comparison websites
There are websites dedicated to provide a list of about 30 companies and their quotes. This enables buyers to browse multiple options and opt to request a personalized quote.

Electronic pre-qualification tools
Gone are the days of comparing FICO credit scores and requirements for each borrower and waiting for them to get back to you. Within a few minutes, a calculated rate is produced based on any input information.

Online applications
Scanning and sending information instantly has made the mortgage process more efficient and quicker.

Paperwork can now all be signed online! You can sign digitally from your phone or computer, and return the documents by email.

Smartphone apps
By proprietary apps, lenders and borrowers can track the loan’s progress through each stage. Notifications can be turned on so that the borrower is instantly notified of any documents that they need to provide or paperwork to sign. This keeps them connected and up to date, anywhere they go!

The mortgage technology is advancing every day. Be sure to visit Ranch & Coast Mortgage Group Inc. for the best loan program to suit you. Contact us today!