Digital mortgage is radically changing the lending industry for both consumers and lenders.
In its simplest terms, digital mortgage automates the mortgage application, process, and closing. Sure, that doesn’t sound like it’s radically changing anything, but neither did Amazon when it first started to sell books online.
When we say that digital mortgage is a major advancement in the lending industry, it not an over-estimation.
It’s already happening.
The Digital Mortgage Experience
A true digital mortgage is more than a different way of processing loans. It revolutionizes the acquisition, preparation, operation, and completion of the loan processing system for mortgage professionals and borrowers.
For borrowers, it simplifies and expedites it to where a previously tedious and confusing mortgage acquisition process feels like a user-friendly digital gateway to a new home.
The Advancements of Digital Mortgage
Reaches Your Consumers. Anytime, Any Place.
Today’s time-crunched consumer not only prefers the convenience of digital automation, they expect it. Borrower’s want a digital loan application process available on the lender’s site doing away with a face-to-face meeting or several long telephone calls; one that can be done on their coffee break via their mobile device or at home watching late-night after the kids are in bed. Instant access means instant gratification.
Boosts Efficiency. Reduces Human Error.
The actual loan process is complicated, but managing the documents doesn’t have to be. With a cloud-based document manager, information is shared once by the applicant, and the data is dynamically and accurately moved across every loan phase. A digital source means that all variables during acquisition, underwriting, processing, and closing are managed seamlessly and remain uniform. Communications and notifications are made with a digital speed, with digital accuracy.
Provides Transparency for Consumers. Improves Communication Between Departments.
A completely digital mortgage allows borrowers to check their loan application at any time, from any device. Borrowers appreciate the transparency and gain a feeling of control knowing that they’re “in the loop” from beginning to end. Borrowers aren’t the only ones up-to-date. Unlike traditional paper applications, digital loan docs are encrypted and virtually locked in a cloud platform, with instant access available to both consumer and all other stakeholders including loan processors, underwriters, realtors/agents, escrow officers, last but not least the loan officer!
Accelerates Processing Time. Wins More Clients.
With a digital mortgage, pre-approving an applicant can take just a few hours instead of the several days it might take with traditional paper-based loan applications and documents. With the elimination of cumbersome paper shuffling, sit-down meetings, miscommunications, and waiting for docs, LO’s have more time to follow-up on leads, provide stellar customer service, and oversee more loans.
Increases Competitive Edge. Adapts To Business Growth And Trends.
While the entire mortgage industry is transforming toward digital, mega banks are moving at a much slower pace. Lenders that make the transition to a digital mortgage platform NOW will gain a competitive edge –and the growth is instantaneous, without interruptions to current operations.
Digital mortgage is more than a website, a plug-in, or an app. Digital mortgage is a progressive shift in the way lending is done and experienced. And this is just the beginning.
Are you ready?