How Technology is Transforming the Mortgage Industry

Posted on October 11, 2014

The one thing that most prospective home buyers are worried about is the process of procuring loans. The maze of complicated and never ending processes goes beyond the understanding and knowledge of buyers, leaving them feeling frustrated. However, with the coming of technology, the loan procurement process has undergone a sea change.

The amazing technology advancement of the present has vastly contributed in simplifying the loan processing process. For example, e-signatures have brought about a humongous change. With e-signatures attaining legal sanctions, documents can now be instantly signed, even from a distant location, thus drastically reducing the time lost during the transit of documents.

E-signatures are indeed a boon to the mortgage industry, as they have helped speed up almost every aspect of the lengthy loan processing process. Technology has also paved a way to create an electronic archive, which can hold all the signed documents. This way, documents can be easily accessed at the click of a button.

The emergence of smartphones has also significantly transformed the mortgage process. Right from phone calls, to document sharing and e-signatures to appraisal photos, everything in the mortgage process can be performed from the smartphone. Earlier on, pictures had to be taken, developed and then fixed to the appraisal docs, before it could be mailed to the mortgage office. This would take anywhere between a few days to a couple of weeks. But this has completely changed with the digital camera, wherein a photo can be clicked and affixed within a few seconds. Now a buyer can conveniently use a samrtphone or digital camera to take a photo of their application documentation and submit it without any time delays.

The development of apps has turned the smartphone into an easy-to-use, quick and efficient loan processing management system. Mortgage companies are now developing custom-built apps to order/receive mortgage titles, receive mortgage applications, provide conditional approvals and even return signed documents. Mortgage apps are almost like an automated project manager, as they assist buyers in sending progress notifications and updating transactions. The apps can also send prompt alerts about missing documents and due dates in real-time. Loan seekers can now easily check the status of a loan at anytime, from anywhere. If a buyer has any queries, he/she can get it sorted out within seconds by using a mortgage app.

While choosing a mortgage service provider, look for a vendor that uses the latest in technology. Only mortgage service providers who embrace the latest in technology can provide you with a simple and easy transaction. At Flatworld Solutions, we use best-of-breed technology, infrastructure and software to provide our valuable customers with a great customer experience. We can help you with any type of mortgage service, be it loan processing, underwriting, closing or post-closing services. Find out more about our how our mortgage outsourcing services can give your company a competitive edge.

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