Digital mortgages are bringing efficiency, transparency, and speed to the mortgage industry for both lenders and consumers.
As “fintech” moves toward the forefront of the financial services industry, the digital mortgage has become increasingly popular amongst people looking to forego the long, drawn-out phone calls and tedious paperwork that come with securing a mortgage the old-fashioned way. Digital mortgages aren’t just providing an alternative method of processing loans, they’re turning the entire industry on its head by revolutionizing the acquisition, operation, and completion of the loan processing system for mortgage professionals and borrowers alike. But how?
Getting a loan can be a complicated process. However, digital mortgage lenders are working to make the process simpler and more efficient by making it much easier to manage the documents that come with it. Most digital lenders employ a cloud-based document manager that can take information that is shared by the applicant and move it across every phase of the loan process. Going paperless makes transferring and keeping track of the hundreds of documents that go into securing a loan much simpler.
One of the biggest benefits of a completely digital mortgage is the level of transparency that comes with it. A digital loan process allows the borrower to check on their loan application at any time from any device. Transparency and communication are key in a smooth loan process because no one wants to feel like they’re out of the loop, especially when it comes to something as important as securing a mortgage. The increased transparency and improved communication that come with a digital mortgage not only give the borrower peace of mind, but they make the lender’s job easier as well, ensuring a smooth process.
Digital mortgages aren’t just providing an alternative method of processing loans, they’re turning the entire industry on its head.
With a digital mortgage, the pre-approval process can take just a couple of hours as opposed to the several days it may take with a paper loan application. The average mortgage application consists of over 500 pages! A number that has grown in recent years and may continue its trend upward. By getting rid of the unnecessary meetings, miscommunication, slow file sharing, and paper shuffling, loan originators have more time to focus on providing top-notch customer service and overseeing more loans. Not to mention, you get to go home quicker!
THE FUTURE OF DIGITAL MORTGAGES
The future of the digital mortgage is bright one. As the mortgage industry as a whole trends toward a digital future, large banks are lagging behind the curve. As these household names struggle to adapt to the changing times, groundbreaking digital lenders such as Cardinal Financial are poised to become leaders in the industry by leveraging speed, efficiency, and high-quality customer service into a larger market share. It’s no secret that the future is digital, and with the technological advancements that companies like Cardinal Financial are making, the sky’s the limit for the digital mortgage.