Mortgage technology has changed a lot in the past decade. Keeping up to date with the changes is important to understand how to simplify the process for yourself while also saving the most money.
The future of mortgages is online with the increasing development of Fintech (Financial Technology). Learning how to take advantage of the new ways of doing business will help you prepare for this transition from face-to-face business to online business.
Mortgage Tech in 2022
Mortgage Technology has improved significantly in recent years. This is due in large part to the COVID pandemic. Businesses and mortgage lenders specifically had to adapt quickly to the sudden shift to an all-online business format.
This led to the implementation of the digital mortgage application process becoming standardized as no business was being done in person and on paper. Fintech markets are continuing to grow and with this, the technology to make financial processes easier is now becoming available.
OnlineApplication is a company that makes software that assists lenders with digital mortgage applications which simplifies the process for lenders to have all of the information they need in one safe and secure location.
Why it’s important
It is important to understand how mortgage technology is changing so that you don’t waste time and money on the old ways of doing business and can utilize the new tools that are available to everyone.
Being able to quickly and safely store your documents in a secure system that can be sent anywhere with a matter of a click is valuable for businesses because they can offer better and more personalized services if they have your information on hand.
It’s important for customers because they can save time on what is usually a lengthy and complicated process to apply for. Also by having access to different lenders, they can save money.
New mortgage technology provides you with 3 main benefits:
Gives pre-approval faster, keeps all documents safe and secure in one location, and allows you to sign documents digitally without needing to go into any office to meet with people. The approval process when applying in person can take long periods of time and with this system, the wait time can decrease by 20%.
The pre-approval process for OnlineApplication is done by a special AI that quickly goes through all of the information that you provide them and gets the process done at a faster rate than applying in person. The information then gets provided to different lenders to help facilitate the process of getting your mortgage going without you having to stress.
Keeping all documents stored online will eliminate the need to dig through files and be able to open one folder with all of your information, which helps you and the lender. It also allows you to be able to add documents at any moment.
Also, by filling it out online it eliminates the need to have to go meet with someone in person, which with the younger generations is something they like to avoid. Younger generations are more likely to want to get something done online if it is an option.
How OnlineApplication has contributed
OnlineApplication has created a way to help out lenders by selling software that is very user-friendly and makes a complicated digital mortgage application easy to do
The quick and easy process allows you to seamlessly upload all of the documents that are needed for your application. This gets rid of the need for big complicated paper trails and face-to-face meetings.
This has been very useful as the next generation of home buyers have grown up with technology and prefer this way of business, so using an online mortgage system will help draw in the upcoming generation of home buyers.
How to get in contact
Getting in contact to learn more about this new mortgage technology is easy. Go to our website OnlineApplication.io and find the “Inquiry” button in the top right and fill out your information and someone will reach out to you. Or for instant access click on the link below.
Jimmy LaSusa is an intern from the University of Missouri, who is majoring in Marketing. His interests include International Business, Marketing, and Sales.