31 Mar

Technological advancements in mortgage industry

Technological advancements in mortgage industry

The one aspect that most potential home buyers are concerned about is the process of loan procurement. The muddle of complex and extensive procedures runs outside of knowledge and understanding of purchasers that frustrates them to the maximum, though, the mortgage loan procurement process has been simplified with the help of new technologies.

Mortgage loan processing through e-signature

The remarkable technology progression has played an important role in simplification of loan processing procedure. For instance, a humongous change has been brought by e-signatures. As e-signatures are legally accepted, papers can now be immediately signed, even from a far-away place, therefore significantly decreasing the time waste in the process of document transit.

E-signatures are without a doubt a huge advantage to the mortgage industry. It has increased the speed of more or less every part of the long loan processing procedure. Technology has also helped to build and maintain a digital library, which can keep all the signed papers. This means documents can be effortlessly obtained on the need basis.

Smartphone usage

The appearance of smartphones has also drastically changed the way of the mortgage process. Starting from a call, to providing a document with e-signature to photograph appraisal, the whole thing in the mortgage process can be executed by the smartphone. Previously, the photograph had to be clicked, developed and then pasted on the appraisal documents, prior to sending to the mortgage company. This would require about few days to get delivered at mortgage office. But this has entirely transformed with the smartphone with a camera, in which a photograph can be taken and attached to a couple of minutes. Now a purchaser can easily use a smartphone to click the photo of their application and submit it without any delay.

Mortgage Apps

Organizations are now developing tailor-made applications to order or receive titles, filled application forms, offering conditional sanction and also send back signed papers. Mortgage applications act more or less as an automated project manager, as they help purchasers in sharing advancement alerts and maintaining transactions. The apps are also having the ability to send timely notifications about missing papers and payment schedule in real-time. Application status can be viewed and checked irrespective of time and location by loan seeker. A lot of queries can be resolved quickly by mortgage app.

Look for a vendor equipped with new technologies while selecting a mortgage service provider. Service provider using modern technologies offers simple and easy transactions and enhances customer experience that leads to higher profitability.