Housing-News-Report-April-2017

HOUSINGNEWS REPORT

MY TAKE

manual processing that must be done to underwrite and fund a loan. A deep technology platform can cut into these costs by automating large portions of this dated process. Increased operational efficiencies will enable faster, cheaper, and more accurate loan processing for consumers, pushing the mortgage experience closer to their expectations. A Mortgage for the Future As digital natives begin to pour into the housing market, they will look for a mortgage experience that meets the high standards they’ve set after growing up in a digital age. The lenders that gain their trust and offer them the experience they expect will be set up to become a partner for them as they move towards the milestone of buying a home.

A deep technology platform can cut into these costs by automating large portions of this dated process. Increased operational efficiencies will enable faster, cheaper, and more accurate loan processing for consumers, pushing the mortgage experience closer to their expectations.”

application and approval process. The loan application itself should be designed to be intuitive and interactive, allowing borrowers to navigate through it primarily on their own with the help of built-in tips along the way. Once borrowers find a mortgage that fits their needs, they want to know exactly where they stand with their financing at every step until closing. Digital natives expect to be able to check the status of their loan at any time and from any device. Feedback should be provided throughout the application process, and

qualification decisions must be delivered as soon as possible.

A Cheaper, More Efficient Mortgage Process

Digital natives have seen the cost of many services, especially those that once relied on middlemen—like travel agents— lowered as technology takes on a greater share of the workload. Currently, the Mortgage Bankers Association estimates that the average cost for a lender to originate a mortgage is $8,000, largely thanks to the hours of

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