Technology Continues to Disrupt Home Lending | Latest Trends Streamlining Mortgage Process
Accustomed to the ease and convenience that technology has brought to shopping, banking and other aspects of their lives, consumers are increasingly demanding a better experience when it comes to purchasing a home, and more specifically, obtaining a home mortgage.
Companies have been stepping up to meet the challenge of streamlining and improving the process (for both lenders and customers). During the NEXT Women’s Mortgage Tech conference in Dallas in June, several companies took advantage of the opportunity to showcase their latest innovations. For example, DocMagic introduced its mobile app called LoanMagic, which provides borrowers real-time access to the status of their loan. In addition to a straightforward presentation of loan conditions that appear as “to-do” items, with documents provided for simplified completion and electronic signature, the app offers automated notifications throughout the process. LoanMagic notes that the secure app’s ability to increase efficiency can help reduce lenders’ origination costs.
Informative Software discussed its latest offering, Txt2Qual, which it claims can help lenders prequalify applicants within a minute. Mobile-based and automated, Txt2Qual posts a “soft inquiry,” which means that in addition to nearly instant prequalification status results, lenders receive full credit profiles and FICO scores without affecting an applicant’s credit score.
Other companies at the conference presented innovations to help lenders with closings, document transfers and back-office operations. The products highlighted by the 11 tech companies at the conference signal a significant change in how lenders may do business moving forward.