Digital Mortgages

Posted on | July 21, 2017

Just about every service you can think of is going digital. Today’s consumers — millennials in particular — are accustomed to obtaining almost anything instantly through either a mobile device or computer. Mortgage providers are interested in maintaining a competitive edge in order to cater to that market.

According to HousingWire, it takes 51 days on average to close a traditional mortgage. Talk about a financial product that could benefit from some modernization!

With a digital mortgage, some borrowers could be approved within minutes — only needing to upload necessary documents to finish the process and never having set foot in a bank.

Quicken Loans was a digital mortgage pioneer first offering a product in 2015. The lending giants have jumped on the bandwagon, most recently with Wells Fargo announcing during a second quarter earnings call plans for a digital mortgage platform in 2018.

  • Some benefits of digital mortgages:
  • Faster
  • More secure
  • Reduces errors
  • More organized
  • Paperless
  • Trackable
  • Financial information can be linked and automatically uploaded

Digitizing the mortgage process is a welcomed step for consumers and lenders, increasing competition while saving both time and money.

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