What is a Digital Mortgage?
As a loan officer, you’ve likely been hearing a lot of talk about the digital mortgage and how it will continue to change the world as we know it. … Although that might be a slight exaggeration, we’re all on board with the idea that it has and will continue to transform the mortgage lending process.
The question is: Are you ready for these changes? All of them?
The Digital Mortgage Concept
You may already be using some of the resources. However, to thoroughly utilize digital mortgage capabilities, you must implement powerful, modern technology. By doing so, you can help your business and your borrowers complete the mortgage loan process much more effectively than you did in the past.
If you’re not completely familiar with what a digital mortgage is, it essentially refers to using computer systems and other technologies in order to complete the loan process, beginning to end. It includes everything from a borrower applying for a loan online to the closing being completed electronically through the eClosing option.
A digital mortgage maximizes automation capabilities in order to simplify and enhance the lending process. Documents can be easily uploaded and organized digitally, and various technological resources may even help to ensure greater legal compliance.
While the initial investment in automating the loan origination process may cost you, the investment will pay for itself tenfold in time saved, overall profitability, and better communication with borrowers. Just one missed online message from a potential borrower, after all, could mean the loss of a customer.
Along these lines, an important factor to note is that interaction between the borrower and lender remains crucial. Borrowers need to know they can count on you to be there for them to answer questions or even provide them with reinforcement about their decisions. Digital mortgage technology shouldn’t replace you. In reality, it’s quite the opposite; it should make you even more accessible. And that means more business for you and additional peace of mind for your borrowers.
Are You Behind?
If you are behind in implementing effective mortgage technology systems, there’s no better time to get started than today. The sooner you modernize your loan processes, the sooner you can start reaping the rewards. Contact us at Clarity Technologies to begin.