As the 21st century continues to progress, digital technology will increasingly play an important role in the way we conduct business in the mortgage industry. So far it has made work more efficient and less time consuming because it does away with the consumption of paper and the needless clutter that results from it. According to Brenda Richardson from the Washington Post, “numerous lenders have streamlined mortgage applications to allow borrowers to have more control of the process, with a lot less hassle.” Without having to keep track of possibly misplaced documents, the mortgage process becomes more user-friendly as everything the borrower needs to access in regards to it can be found online via apps or accounts. This saves time and space when you have access to a nearby computer or smartphone which can store this information.
Switching from a paper to digital structure also makes the mortgage industry more responsive to the needs of the consumer. Tendayi Kapfidze, chief economist of the nation’s leading online marketplace, Lending Tree, says that “consumers are used to doing a lot of purchases online and doing it digitally, this also creates a faster process for digital mortgages as you get a quicker closing date, which appeals to many consumers.” Doing everything digitally cuts time and improves customer satisfaction by not bogging down the client with paperwork that can be difficult to keep track of. Devon Thorsby writes that “opting to allow your lender to contact your bank directly to verify financial information or choosing to e-sign documents cuts out time previously created by a lack of technological assistance.”
For a long time, the appraisal management process has been lacking in regards to embracing digital technology because of complex regulations and the human-centered relationship between the appraiser and borrower. However that has started to change in recent years as a result of “increasing pressure from market forces and continued innovation in technology like the cloud-based, service-as-a-service (SaaS) delivery model” Paul Doman, president and CEO of Accurate Group, says. Moving toward a digital model can save time and operating costs for appraisal management services while making errors less likely and boosting compliance with federal regulations.
Companies within mortgage industry would benefit a great deal by switching their operations into a purely digital model, one that maximizes efficiency, encourages transparency and increases accessibility for any and all clients who use their services.