Technological advancements are one of the hot topics all across the globe. Financial industry is one of the sectors that have had been significantly influenced by the developments taking place in technology. Mortgage is one of the products impacted through such changes happening in the global arena.
Mortgage market is continually responding to the technological changes happening every now and then. Lenders are adopting the new transformations in order to improve the customer experience. The expectation of customers has already increased and it must continue through the life cycle of mortgage servicing process.
There are two major changes occurred in the mortgage market. Firstly, the idea that the origination process must be simpler and easier than ever before is spreading rapidly. Lenders are now allowing more digital applications. Secondly, there has been more investments in this sector. Technology is being reconfigured through these investments to modernize the application even more. Technological advance along with philosophical advance have enabled a movement towards a more automated online and digital process.
Digital mortgage will continue to evolve with the help of online mortgage advisor. This adoption of technology is not even considered as a problem to most of the lenders, and the borrowers of course. In fact, independent jurisdictions all across the globe have showed a positive attitude towards the change and have agreed to coordinate the complexities of the process. Even though digital mortgages have been present in some markets, the scalability is not yet proven due to some external concerns.
Professionals associated with mortgages are trying to make the industry more modern than ever before. It cannot be yet anticipated the exact time of industry becoming 100% digital but the aspiration is continually motivating the industry to progress.
Here are some statistics that show how digitization in the mortgage industry is satisfying the customers. It is an indication of how digitization can be so dominant in near future.
- 90% of the borrowers used Internet in some way or another as a part of mortgage process.
- 80% of the documents are submitted electronically.
- 85% borrowers have claimed that electronic solutions have simplified the entire process.
- Only 36% of borrowers are comfortable with applying for a mortgage through an offline platform.
Robots overtaking a number of industries is a reality. Mass automation is taking place and it provides its own benefits and detriments. Mortgage industry has some possibility of robot integration as well. We can see that cars are being manufactured by robots today.
The future of mortgage technology is not certain but there are some predictions made by different professionals about what can happen in the future. We are gradually moving towards optimal customer experience easing the process not only for all the borrowers but minimizing the burden on lenders as well. Digitization is happening for our better, and there is a lot more to come. However, it is yet impossible to determine the scale of future development at this point in time.