The Future of Mortgage Technology: What Can We Expect?
When we look at the future of mortgage technology, two main factors stand out as those that are going to make the greatest impact as we advance into the future. Those factors are smarter automation and big data.
The evolution of mortgage technology is anticipated to greatly impact all technology-reliant industries such as healthcare, finance, and of course the mortgage industry itself. Let’s take a deeper dive into the future of mortgage technology and what it has in store for us.
We’re seeing early advances in mortgage technology within artificial intelligence, robotics, machine learning, and automation technology. This goes beyond the mortgage basics, and into the advanced functionality of our future mortgage technology.
The future advancements in mortgage technology will advance with the needs of lenders. Today’s technology is more than capable of handling mortgage processing, but while the times change, our mortgage technology will as well.
Is The Mortgage Industry Ready for Change?
We’ve been discussing the changes needed in our mortgage technology for years. Now is the perfect time to embrace these changes for two reasons; adjusting to a mobile workforce, and new COVID-19 mortgaging changes.
A Mobile Workforce
Mortgage lenders have adjusted to a mobile workforce. Resources are being shifted to the consumer direct channel as well. Both of these changes are due to our global pandemic and the impact it has had on the mortgage process.
Configuring lender systems for remote work surprised several individuals, as today’s web-based LOS platforms were able to accommodate a remote work environment for mortgage services.
Lenders started to struggle, however, with managing their work environment without staff physically in the office. Lenders had to find a way to adapt to this new setting, indicating that the industry is very much ready for a change in mortgage technology.
The majority of individuals across the country involved with all stages of the loan process are working remotely. Lenders are seeing an increase in productivity by about 35%.
The main reasoning behind this productivity increase has been advancements in technology. For a while, the mortgage industry refused to change its processes. Thus, further indicating a need for change in the mortgage industry’s technology.
A New Focus for The Future
The latest technology in the mortgage industry has not worked out very well in easing all the pain points of lenders and their technology needs. Today we are seeing lender’s technology slowly evolve into the tool that keeps lenders from drowning in our high volume market.
At Equity Mortgage, we work with a variety of clients with varying degrees of mortgage needs. We offer our clients alternative options to their current loan programs with our wide range of mortgage products and flexible lending practices.
Experience fast, professional service for coronavirus mortgaging today and into the future. Contact us for more info or give us a call at 1-800-332-9221.
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.