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Ten Examples of Cutting-Edge Technology for a Modern Mortgage Experience

by | Aug 3, 2020

If you’re reading this, you’re probably aware that a digital mortgage experience is preferred among borrowers and lenders. As mortgage companies continue to adopt technology at a rapid pace, lenders become more productive and efficient, and borrowers are more satisfied with the customer service they receive throughout the process.

In a study by the Federal Reserve Bank of New York, it was found that technology-based lenders process mortgage applications about 20% faster than other lenders while decreasing the default rate by about 25%. Though we’ve all known that borrowers (aka consumers) have been more attracted to digital experiences, especially during a pandemic, lenders are starting to prefer digital experience as well, due to savings associated with automated processes. According to Oliver Wyman, 66% of production expenses in the mortgage process are people-related. 

If you’ve heard enough about the perks of providing a modern mortgage experience, and you want to discover a few tools that can help you start automating and digitizing your processes now, keep reading!

BeSmartee: A Point of Sale (POS) that helps banks, credit unions, and non-bank lenders go deeper into the mortgage origination process, faster. BeSmartee is the only third-party POS that can take your borrowers and originators from application to appraisal in minutes by using big data, process automation, and a complete MLO portal to manage it all.

Blend: A digital lending platform that makes the process of getting a loan simpler and faster. Blend forms partnerships with banks and lenders to ensure consumers have access to a less stressful, more accessible, and transparent lending experience.

Bundle Marketplace: A platform dedicated to providing anonymous mortgage shopping for borrowers looking to compare mortgage rates and alternative mortgage lead generation for loan officers who are tired of cold calling. 

CloudVirga: A digital mortgage platform that engages customers, empowers originators, and removes friction out of the home loan process. CloudVirga empowers loan officers to do more in less time, builds trust from applications to close, and creates downstream efficiencies. 

FinLocker: A transactional personal financial management tool that empowers borrowers throughout the homeownership journey. FinLocker aggregates consumers’ financial data and streamlines the process. 

Floify: A revolutionary digital lending solution that securely streamlines the mortgage origination process for lenders, borrowers, and other loan stakeholders. Floify provides the industry’s most adored digital 1003 loan application, secure document portal, automated borrower and agent notification platform, suite of productivity integrations, and so much more.

LendingPad: A loan origination system that was created by mortgage professionals to modernize the loan origination process and lower the total cost of lending. LendingPad offers mortgage brokers the ability to originate a loan from anywhere with a secure internet connection.

Sales Boomerang: The only automated borrower intelligence and retention system for the mortgage lending industry that alerts LOs the moment a lead becomes qualified. Sales Boomerang empowers loan officers with the visibility to know when potential borrowers have fixed their credit, are shopping with a competitor, have equity in their home, and list their home for sale. 

SimpleNexus: A mortgage platform that connects loan originators with their borrowers and real estate partners to deliver a measurable return on investment by reducing turn times, increasing loan application submissions, and delivering more referral business.

Zenly by Calyx: A loan origination system that provides the tools necessary for a contact-free origination process. Designed for the busy mortgage broker, this cloud-based platform cuts through the clutter to give you the tools you need to connect with more borrowers, fast.

There are dozens of helpful tools in the mortgage industry to enhance the experience for your borrowers and loan officers, and this list hardly scratches the surface. If you’re interested in diving deeper into the most innovative digital lending technology solutions, Join us for HousingWire’s Mortgage Tech Virtual Demo Day!