The time it takes to close a loan and get a customer through the mortgage process can be extremely tedious and time-consuming for sales teams, lending officers, home buyers, and other stakeholders. Thankfully, there has been an influx in the number of startup companies with missions to simplify the mortgage process.
The implementation of workflows, predictive analytics, blockchain, knowledge sharing, mobile apps, AI, and cloud-based technology comes in many forms. For example, the following breakthrough technologies were created in the last 10 years for the mortgage industry.
Today’s startup companies and mortgage products.
Created to help find your appraisal history, monthly analytics reports, order invoices, and client lists. Built by appraisers, for appraisers, Anow keeps things simple.
Enables mortgage servicers to react promptly to delinquency events and quickly determine the best available outcome for everyone involved through a best-in-class enterprise loss mitigation platform.
Enables valuation processing and a collateral underwriting workflow in a single comprehensive platform that contains all the data and services required to render an underwriting decision more efficiently.
Enables a digital strategy for the entire life of a loan, engaging consumers at critical touchpoints. Voice capabilities and integration with wearables offer a new level of convenience.
Offers a fast way to add blockchain capabilities to an application without managing cryptocurrencies, wallets, or network nodes.
Helps consumers achieve the dream of homeownership while generating leads and pull-through for lenders and real estate professionals.
One of the only startup companies for construction loan management. In addition, its software creates a fast, safe, and efficient loan process by streamlining the digital draw process and more.
Nurtures homebuyers throughout their entire journey with a machine learning predictive analytics model for loan officers and real estate agents.
Reducing friction in the mortgage process, while simultaneously increasing pull-through rates through a best-in-class CRM.
Empowers lenders to deliver a truly end-to-end digital closing experience with a title, escrow, and closing platform.
Enables users to modernize, streamline, and improve the mortgage process for lenders, borrowers, and settlement with a single, scalable process for every closing, whether wet, hybrid, or digital.
Enables lenders to consistently deliver faster, accurate, and reliable valuations with an end-to-end valuation management solution.
Grants instant access to all the knowledge loan officers need to close more loans faster by capturing tacit knowledge, mining documents and spreadsheets, and connecting to mortgage apps.
The future of the mortgage process.
As these startup companies continue to improve and progress their tools to meet the needs of all parties involved, the next round of tech advancements will only continue to simplify the mortgage process.
“As more things become automated, loans will close much faster than they do now. I can see two-week purchase contracts becoming a norm over the next 15 years, allowing lending institutions to close more volume than [they] ever could before,” said Jesse DeJacimo, branch manager at Warren, Ohio-based Waterstone Mortgage Corp in a recent article from National Mortgage News.
Knowledge sharing will be another advancement in the mortgage industry. According to HousingWire, “The mortgage process, by and large, still does not offer up-front information and choices. This often results in surprises in mortgage costs, as well as extends the time to close a mortgage.”
In other words, by making mortgage costs transparent to homebuyers through a quick and easy format, like a knowledge sharing platform or AI-chatbot, could shorten the mortgage process and make it pleasant for both sides.
In conclusion, no one knows what will happen in the future. However, we can monitor all the data we have today to make business decisions that will guide the future of the mortgage industry.
Pro tip: If you’re interested in any of the products in this article, each company will provide a featured demo during the Digital Mortgage 2019 conference!