When applying for a mortgage, one may feel trapped in a time machine due to the copying, faxing, and scanning, but that process is finally being brought into the 21st century. HousingWire staffers Brandon Hoyles and Heang Chan take a look at the top five ways that technology is reinventing the mortgage application.
One way that technology has transformed this process is the increased transparency which allows applicants to see much of the same information seen by loan officers in real time:
This level of transparency enables borrowers to get a complete list of documentation requirements upfront and receive any subsequent requests on an ongoing basis, while having access to their loan status around the clock from any device, including mobile. This allows both parties to work in tandem, easing the minds of nervous borrowers and taking the pressure off of lenders to proactively share updates.