Caliber Home Loans is dynamically altering a process that has been stagnant for a long time - the mortgage process. It has carefully digitized the process to move it all online, from the original application all the way to closing, cutting more than 30 days from the timeline.
For consumers and lenders alike, the mortgage process can be a cumbersome and time-consuming process.
Recent data from Ellie Mae showed that on average, it takes about a month and a half to close a mortgage loan.
But Caliber Home Loans wants to change all that.
On Thursday, Caliber Home Loans, a mortgage origination and servicing company, unveiled a fully digital mortgage that the company claims can shrink the loan process from 45 days down to 10 days or less.
