Digital mortgages are going to change the way that things are done and have been done for decades in the mortgage industry. This is currently a hot topic of discussion among mortgage industry professionals, and the subject of a lot of recent media attention as well. But what kind of changes can we realistically expect?
New Technologies Will Allow for Full Automation
Innovative technologies are being used to develop products that have the potential to fully automate every step of the digital mortgage process – from application to close. Some of these include:
- Artificial intelligence (AI) that can automatically appraise homes
- Blockchain technology that can create incorruptible transaction records
- Sophisticated data analytics programs that automatically analyze and process mortgage applications quickly
- Electronic notarization so closings can take place in a virtual room
The question is really whether full automation is the best way to go. Digital mortgages, with better technologies to automate processes, providing consumers with the speed and convenience they want when applying for a mortgage. But research has also shown that mortgage applicants want human interaction when they need assistance or when problems occur.
Anyone who is a user of technology and online networks understands that communicating with a recording or robot can be very frustrating when you want the advice or guidance of a live person.
Ideal Digital Mortgage of the Future Has Human and Digital Mix
The ideal digital mortgage solution would combine digital processing with human oversight and customer service, according to a recent HousingWire article. In this scenario, a mortgage applicant could apply online 24/7 and have their application processed quickly with automated systems. But when questions or problems arose, they would be able to talk to a real person about resolving their issues.
Lakeside Title Streamlines Real Estate Transactions
Lakeside Title Company provides title insurance and numerous title-related services in Maryland, Washington, D.C., Northern Virginia, and Southern Pennsylvania. Our processes streamline residential and commercial real estate transactions for lenders, realtors, buyers and sellers. To learn more, give us a call at 410-992-1070. We look forward to the chance to serve you!