The experts at Docutech have been performing an in-depth examination of the recent trends in mortgage lending and what they spell for the future. Based on our analysis, we have put together a brand-new eBook, Lending Technology: Three Key 2018 Trends Shaping the Future.
There is no denying the continuing move toward digital services, and there is no better example in the industry than the huge shift to online loan origination.
Lenders have been moving toward a more digital, consumer-facing process for nearly two decades now, but the biggest driving force for industry change began when the nation’s largest online lenders began taking significant market share away from traditional lenders. And those online lenders’ focus on offering consumers an easy digital mortgage experience was the largest factor in this shift.
However, “digital mortgages” today have primarily focused on the front-end of the origination process – streamlining borrower communications, verifications, and loan underwriting. But when it comes to the back-end of the process, nearly all digital mortgages today still end up as paper closings.
A true digital mortgage must include an electronic closing and eliminate the “drop-to-paper” at the closing table.
POS technology is a major element in getting the front-end of the consumers’ digital experience right. Moving beyond the initiation of the process, Lenders are now evaluating complete end-to-end digital frameworks to deliver a true digital mortgage experience. In general, lenders are striving to become as electronic or as “e” as they can be by incorporating the right technologies to digitize the mortgage origination process.
While there are many choices for lenders, how much focus and prioritization they place on their digital capabilities will impact consumer satisfaction as well as operational efficiency and compliance, all of which will impact the bottom line.
For more information on current and emerging trends, and what lenders should focus on as they plan for 2019, check out our new eBook: Lending Technology: Three Key 2018 Trends Shaping the Future.