Today’s mortgage industry CEOs are focused on digital transformation because it holds the key to competitive advantage, as well as the way to improve efficiency and lower costs. To make the leap from traditional mortgage loan origination to the digital mortgage, CEOs must drive optimization and transparency while also delivering an excellent customer experience.
When it comes to paperless mortgages, lenders know what the advantages are – lower costs, more flexibility and a faster closing process. But despite the advantages ditching paper provides, widespread adoption of paperless mortgages has been extremely slow.
In a previous post, we talked about the move away from paper loan documents and the concept of a form, which is basically a static document with spaces to hold specific data that must be manually changed. This migration away from forms and toward data driven loan documents is enabling great improvements in processing speed, customer satisfaction and the development and release of new loan products.
As new regulations are constantly being introduced within the mortgage industry, today’s lenders are increasingly searching for new products and services to lessen the stress and strain of managing new changes. While adding in new technology may further confuse some, by employing the right approach, lenders can significantly mitigate the headache new regulations bring about by using electronic documents to simplify processes without incurring significantly higher expenses.