Digital Mortgages No Longer Just Talk
Digital mortgages aren’t just getting lip service from mortgage lenders these days. Many lenders are accepting the fact that digital mortgages are inevitable, and many are making strides toward making sure their lending organizations will be ready to compete with other lenders offering or planning to offer digital mortgages.
What is a digital mortgage? That question was answered by industry professionals in late September at the National Mortgage News Digital Mortgage Conference in San Francisco. The majority of mortgage professionals surveyed at the conference defined a digital mortgage as “a fully end-to-end electronic process, which includes the borrower experience, internal processes and electronic closings,” said an article in the National Mortgage News.
Just How Ready Are Lenders to Handle Digital Mortgages?
Only 5% of mortgage industry professionals surveyed at the recent conference said they already had an electronic solution in place to handle digital mortgages from beginning to end. The majority said they had some, but not all features, in place. And approximately 35% said they were still trying to decide on the best approach.
How much time will it take most of them to be ready? More than 60% of the lenders surveyed said they’d be ready to offer borrowers “a true digital mortgage experience” in 18-24 months. Close to 20% thought it would take between 24 and 48 months, and a few said it would take longer than 48 months.
When asked to identify the reasons they haven’t yet met their digital mortgage goals, their top reasons were internal technological limits, 44%; followed by budget constraints, around 21%; stakeholder considerations, 20%; reliance on the paper process, close to 10%; and the impersonalization of digital tech, less than 5%.
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