A close look at any mortgage industry conference or any mortgage publication will show you how much people are talking about digital mortgages. Clearly there is a great deal of buzz surrounding digital mortgages today. It all started a couple of years ago with that Rocket launching during the Super Bowl. Since that launch Rocket Mortgage by Quicken has propelled itself into the number one lender seat in the industry.
This has only fueled the fire for people discussing digital mortgages and their impact on the mortgage industry. Numerous vendors across the industry claim to have digital mortgage solutions ready to help lenders propel themselves to higher origination volumes while providing a better customer experience.
We have all seen the flashy demos, VC pitches and a whole lot of promises being made regarding digital mortgages. This has created a great deal of noise in the industry and confusion for lenders searching for solutions. It is a challenging time for lenders that do not what to be left behind while also being cautious to not getting caught up in all of the hype from a vendor who can’t deliver.
So let’s cut through all of the hype and digital mortgage promises and see what lenders actually want and are using in a digital mortgage platform. So here are some of the things that top mortgage lenders have effectively implemented with their digital mortgage platform. Loan applications integrated with native apps, borrowers prefer to be online throughout the mortgage process, integration into core systems is critical for lenders, back office compatibility, ability to customize digital platform, mobile responsive and an easy way to share the application to increase referrals.
Check out the inforgraphic below to see how important these features are to lenders looking to successfully implement a new digital mortgage platform.