Mortgage Tech

1. Technology Has Revolutionized The Mortgage Industry

2. As technology has turned into an important aspect everywhere, the housing industry, too, has been bitten by the technology bug. The mortgage industry provides massive opportunity to technology in every step of the process. This includes how consumers shop for loans, origination, underwriting, funding, and syndication. • The online search is regarded as the most effective method of finding a home for prospective home buyers. With increasing number of lenders digitalizing the process, right from application to closing, there is a digital transformation in the mortgage industry.  • There is a major transformation with online form submission and digitized documents turning into a norm. Technology is playing a vital role in reforming the mortgage industry and is helping both lenders and borrowers to ensure safer and quicker lending process. • FundingShield is a name to reckon with when it comes to mortgage tech. It specializes in mortgage and title fraud prevention. This ensures that the wired funds are going to the intended recipients. They also ensure transactions are free of impact from cyber fraud, phishing, business email compromise, or title fraud.

3. Advantages Of Technology In The Financial Sector 1. Optimized Process It usually takes several days to complete the loan process from start to finish. Most of it is consumed in obtaining an underwritten loan approval from the lender. In today’s fast-paced world, where groceries ordered from an online store get home-delivered within hours, this can seem too long a process. Technology is being utilized optimize this process by enabling applicants to gain a self-guided experience. Real-time assistance from the designated loan officers to the borrowers on their smart phones helps mortgage companies deliver an improved experience. This also gets rid of the monotonous task of obtaining the exhaustive documentation from their clients. 2. Enhanced Experience With advanced technology of fintech in place, the cumbersome task of filling several forms and collating a number of financial records has become easier than ever. This gives rise to better coordination and simplifies the tedious collection and verification processes.

4. 3. Better Transparency Access to this information through technology has made it easier for the borrowers to get the latest information on their loan status in just a few clicks. When they are able to access a complete list of required documents and interact regularly with the loan officers, the level of transparency is increased, and it also boosts the trust between the borrowers and the mortgage firms. FundingShield makes sure that there are valid documents, and vendors compliant with regulations. It also sees that the insurance coverage protecting lenders, real-estate investors and consumers are enforceable. This leads to a fruitful and pleasurable experience of the mortgage industry.