Mortgage Industry Needs Catching Up with Technology
Over 90 percent of homebuyers, according to statistics, have been going online for search. And that’s what real estate industry people should be looking into, according to Valentin Saportas. Homebuyers search for everything else, including mortgages, online.
Even though there has been a number of an innovation focusing on consumers in online real estate business, there has been an insufficient technology for helping borrowers navigate the most important financial transaction to make, which is getting a mortgage.
According to sources, the online real estate, particularly mortgage, is dominated by lead aggregators that merely collect data and then send the borrowers into one of their lenders. In the process, instead of being easy and efficient, the whole process of getting mortgage becomes tedious for seeming traditional (loads of papers, fax and phone calls).
Merely digitalizing the 1003 form isn’t enough—another issue that makes the real estate business online is ineffective and ‘not-so-helpful.’ There are many lender websites that simply digitalize the form, but this isn’t clearly enough for the modern consumers. End of the line, consumers might just end up completing the application without proper guidance.
According to experts, what the consumers need are well-designed and functional products to empower them and help them accomplish things on their own, much easier than undergoing the traditional means of getting a mortgage. Seriously, the mortgage industry has to catch up with technology, Saportas said.