Private Lenders are Going for Mortgage Automation – What’s Holding You Back?

They say change is the only constant.

This is absolutely true. Over the past few decades, we have seen industries and sectors evolve and transform.

For instance, over a century ago, Henry Ford installed the first-ever moving assembly line for mass production and that changed how the manufacturing industry functioned. This new technology made it possible to reduce the time required for manufacturing an automobile from 12 to almost 2.5 hours!

Similarly, today, the mortgage industry is at the crossroads of change. The COVID-19 pandemic coupled with technological advancements has created an environment where businesses have to evolve – in order to survive.

Secure electronic communication, online property valuation, and e-signing are not just value-added services but a necessity for mortgage companies.

If you want to increase your market share and be the customer’s preferred choice, you have to up your game!

There Really is No Going Back to The Old Ways

Paper-based documentation, high reliance on fax, and in-person signing of documents will soon become a thing of the past.

Consumers want convenience.

They have seen how things can be done online, during the pandemic, and they will come to expect this level of service even after the pandemic is over.

What’s Happening Around You?

If you take a quick look around, organizations are already adapting and revamping their offerings. For instance, recently, Filogix and Mortgage Automator signed a partnership to enable private lenders to communicate information securely and more compliantly.

This means that brokers now have an opportunity to view the information of multiple private lenders, submit deals, and receive feedback seamlessly and quickly.

Many companies have been quick to leverage this new solution. Oppono Lending Company, for instance, is offering solutions and pricing options to mortgage brokers through Filogix. So, brokers now have the option to submit their deals directly and get them approved swiftly.

Similarly, many companies are also leveraging solutions like Automated Valuation Models to produce quicker and more accurate estimates of the market value of residential properties. This enables them to save time, reduce costs, and identify potential red flags.

So, What’s Holding You Back?

When you have the right tools, you are able to do more and the opportunities you have are practically limitless.

While if you don’t adapt or leverage modern tools, you face the risk of being left behind in a fast-changing, competitive industry.

Take a proactive approach today.

Purview offers innovative solutions that can help in your mortgage automation journey. You can verify property ownership details, estimate value, ascertain home equity, track title registration activity, and more.