What is a digital mortgage? That question was answered by industry professionals last week 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.
Are Lenders Ready to Handle Digital Mortgages?
While 76% of participants had similar ideas about what constitutes a digital mortgage, only 5% said they had processes in place to handle digital mortgages from beginning to end. Most said they had some, but not all features, in place. And around 35% said they were still trying to decide on the best approach.
Respondents were also asked to identify the reasons why they hadn’t yet met “their digital mortgage goals.” Their top reasons were:
1. Internal technology limits
2. Budget constraints
3. Stakeholder considerations
4. Reliance on the paper process
More than 60% of lenders 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. Less than 10% said they are able to offer this to customers now.
About the Conference
This was the second year that the Digital Mortgage conference was held. It’s a hybrid event with 50% of activities devoted to education and the remainder to showcasing new products, platforms and innovations that are changing the lending experience.
Champion Title & Settlements
Champion Title is a full-service title insurance agency providing title insurance and closing support to streamline closings and increase compliance for our diverse clientele. Champion Title fully embraces technology and is proud to offer clients myriad tools and services to efficiently and accurately assist them with all of their closing needs. For more information, contact us today!