5 Evolutions of the Modern Mortgage Broker


A couple of years ago, most companies operating in the mortgage industry were unfamiliar with terms such as machine learning, big data, artificial intelligence, and blockchain. As of today, these are more than buzzwords as technology in all its forms is taking over the mortgage landscape leaving behind foreclosed businesses that could not innovate in its wake. The rate at which technology has evolved has made it difficult for lenders to keep up and compete with newer startups and fintech companies.

The following are the five evolutions of the modern mortgage broker:

1. The mortgage has gone digital

Technology has not only changed the mortgage process but almost every process insight, right from securing a homeowner’s title insurance to creating a new listing. This transformation has taken over the entire mortgage ecosystem leading to the rise of electronic mortgage closings which have become a norm across the industry.

2. Self-service channels for borrowers

Customers today like having the option of accessing products and portfolio at all times and like comparing it against similar portfolios. This means that there is an increase in self-service and there is no need for in-person help. Better self-service channels provide valuable information allowing access to educational tools that allow consumers to do what they want on their own. Modern mortgage lenders have their borrower portals for better customer satisfaction using which customers can generate their pre-approval applications, check their credit score and credit line.

3. Single source data validation and automated data collection

Customer validation has always been a pain point for lenders around the world and is a rather complicated process that takes a great deal of time. The process that is in place today needs only a few steps for collecting a borrower’s information such as assets owned, income, credit, identity, employment, etc.

4. Mobility first

A new model that has risen over the past few years is the mobile-first attitude. Mortgage lenders need to design their operations from the ground up for mobility to survive in a competitive landscape. This allows all products and services to be easily accessed by customers wherever they are. Different mortgage service providers have come up with various apps with varying functionality to assist users with tracking mortgage rates, the underwriting process, and so on.

5. Big data

The benefits of machine learning algorithms can help lenders identify the latest trends in the market in the market and help support customer requirements more efficiently. The growth of digital technology carries an opportunity for mortgage companies. Drawing conclusions from the mass of data available with mortgage lenders if important to lenders who need to diversify and offer high-quality services to their clients.

Blake Mortgage understands the mortgage market and has been providing clients with mortgages they need to finance the home that suits their lifestyle. Their professional, ethical, and client-centric approach set them apart making them the ideal phoenix mortgage broker. Visit their website for more information!

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