Technology in the mortgage and finance sector will create a transparency and borrower satisfaction ranking that can’t be beat.
How Technology Can Innovate Lending
Something that tech always adds to an industry is transparency. The right app, platform, or service can put the borrower in the driver seat. A borrower will be able to access education, pre-approved mortgages, and even relationships with business people and investors all in one place. This breed of technology will also improve the borrower experience, and in some cases the investor experience as well. Imagine going to just one website for a mortgage calculator, pre-approved loan, and 24/7 customer service. Sound too good to be true? Well, it isn’t, there’s a couple of different digital lenders operating today. This seemingly painless mortgage process could innovate the whole industry. To add to that already pretty sweet honey pot, most of these digital lenders also offer pretty substantial savings as compared to the bank. These types of technological advancements are currently underway in mortgage and finance, but where else could the technology in the mortgage world go?
Mortgage Tech We Hope to See
With digital lenders as a reality we are curious when fingerprint signatures will be a reality in finance. This is one way to streamline the process even more. It would also be interesting to see a location social-type app that allows any contacts in our list to find us. For example, a borrower would like to make an offer on a property after a tour. If the real estate agent has enabled their location they can be found to expedite the mortgage, appraisal, inspector, etc. This could be a valuable and innovative invention, but for now we’re going to keep an eye on the current mortgage start-ups emerging from everywhere from Silicon Valley to New York City.
All in all, technology is not something to be avoided. The current tech startups shaking up mortgage are just the beginning of what will surely be an onslaught of technological advancements for lenders, borrowers, and anyone in between.
What other tech companies are you keeping an eye on this quarter? Is there any gadget or app that you think might be a great addition to the sector? Tell us in the comments!