Be it a commercial or a personal loan, today’s borrower has myriad options—and all that at his fingertips, thanks to technology. With rich and robust technologies, consumers can now select the best loan provider that fits their needs, goals, and financial ability. Financial institutions for their part are taking advantage of this golden age of technology to know where to be at the right time, selling which loan product to which customer. Consequently, every other aspect of the entire lending lifecycle, such as NBFC functions, ledgers, balance sheets, loan demand generation, reports for receipts, payments, profit/loss, and is jumping on the bandwagon of digitalization.
However, at present, some parts of the mortgage process are still offline, which is yet to change. While AI technology is still booming, it has already exhibited its prowess in offering consumers a new level of convenience. The technology will soon be able to tell brokers when borrowers are ready to act. Brokers will be able to proactively reach out to borrowers, rather than wait for them to approach them. With blockchain, borrowers will be able to close on mortgages in shorter periods using decentralized ledgers and more secure processes. Digital mortgage platforms with APIs will help facilitate communication between systems, including title, escrow, and more. Borrowers will be able to close on loans within a day or two, instead of weeks. Additionally, many financial institutions opted for lending management solutions (LMS) to help both bankers and the borrowers customize and streamline the process of lending, to facilitate cost reduction, and faster loan approval in order, supporting the increasing amount of loan-associated data such as banking transaction history.
Beyond cutting down on the duration of the loan application process, technology also allowed lenders to use machine learning to validate and track information, resulting in other cost savings, more affordable loan fees, and a better consumer experience altogether. Consequently, both brokers and lenders are investing in consumer-facing technology to increase their market share and mind share and leveraging RPA for its ability to improve the efficiencies of business processes. Deploying newer technology will soon enable consumers to complete their entire mortgage process without needing to step into a physical office.
There is no denying that last year mortgage lending environment saw challenges and advancements; however, the lessons learned from the challenges faced will continue to propel the mortgage industry forward. With many new developments and much to look forward to in the future, it is important for lenders to maintain their focus on consumers, who have a heavy hand in driving positive change.
To help these financial institutions navigate through the best-breed of mortgage technology solution providers, Banking CIO Outlook has compiled this edition on 10 most promising mortgage technology solution providers. Through a distinguished panel comprised of CIOs, VCs, industry analysts, Banking CIO Outlook’s editorial group, we have evaluated and shortlisted 10 mortgage technology solution providers that have significantly stood out as some of the most prominent players in the mortgage technology arena for the year 2019. The mortgage technology solution providers featured in this issue through their business knowledge and industry prowess have established their eminence in the mortgage technology sector.
We present to you Banking CIO Outlook’s “Top 10 Mortgage Technology Solution Providers - 2019.”