The truth is that almost every adult across the United States owns a smartphone or mobile device of some kind. Tablets and other portable electronics have made most industries rethink the way they approach both new and traditional markets, including banks and other mortgage lenders. Pew Research has clearly indicated how this is playing out through their current study, where they have indicated about 90% of adults across the United States have a cell phone with 58% owning some kind of a smartphone, 32% have e-readers and 42% have tablets. As this reality dawns on business owners, mortgage lenders are paying attention to these stats. A large number of people are using computer kiosk zones and mobile applications to transform their interaction with the user of their products.
For example, in Orlando, mortgage corporations are launching mortgage agility digital platforms to give possible mortgage loan borrowers the chance to apply for loans through their mobile handsets and sending documents to the lender through image capture features. The offices of these mortgage corporations around Florida work within well calibrated workflows to ensure their files are well kept and guarantee they have met their closing dates, while informing everyone involved at the right time of any change as the process continues. The technology is expected to streamline the back office of mortgage companies, giving them the chance to close much earlier with a transparent and smoother procedure for every individual involved.
Many companies are using mobile technology to improve the process of applying for a mortgage for their customers by launching kiosks at various builder sale areas. The application processes do not take more than ten minutes and every mortgage borrower is able to know if he or she has been pre-approved, in real-time. The technology allows the lenders to send potential borrowers a pre-approved letter via email right away. In turn, builders and borrowers are saved from wasting lots of time in the process of buying a home.
The reason a good number of mortgage lenders are hesitating on jumping into the digital and mobile wagon is because of the complexity and cost of the platform. However, those who have done it believe it is the new mortgage loans application frontier. This is due to the realization that the modern consumer is always tethered into some mobile phone, tablet or smartphone in doing just about anything from gathering information, scheduling, playing games and even communicating.
All consumers would like is to finance and buy homes easily through the same devices and technologies they are fluent with. While it is not clear how a mortgage relationship and process will be like in the future, it is obvious the prospect of mortgage loans rising or falling could be dependent mostly on mobile devices. The future is also expected to very different from what it is currently.
From buying, catching up, working to socializing, everything is happening in real-time through mobile devices and there is no doubt even mortgage lending will gain a lot of traction, as the rising middle class is already intertwined with these devices.