"Tech-savvy lenders will be ahead of the rest"
The refinance boom in 2020 was a driving force for digital transformation in the mortgage space – but that wasn’t the case for the appraisal sector. Property appraisal costs became too steep, and even the simplest transactions took weeks to complete.
In a special report, MPA talked to 5-Star Mortgage Technology Providers to explore the solutions companies implemented to alleviate bottlenecks in the mortgage process and where mortgage tech is headed.
“We’re delivering two-day appraisals through an Uber-style approach of matching the right appraiser to the right order at the right time,” said Brian Zitin, CEO of Reggora – a company that offers software that automates the appraisal process.
Moreover, the stay-at-home orders and social distancing mandates during the onset of COVID-19 have emphasized the limitations of the traditional mortgage process. DocMagic, an e-closing software provider, claims to have experienced rapid growth during the pandemic as more borrowers and lenders go paperless.
“Clients and lenders are looking increasingly at how to improve their processes, so the face-to-face requirement that’s a big part of the workflow is no longer necessary,” said Dominic Iannitti, president and CEO of DocMagic. “I don’t want to call it a renewed push, but we’re seeing a big push towards enhancing their technology stacks.”
“Mortgage technology continues to be critical because it’s how lenders differentiate themselves; it’s how they improve their processes and their bottom line,” Iannitti added. “Technology enables them to handle a high volume of transactions effectively and not let anything fall through the cracks. It’s not just that tech-savvy lenders will be ahead of the rest — it’s pretty much a matter of survival to keep up with the digital transformation issues.”
Read more about the strategies of other 5-Star Mortgage Technology Providers by checking out the special report here: Toward a Fast and Paperless Process.
