blogIndustry insights and expert opinions from Visionet's technology specialists
Mortgage processing usually takes up to 50% of the total closing cycle time. Furthermore, the quality of processing can have a significant impact on the closing ratios.
Extending the digital mortgage experience to borrowers improves engagement, lowers costs, and shortens closing cycles, but some users might need assistance with mobile technology. How can you address the borrower adoption bottleneck?
If you visit the Consumer Financial Protection Bureau (CFPB) website, it is evident that mortgage regulations are amended dozens of times each year.
As e-commerce continues to mature, more and more consumers have begun to treat online shopping as their preferred retail channel.
So many processes and regulations make creating a consistent, engaging borrower experience a challenge for lenders. Digital solutions help lenders improve efficiency and compliance by improving communication and reducing manual processes.