In the past, getting a mortgage almost guaranteed a stressful and frustrating experience as the process often uncovered hidden costs and inefficiencies that would undermine borrower expectations. Unfortunately, that’s still the case for hundreds of thousands of people, as many lenders have yet to adopt a digital platform. Instead, these lenders are relying on old, outdated, paper-based systems that struggle to keep up with today’s rules and regulations. It’s an epidemic, and the costs are being transferred to you.
Relying on an antiquated system not only exposes hidden inefficiencies, but also unearths many unaccounted-for costs. At cloudvirga, we have streamlined the entire process through the creation of our intelligent Mortgage Platform® (iMP), resulting in a less costly, more efficient and an overall more enjoyable experience for borrowers and lenders alike.
Interest rates may be at all-time lows, but the massive costs that lenders incur are being passed down to borrowers, which ultimately raises the cost of a mortgage significantly. Here are a few issues to look out for when getting a mortgage:
One massive problem holding the mortgage industry back has been the reliance on paper-based systems. With paper documents, there’s a higher chance for human error. Like in a game of telephone, as information goes from one person to another, it often gets changed or altered. The same goes for mortgages. With more hands touching the loan, the odds for information to be altered or inputted incorrectly increases significantly.
Over the years, as other industries embraced new technology, the mortgage industry held on to its archaic ways, causing massive delays. As a result, processing a mortgage still takes over 40 days for many lenders.
Delays in communication
The mortgage process has dozens of moving parts, and it’s difficult for many companies to make sure everyone is on the same page…
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