In our previous blog post, we revealed our second of three predictions of the trends within the mortgage origination industry that will gain momentum in 2021. It’s no secret that COVID-19 put many unexpected demands on businesses across all industries — and mortgage lending is no exception. In fact, with record low interest rates, and the growing demand among consumers for more affordable housing in areas outside of urban centers, mortgage lenders, processors, and underwriters have had to become much more nimble and efficient. This is driving adoption of digital technologies to streamline various aspects of the overall process. But we’ve only seen the tip of the iceberg in terms of what digital technologies can deliver, and the new capabilities banks and lending companies can offer to create a smoother process for everyone involved.
Our first prediction is related to the real estate market correction and new market creation we believe will occur in the coming months, and our second prediction is about the growing demands on brokers and lenders due to low interest rates, the increased home sales, and refinancing activity. Today, we reveal our third and final prediction below.
Growing Need for a Remotely Supported Digital Mortgage Processing Experience
The scenarios described in our previous two blog posts make it clear that transaction efficiency in mortgage lending is critical. RealKey provides the tools to close more deals, faster, and with less effort. Whether due to limited contact brought on by COVID, or the ongoing shift to working remotely, in-person transactions will be made obsolete, and the need for digital loan processing and communications will be critical. With these trends in mind, the communication between parties, exchange of information, and review of documents and data all need to happen in a centralized online place that is accessible by everyone involved.
Digital transformation in mortgage lending is not just about improving efficiencies. It’s also about the consumer experience — taking the pain and hassle out of the process, as well as meeting customers where they are. The RealKey platform uniquely addresses the needs for a remotely supported digital loan processing experience for all parties involved in each home purchase or refinance through automation of documentation collection and review, as well as a centralized chat that streamlines communication.
First, RealKey’s powerful Rules Engine triggers conditions and document needs based on the submitted information, and automatically invites appropriate collaborators at the right time so there is less time spent going back and forth between the MLO, the homebuyers, and underwriting. This aspect of the platform builds education and transparency in the process, and sets everyone’s expectations from the start to ensure the right documents are received the first time around. It also removes any friction that can result from homebuyers being asked to meet certain conditions or provide additional files and documents to close the loan.
RealKey’s centralized chat feature removes the frustration that comes with MLOs and others involved having to make numerous phone calls, leave multiple voicemail messages, and send texts and emails to track down missing documents or information while attempting to keep everyone in the process up-to-date.
With the efficiency gains it delivers, RealKey will be the new standard for how loans are processed and closed moving forward — with or without the pandemic.