A Digital Mortgage Experience at RateGuru

 

PAPERLESS MORTGAGING – A REALITY

In the past decade, technology has completely transformed the landscape for businesses and consumers alike. Today, a technology-enabled environment is a must-have for any organization whether it is a retail marketplace or a team of mortgage brokers. The four crucial reasons that have pushed big players in the Canadian mortgage industry to endorse technological reform are:

1.       Customer Experience

2.       Efficiency

3.       Regulatory Compliance

4.       Cycle Time

It was rightly proclaimed by the mortgage industry way back in the 90s that paperless mortgaging process is the future. As we have finally arrived in that moment when everything seems to be getting digitized, right from Application processing to closing.

DIGITIZING THE APPLICATION PROCESS

Mobile applications and web portals make it more convenient for customers to submit all their information and upload documents digitally. It also helps avoid situations of important data getting lost or misplaced and users can get all the necessary information including rates offered by some of the best mortgage brokersin Canada.

An online application process for mortgaging or refinancing helps both the lender and the borrower in assembling, communicating, and submitting all information without any scope for confusion or error. It is also instrumental in providing a quick response in case of any doubts or clarifications.

TECHNOLOGY ENABLED DECISION-MAKING PROCESS

As consumers, we all appreciate a speedier decision-making process whether we are buying a new house or a car. For lenders it is critical to understand the underlying risk for every application and only through optimal automation can they improve their operations efficiently and respond quickly. Key technologies that have actually helped create a landscape that allows a quicker hassle-free response during the mortgaging process are:

Digital Document Manager – It helps digitize all paper documents and recognize any specific document type through software.

Automated Rule Engine – To compare all the information of the borrower for any specific criteria of qualification for a loan and get instant automated results.

Automated Valuation Model – Helps estimate the value of any property without having to wait for an inspection.

These tech-based capabilities have dramatically reduced the effort of manually verifying data or documents. For borrowers, it gives a better insight into the mortgaging process with quick turn-around time. It also helps borrowers compare mortgage rates in Canada and decide on a lender that offers the lowest mortgage rates in Toronto or any other city.

QUICK CLOSURES THROUGH TECHNOLOGY

Technology not only makes closures quicker but also creates a process that is absolutely transparent. It eliminates any need for conducting several hours of in-person mortgage closing, and with a robust workflow, you are guaranteed efficiency coupled with regulatory compliance. And most important, clients are more satisfied leading to an increase in pull-through rates and improving the odds of future cross-sell.