Mortgage banks and financial institutions have tried to advance with digital technologies year after year. In the U.S. mortgage industry, about 35 to 50 percent are conventional mortgages. Today, the mortgage industry has begun to leverage social media like Twitter, Facebook, and LinkedIn.
Toronto-Dominion Bank recently launched a digital mortgage application for its customers to efficiently provide fast access to transactions, save, and resume them. The application of digital mortgages reduces the number of face-to-face meetings and paperwork in loan procedures. According to the mortgage expert Rob McLister’s prediction, in the near future, Canada’s mortgage system will be completed using online modes or through chatbots. Canada has been slower in adopting disruptive technology, including AI and ML, compared to the U.S.
Fiserv unveiled a new digital mortgage product to overcome difficulties in the digital mortgage industry, giving credit unions a leg. The new digital mortgage product helps streamline the flow of existing mortgage products from the company. The existing digital mortgage products are the Mortgage Director, a loan origination system and Originate Mortgage, a mobile point-of-sale application. The launch of the digital mortgage product boosts credit unions, as one-third of US credit unions rely on Fiserv for their daily banking operations.
Radon Research report found that people used the same credit union for their financial institution plan and their mortgage about 83 percent of the time. Fiserv’s Mortgage Momentum has digitized the industry creating a digitized loan process and reducing loan times. It streamlines and simplifies loan processes in combination with workflow automation tools so that lenders can obtain pre-packaged solutions.
The updated loan origination system for Mortgage Director (LOS) has successfully enabled the approach to Mortgage Momentum. Recent research by Fiserv demonstrates the importance of digital interactions in the overall loan experience. According to a recent study, approximately 56 percent of loan applicants have completed loan processes via online and mobile channels in the last two years.