January 25

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Mortgage Broker Technology Trends in 2024


Mortgage processes have changed remarkably in the past few years, no longer being marked as archaic and slow. But with applications always on the increase, there is a need to speed transactions even further while ensuring they are safe and reliable.

Technological solutions can streamline this process and reduce the risks so that mortgage processes become even more refined and user-friendly. Here are some of the top mortgage broker trends we expect will take center stage in 2024:

 

1. AI-Enhanced Underwriting and Increased Automation

As it is, mortgage processes are quite automated, depending on how you look at it. But are we really leveraging the power of automation to the fullest? Guess we’d be right to say there’s still enough space to try a few more things.

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The idea of using AI tools in the market makes it easier for brokers to handle complex tasks with ease and speed. For instance, using AI-powered algorithms to provide faster and error-free approvals, consequently increasing customer satisfaction levels.

Floify enables you to eliminate manual processes with mortgage automation software and take advantage of extensive customization and branding options so you can offer personalized services.

 

2. Securing Transactions With Blockchain

Blockchain has the power to help brokers and lenders beef up the security of transactions so that customers have more faith in them. By offering a simple and reliable verification method, brokers can ensure that any data passes through their systems safely without messing up processing speeds.

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Additionally, the smart contracts executed on the blockchain can free up your team members by handling some of the repetitive and less-complicated tasks. The good thing about such contracts is they are self-executing and tamper-proof, hence human errors and frauds will be fewer.

 

3. Automated Forms, Strengthened by E-signatures and Closing

To increase automation even further, brokers can leverage dynamic HTML fillable forms that are optimized for mobile devices, allowing their customers to fill out these forms remotely. Land registry forms such as TR1 will be easier to complete, with eWitnessing strengthening the accuracy of the information before the forms are sent directly to the HMLR.

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All these forms will be e-signed, and ready for e-closure. Error-checking no longer has to be done manually, and any changes can be done remotely before re-submitting the forms. This will save a lot of time and create more time for processing new orders.

 

4. Digitized Identification Verification

From the outset, it will be easier for mortgage brokers, estate agents, or lenders to verify that the lender is indeed who they claim to be. To avoid fraud and other issues that arise from inaccurate data, brokers can leverage Near Field Communication (NFC), geo-location, 3D facial liveness detection, and anti-spoof technology.

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It should be easy for the applicant to submit their ID verification, requiring only a few minutes and documents that are easy to acquire.

 

5. Improved Borrower Experience With Virtual Reality (VR)

Depending on the situation, it may be difficult for the lender to visit the property as many times as needed. Still, they need to be able to see what their potential home looks like before committing fully.

Mortgage brokers can leverage technologies like Virtual Reality (VR) so borrowers can take a “walk” through the homes they expected to buy despite being miles away from the actual location. This is one of the best solutions for preventing buyer’s remorse and ensuring that your customers get exactly what they want, consequently raising satisfaction levels.

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On The Whole,

As the digital mortgage lending market continues to grow, we can only expect new innovative trends to increase. These trends and tools will enable brokers to address the needs of their borrowers and allow them to have more time to finetune their products.

So if you’re looking to improve your services going forward, you may want to look into software solutions such as the ones Floify offers.

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