When it comes to mortgages, digital is quickly becoming king. The Mortgage Bankers Association estimates that within three years, most loans will be completely underwritten electronically, with only loans that deviate from standard parameters being reviewed by experienced underwriters.
No one is disputing the operational benefits or the cost savings lenders can achieve with digital closings. What seems to be still up for debate is how feasible it is for lenders to go digital today, with discussion focused on the “all or nothing” proposition.
Fiserv, Brookfield, Wis., said its latest Expectations & Experiences consumer trends survey reported nearly two thirds of people who applied for loans in the past two years now do so either partially or fully online, a marked increase from 2018.