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Artificial Intelligence is far from a new concept. Whether you’re familiar with Rosie from the Jetsons, R2-D2, or a doomsday scenario like The Matrix or Terminator, pop culture has proliferated AI for some time now. And while many of us associate AI with the examples as mentioned above as futuristic, the reality of AI is that it already infiltrates many aspects of our lives. And while Apple’s Siri and Amazon’s Alexa are typical examples, the
Looming Student Debt, Declining Inventory, and Rising Interest Rates – How will Lenders Close the Gap?
In recent years, the mortgage industry has been strong, gradually recovering from the crash of 2008. However, several factors, such as rising interest rates and a reluctant new generation of potential buyers, are creating a sense of uncertainty across the mortgage landscape. As these obstacles reveal themselves in the years to come, it will be important for lenders to implement new technologies that minimize risk in an unsure environment. At this year’s MBA annual conference
Loftium: Home Buying for Millennials In an earlier post, we discussed the factors that cause millennials to delay purchasing a home. We examined how factors like student debt and financial insecurity make buying a home unrealistic for many young people. Concurrently, we discussed the necessity to develop creative solutions that will attract the millennial demographic to the idea of buying a home. In this post, we look at a start-up that hopes to capitalize on
The digitization of the mortgage industry is taking another step forward, this time in the form of e-closings. The closing process has been difficult to digitize because of the requirement to meet in person with a notary or attorney to “wet sign” mortgage documents. However, back on July 28th, United Wholesale Mortgage completed its first e-closing. With the help of relatively new company, Notarize, which boasts the ability to “notarize your documents online,” United Wholesale
The mortgage industry has historically been slow to replace the traditional manual processes with digital technology. With the success of Quicken Loans® digital mortgage platform, Rocket Mortgage®, however, digital integrations have been growing steadily. Now, Wells Fargo Home Mortgage®, the nation’s largest lender, is joining the ranks of lenders digitizing their application process. During the 2017 Investor Day presentation, Wells Fargo announced that they would deploy a digital mortgage experience in 2018. With this technological