“...the surging demand (for mortgages) will likely overwhelm parts of the process and all lenders' turn times will probably lengthen”
While most leading mortgage originators have invested in or partnered with fintechs to upgrade their digital mortgage capabilities, these “upgrades have primarily streamlined only the early stages of the notoriously complicated and paper-heavy mortgage process.” Processing, underwriting, appraisals, home inspections, and closings still involve substantial human effort.
How will we, as an industry, reconcile the strategic imperative to continue our digital transformation, which is still clearly in the early innings, with this bounty of production in a way that prioritizes customer experience?
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