How is Technology Shaking up the Mortgage Industry?


Technology has revolutionized several industries, with some sectors enjoying greater enhancements than others. Developments in online tools and computers have boosted the mortgage industry massively and enhanced the experience for everyone involved. New homeowners in search of a mortgage can use tools online to help them work out what they can get access to. Mortgage lenders have a few new tricks up their sleeves as well, with tech that improves the customer experience.

Borrowers Have Access to More Tools Online

From the perspective of someone looking for a mortgage, there are plenty of new technological innovations online that can help them get a clear picture of what is available. A great example of this is the mortgage calculator from Trussle. This allows users to figure out how much they can borrow by inputting a few key details about themselves. It considers things such as the applicant’s annual salary and their monthly outgoings. Calculators such as this greatly reduce the amount of work needed for those looking to buy a house and also provide results quickly too.

Another great online tech innovation for borrowers is the mortgage comparison tool. Users simply type in the amount they want to borrow, the property value, and the length of time over which they want to pay the mortgage back. Then, they will be presented with a list of banks alongside one another so they can choose a mortgage plan that suits them best.

CRMs For Mortgage Lenders

The Mortgage industry is highly competitive, and brokers need to go the extra mile to win clients. Getting a mortgage is a massive life decision for people, and if they don’t feel comfortable with a lender they may decide to back out of a deal. This is why it is so important for companies in the industry to nurture their client relationships to build rapport and trust.

The latest technological development that is helping with this is the customer relationship management system, otherwise known as CRM. This is an online organization tool that is being used effectively in many industries to manage interactions with new and existing customers. Some ways to use the systems are to send automated messages to potential clients. After receiving a positive response, lenders can then send messages personally. They can also keep track of existing conversations using a CRM.

Artificial Intelligence

Another revolutionary piece of tech that is creeping into our everyday lives is artificial intelligence. In the mortgage industry, AI will be particularly useful as there is a vast amount of data that companies need to process and keep track of.

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When the mortgage broker has sold to a client, they then need to collect a lot of information from them. This includes documentation such as tax returns, identification, payslips, and bank statements. Manually dealing with all of these things can lead to errors, so this is something that lenders will gladly hand over to AI.

Technology is streamlining the mortgage industry for both borrowers and lenders, but it doesn’t stop with these things. Other revolutionary innovations such as blockchain are coming in as well, and the tech that first came about in bitcoin can be used to store massive amounts of data.

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