For many decades, mortgages and their related services required huge amounts of paperwork and manual data entry. This began to change with the advent of computers, and has continued to evolve as the internet and other resources have become more and more common.
At Altius Mortgage and our partners at Mortgage Ogden, automation is a big part of our services. From our online application our pre-qualification calculator and much more in between, technology is a huge part of what we do. Let’s look at some of the recent steps that have been taken by many lenders in this area, plus how automation benefits both you as a buyer and the lender you’re potentially borrowing from.
There are several areas where lenders have begun to develop advanced automation practices:
The primary benefit of automation to lenders is speed. Automation turns many functions that used to be manual into computerized areas that take a fraction of the time to complete. This leads to the ability to close on mortgages much faster in some cases.
Automation has also been huge for transparency – by helping create standard practices across every loan situation, technology has helped assure that all potential borrowers are treated fairly.
There are several areas of automation that benefit actual buyers themselves. Here are a few:
For more on how automation in the mortgage world benefits you, or to learn about any of our mortgage loan services, speak to the staff at Altius Mortgage today.