How Mortgage Technology Enhances The Borrowing Experience

Leonard Loventhal
Senior Vice President
Loan Manager
Honolulu HomeLoans
Loan Originator ID 318109

The thought of seeking out a home mortgage loan can be both daunting and intimidating for most people. Many homebuyers have heard horror stories regarding the amount of time and energy required to make it through the process of obtaining mortgage financing. And while mortgage lending guidelines have clearly been affected by the financial crisis of 2008 and the ensuing consumer-friendly lending guidelines, there have been major advancements in the use of technology in the mortgage industry, creating a more positive experience for borrowers.

It is now a standard practice to create highly secured paperless/virtual files for each loan applicant. Borrowers are able to initiate an application by inputting their basic personal information 24/7 through a secure, password-protected website or portal.

It’s a process that normally takes 20 to 30 minutes, depending on the complexity of the borrower. Borrowers no longer need to complete paper applications.

The licensed mortgage professional, commonly referred to as a Mortgage Loan Officer or just Loan Officer, is able to request a credit report online through an approved credit reporting agency. An instant credit decision can be made via online proprietary tools, a process that used to take 24 to 48 hours to complete.

Borrowers may also take advantage of the ability to digitally sign their upfront documents (also referred to as e-signing). This technology can cut hours and even days off the process! And instead of having to mail or physically drop off their personal financial documents, borrowers may upload them to their secure virtual file. Like many web-based applications, this portal allows borrowers to work on their file at any time of the day and in the comfort of their home or office.

While the borrower is using web technology to create and supplement their loan application, lenders are working behind the scenes to use the same technology to complete the documentation of each file. There are now a myriad of compliance requirements that could add days or weeks to the processing timeline if not for web-based mortgage support. Mortgage lenders are constantly leveraging technology to successfully implement electronic or e-disclosures that are integrated into their origination systems.

These advances are designed to improve the borrower’s experience and allow the lender to execute the entire transaction in a timely manner – and to meet all deadlines associated with the file. Through these online tools, lenders have increased efficiency and volume while simultaneously remaining accurate and compliant.

Although technology is a norm in the industry, successful mortgage lenders also provide the human element to ensure that a client fully understands and is comfortable with the entire process. A borrower should always have the option of a face-to-face meeting or at a minimum, the ability to access a knowledgeable mortgage professional via phone and email. It’s the personal touch that can be the difference between an excellent customer experience or one that leaves a client frustrated and confused.

At Honolulu HomeLoans, it has always been our corporate objective to fully leverage technology to provide our clients with a highly streamlined lending experience. Our staff of loan professionals is 100% mobile and available to assist clients Monday – Sunday. For more information, please do not hesitate to call us at 808-681-7500 or visit us online at www.HonHL.com.