“It’s very important for … borrowers to get to the closing table as quickly as possible,” says Mat Ishbia, president and CEO of United Wholesale Mortgage, “especially in a purchase market.”
New software tools are coming to market by the day, all aimed at helping mortgage brokers to close loans within an hour of receiving approval.
United Wholesale Mortgage’s software was developed specifically for brokers and correspondents are part of an overall effort to meet the requirements of the upcoming TILA-RESPA Integrated Disclosure Rule (TRID). That key legislation will allow mortgage professional
s to take control of the closing process, generate closing documents and schedule closings directly with the title company.
Technology is an increasingly essential tool for brokers, borrowers and real estate agents seeking more control over the mortgage loan process. UWM’s purports to give brokers and correspondents the ability to provide borrowers and real estate agents with real-time access in order to track their purchase and refinance loans from submission through to closing.
That collective industry move is what Inlanta Mortgage’s Chris Knowlton describes as the “dream of the paperless mortgage.”
“We’re starting to get closer. I feel like the big things are starting to get moved out the way, but there’s so much to it,” Knowlton, the vice president of marketing and technology, told MPA
. “On our end, with the vendors and all the companies that do mortgages in our space, it’s investing in the technology to allow it to work smoothly.”
Today’s homebuyer expects answers in seconds; for the mortgage industry that has meant ramping up online service to remain relevant, or risk being left behind.