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Digital Mortgage soft launch already garners strong response

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Mortgage Professional America | 27 Jul 2015, 07:30 AM Agree 0
If the customer response to the soft launch of Digital Mortgage is any indication, one of the country’s largest retail mortgage lenders should be flooded by online customers in the coming months.
  • | | 27 Jul 2015, 11:14 AM Agree 0
    We have been doing that for 2 years with Dropbox. Borrowers always need to hand sign a 4506T form along with the Social Security Administration form by hand among others. Nice idea a little late and not cutting edge.
  • PD | | 27 Jul 2015, 11:29 AM Agree 0
    Their Ad on Tv makes it look like NO supporting documents are even required to close the mortgage. But, if you pause the tv and read the fine print clients are required to upload supporting documents. OF COURSE THEY ARE. The Ad is very deceiving and they are offering nothing different here. Let's see how many of these applications they actually close! This will never work on a purchase deal and people will lose steam on a refinance, especially once they see that they have to upload all of the normal stuff. They can't replace the relationship with an experienced LO. I can only imagine what will happen when these clients upload all of the incorrect supporting docs or are missing pages, , etc. Borrower's never return the correct documents the first time around. Wait until the mortgage is approved and requires several conditions, the borrowers are magically supposed to understand what is now being asked for because its listed on the site to upload...LOL Mortgages aren't easy to close from start to finish and an automated application isn't going to reinvent the wheel here. GOOD LUCK
  • Hugh Fitzpatrick | | 28 Jul 2015, 05:44 AM Agree 0
    I wondering if they are getting digital signature on the mortgage documents? Digital in the mortgage closing space is a widely use term. I agree with many of your comments PD
  • SBHarkness | | 03 Aug 2015, 08:44 AM Agree 0
    Nothing new here. This has all been tried before by the mega-banksters that created the mortgage crash then skillfully convinced the public it was the evil mortgage brokers fault. This despite the fact they (the banks) created the mortgage programs, underwrote the mortgages, influenced the rating agencies to give garbage mortgages "AAA" ratings so they could be sold to pension fund managers around the world. They hoodwinked the consumers that it was all the mortgage brokers fault. They then rubbed their greedy little hands together and devised a plan much the same as Guaranteed Rates (who is not one of the mega-bankster's and actually a pretty good company from what I understand) where they could have the consumer enter their information online (essentially filling out their own 1003). Scanning in their own documents and viola, a few electronic signatures later they would have a mortgage for sale to Wall Street. The problem was that their are so many complexities to these mortgage mortgages, ESPECIALLY since Dodd's-Franks was enacted five years ago. It just does not work with out a skillful and polished licensed mortgage officer at the wheel. I despise Dodd's-Franks because it is an added layer of unnecessary garbage that does nothing more than make work for Real Estate lawyers. Speaking of which I just read that law firms are actually having a shortage of these real estate lawyers. Perhaps I should be grateful for Dodd's-Franks, and the CFPB because as long as they are in existence; it is nothing but job security for us Loan Officers.
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