Nation’s largest lender finally hops on digital-mortgage bandwagon

by Ryan Smith18 Jul 2017
The nation’s largest mortgage lender is finally climbing aboard the digital-mortgage train, according to a new report.

Wells Fargo CEO Tim Sloan said that the bank expects to launch a digital mortgage application tool by the end of next year, according to a report by the Charlotte Business Journal. Sloan made the announcement during an earnings call on Friday.

Sloan told investors that Wells Fargo doesn’t currently have as many online loan products as it would like, the Charlotte Business Journal reported. He said that employees are currently testing the online mortgage tool, and that the bank plans to run a test with customers this year before a full rollout in 2018.

“We think that’ll be a step above other competitors in the market,” Sloan said. “…Our goal for the next couple of years is to make sure on the consumer side that all of our products and services are available online and as many as possible on mobile.”

Sloan said that the mortgage tool will probably appear online for computer users before a mobile-app version is released, the Business Journal reported.

Wells Fargo is relatively late to the digital mortgage game. Quicken Loans introduced its “Rocket Mortgage” in 2015, and since then major players like United Wholesale Mortgage and Caliber Home Loans have introduced their own fully digital mortgage options.

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