Fintech

Fintech refers to the integration of technology into offerings by financial services companies in order to improve their use and delivery to consumers. Applied to the mortgage industry, many companies have brought to market innovative platforms that contribute more speed, efficiency, and simplicity to the homebuying experience. 

Using fintech in mortgage lending can lead to higher application completion rates, faster closings, and more satisfied customers. A technology-forward mortgage helps lenders build better partnerships with borrowers thanks to faster, more streamlined experiences. It speeds up data collection, facilitates two-way communication, and simplifies the overall experience.

Given the anticipated shrinking mortgage market and continued margin compressions, it will be important for lenders to utilize automation for on-demand scaling of their business, support a faster onboarding process for new customers, and make advancements in their digital operations.