One area of growing importance in the housing industry is fintech, which integrates new types of technology into financial services companies, including lenders, mortgage brokers, and others, in order to improve how they deliver products and services to consumers. When it comes to the mortgage industry, fintech has recently helped to propel forward a number of innovative platforms to improve speed, simplicity, and efficiency when buying a home.

By integrating new fintech advancements into mortgage lending, the results may lead to higher application completion rates, faster closings, and better customer experiences — all of which are important for driving business, especially in a housing market experiencing a downturn like the one we are currently facing. Fintech advancements work to speed up data collection, streamline two-way communication, and simplify the experience for all parties involved.

With the mortgage market facing numerous challenges and continued margin compressions in 2022, which is expected to continue throughout 2023, lenders may benefit from the fintech advances that can help them better conduct their business, whether the goal is to scale their businesses on demand, create faster onboarding processes for new customers, or incorporate technological advancements into their digital operations.