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By: Jim Rosen, "What's a Digital Mortgage, Really?," for Tomorrow's Mortgage Executive

Every mortgage publication these days either has an article about, a quote mentioning, or an advertisement declaiming the virtues of digital mortgage lending. For the moment, abandon all logic and surrender to the hype. This might have you believe offering digital mortgages will make you younger, leaner and more attractive to today’s borrower.

While some of this coverage is certainly hype, it is a reality that today’s borrowers want the true digital mortgage. This was confirmed in a recent study of actual borrowers commissioned by Mortgage Cadence and conducted by Accenture Research. The study found that the old-fashioned analog mortgage is too inconvenient and too cumbersome for borrowers’ busy lives.

This is especially true if the future homeowner already has a relationship with you. As they see it, you know everything about them already, so why the constant requests for information about this asset or that particular liability? In the borrower’s view, you should know that, or, at the very least, be able to figure it out.

By: Trevor J. Gauthier, "The Year of Online Lending," for Scotsman Guide

Back before online lending caught on, borrowers had to spend an anxious and opaque 60 days or more as their loan was poked, prodded and examined for even the slightest hint of a problem before learning — often at the last minute — whether they could actually move into their dream home. This process wasn’t much better for mortgage companies,

Fifteen years ago, technology was barely applied to, let alone integrated into, the mortgage process. The manual process required to originate a single loan was expensive, time-consuming and required a lot of natural resources and physical storage space. Industry veterans will not soon forget the boxes and boxes of mortgage files scattered everywhere.