The Year of Online Lending

Best-in-class borrower-facing web tools not only allow borrowers to self originate, but they also lead to higher customer satisfaction because of real-time status up-dates, easy document uploading and faster communication.

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.

Trevor Gauthier

Trevor Gauthier

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