Speedy Solutions: Mortgage Technology Trends for 2024

In today’s fast-paced world, the mortgage application and conveyancing processes can often feel slow and outdated, especially for first-time buyers. Despite the demand for speedy transactions, it can still take weeks or even months for a mortgage offer to come through, and the conveyancing process can be equally time-consuming. However, as the industry strives to balance the need for speed with increased regulation, new technology trends are emerging to streamline processes and reduce risk for lenders, brokers, and applicants.

One key area where technology is making a significant impact is in the mortgage application process. By consolidating various functions such as document signing, ID verification, form filling, and communication into a single platform, technology is making the application process more efficient and less disjointed. Dynamic HTML fillable forms optimized for mobile devices are allowing borrowers to complete forms remotely and submit them along with attachments without the need for printing, scanning, or posting.

Additionally, technology is streamlining the underwriting process, enabling various departments to sign or authorize documents in sequence before final sign-off. ID verification is also being revolutionized, with the use of Near Field Communications (NFC), 3D video liveness, and anti-spoof technology allowing applicants to verify their identity in minutes using their smartphone.

Open banking functionality is not only simplifying the process of supplying necessary bank statements to lenders but also aiding in Anti Money Laundering (AML) checks by reporting on any unusual financial activity. Communication between all parties involved in the mortgage process is being enhanced through alerts, text messages, and emails, reducing delays and improving efficiency.

One of the most significant breakthroughs in the property sector is the introduction of ewitnessing, which eliminates the need for applicants to have their signature witnessed in person. With the use of certified eSignatures and advanced identity verification, this method is not only saving time but also reducing the risk of mortgage fraud.

As consumers continue to transact online, the need for safe and secure platforms is paramount. Integration into existing case management systems and corporate branding is providing end users with the confidence they need when sending sensitive information for a mortgage application.

The mortgage industry is undergoing a technological revolution that is streamlining processes, reducing risk, and improving efficiency for all parties involved. With the integration of advanced technology solutions, the mortgage application and conveyancing processes are set to become faster, more secure, and more user-friendly for applicants.