Digital mortgages

As delving further into digitization becomes more the standard, loan officers across the country know artificial intelligence is the next evolution in mortgage technology.

Mortgage technology efforts have historically been behind the curve, but some recent responses to the coronavirus highlight instances where it rises to the occasion.

As the world practices social distancing to counteract spreading the virus further, it forces lenders to move as close as possible to an all-digital model, as quickly as possible.

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.

Mortgage industry technology providers are adjusting their processes to allow for originations to keep flowing through the system as the nation combats the coronavirus.

Electronic closings are a solution in efforts to limit people congregating, but there could be some state law concerns.

Maxex, a company that acts as a private exchange for residential mortgage sales, is seeing a pickup in business as sellers seek additional outlets for their nonagency loans.

Not so long after Treasury bond yields experienced an unprecedented drop, the average 30-year mortgage rate rose, reflecting volatility related to the coronavirus as well as capacity issues on multiple levels.

Fidelity National Financial, the nation's largest title insurance underwriter, added a new digital title insurance opening package to its WireSafe homebuyer and seller program.

From increased consumer engagement to new forms of payment, mortgage servicers are finding themselves faced with new trends in the market that they need to address.