Digital mortgages

The Mortgage Bankers Association is calling for Ginnie Mae, states, the Internal Revenue Service and other government agencies to overcome remaining digital mortgage challenges.

Cloudvirga, in collaboration with Freddie Mac, has created the capability for loan officers to submit mortgage loan data to both government-sponsored enterprises' automated underwriting systems simultaneously with a single click.

The bank says its partnership with Lender Price will help streamline and simplify its home loan process.

While the mortgage industry heads in a digital direction, homebuyers are still expecting a more electronic experience during the mortgage process, which would also stand to benefit lenders.

Applications can now be made on the bank's app or website, but closings will still be in person. With this move, BofA joins Quicken Loans, Lenda, SoFi and others offering a mostly digital mortgage. The trend is sure to continue.

Lennar Corp.'s home finance subsidiary with the help of Blend rolled out its own digital mortgage platform, as another small lender tries to keep up with Rocket Mortgage.

Tech vendors Merscorp Holdings and eOriginal have developed a suite of tools for small and midsize mortgage lenders to close fully electronic loans.

While mobile applications have become increasingly present in the originations segment of the mortgage industry, they're now making their mark in the servicing space.

Lenda, launched in 2014, currently makes mortgages start to finish in two weeks. But it's aiming to make it a process that can be finished on a borrower's lunch break.

Servicers are still trying to figure out how they can best take advantage of the growing use of electronic notes and other digital mortgage tools by lenders and the secondary market.