Digital mortgages

When both origination and forbearance demand spiked in the early weeks of COVID-19, quick thinking lenders were able to leverage their expertise and tech stacks to respond quickly.

From finding new efficiencies to redefining the customer experience; fintechs are permanently changing financial services. But what does the actual acquisition process look like?

The coronavirus pandemic has turned every industry on its head. For lending, it exposed the need for modernized, fully digital platforms.

Banks, lenders, and fintechs have been on a path toward digitizing the mortgage process from end-to-end — long before the term coronavirus entered our daily lexicon. How has the pandemic affected progress?

HUD Deputy Secretary Brian Montgomery questioned "whether we could ever totally accept desktop-only appraisals" at the Mortgage Bankers Association conference this week.

Mortgage companies contended with an average of 1,316 fraud attempts per month in 2020, up from 1,280 in the previous year, according to the latest study by LexisNexis Risk Solutions.

The pandemic has exacerbated delays and inefficiencies in loan manufacturing, while adding to security risks.

Record-low interest rates, high origination volumes and social distancing created a perfect storm for mortgage fintechs like SnapDocs and LoanSnap to score a cash infusion.