Millennial and Gen Z borrowers are strongly influenced by digital offerings when selecting their lender – online applications (68% and 64%, respectively), online portals for uploading documents (65% and 68%), and online portals for signing and notarizing documents (66% and 71%).
Yet, despite decades of technology investment across the mortgage industry, the gathering and analysis of identity, income, employment, credit, asset, and liability data remain mired in outdated manual procedures.
Our research paper, Real-time Mortgage Verification Services – Maximizing the power of data to empower borrowers and make smarter lending decisions, explores opportunities for lenders who integrate these services:
(i) Provide better inclusion and support for self-employed
(ii) Establish creditworthiness using rental and alternative forms of payment histories
(iii) Reduce fraud
(iv) Improve certainty and experience for the consumer
(v) Lower lender originations costs
Click here to download your copy of Real-time Mortgage Verification Services.