The average time taken to close a standard mortgage loan is around 5 weeks. This is because, a loan application has to go through more than 30 touchpoints such as assessment of creditworthiness and underwriting tasks before reaching the approval stage. Sometimes the average time can get longer because of some factors that are beyond the control of the lender….
mortgage automation
In recent times there has been a growing demand for expedited and improved loan originations in the commercial lending market. This has led to lenders embracing automation to boost the productivity of lending officers and make customers happier. The massive improvements in digital mortgage loan origination systems over the years have immensely helped lenders to meet the varied demands of…
The mortgage industry is undergoing sweeping changes on operational front. This stems as a direct consequence of the unrestrained competition in the industry and the growing need for lenders to adhere to stringent compliance requirements. The demand for higher operational efficiency and improved customer service is causing lenders to replace their antiquated business processes and complex legacy systems with innovative…