The one thing that a prospective home buyer has been too scared of is the process of procuring loans. It involves going through a maze of complicated and never ending processes, much of which is beyond their knowledge and understanding. At a time, when technology has uncomplicated matters in every walk of life, loan procurement process too has undergone a transformational change. For those who believe things still remain the same, it’s time for a revisit.
A string of amazing technological advancements has contributed hugely in simplifying loan processing today. The advent of e-signature, for instance, has helped take the first big stride towards the big change. After e-signatures attained legal sanctions, instant signing of documents from distant places became a possibility, thus saving on valuable time lost during transit of documents. It is also possible to create an electronic archive of all signed documents for ready reference. Thus by cutting down on time, e-signature has helped to speed up every aspect of loan processing.
The versatility of smartphones has also contributed significantly to the transformation process. This one device can in itself handle the entire gamut of the loan process. From phone calls and document sharing to appraisal photos and e-signatures, you can get it all done with a smartphone from anywhere and anytime.
The digital camera, for instance, has simplified the process of document submission incredibly. Waiting for pictures to be developed before affixing them to the appraisal docs and mailed to mortgage offices took anytime between days to weeks. Now this can be snapped in seconds. The digital camera on the smartphone can be used to take a photo of application documentation and submitted at once.
The evolution of apps has further helped to turn smartphones into an end-to-end loan processing management system. Mortgage companies are developing customized apps to receive applications, provide conditional approval, order and receive appraisal, order and receive title and receive and return signed documents. Like an automated project manager, apps help to update transactions, send progress notifications, send alerts about due dates, missing documents etc. automatically and in real time. A loan seeker can also get to see the status of the loan anytime and, if confused, can get matters sorted out in a matter of seconds.
So, if you are applying for a mortgage loan, look for companies that have embraced technology. Only lenders who use the latest technology can guarantee you simpler and easier transactions and a better customer experience.