We are living in a new digital era – and mortgage applications are morphing into new creations.
This past Tuesday at the Mortgage Bankers Association Annual Meeting in Washington D.C., representatives from Wells Fargo and Bank of America spoke about their new digital mortgage application process that began in January.
They stated that already more than a quarter of mortgage applications are coming through the digital channel; According to Wells Fargo, 28% of the bank’s mortgage applications came through digitally just this past September, while Bank of America expects 50% of its applications to be digital by this coming year.
Both representatives claim that loan officers will act as more of an advisor – customers seem to be enjoying the accessibility of the process and being able to decide how much of the application they are wanting to do online before reaching for help – if they choose to.
Bank of America is also looking at implementing the artificial intelligence-driven virtual assistant, Erica, into the mortgage process going forward.
With the awakening of new digital platforms, the real estate market will have to transform into what clients want.