Quicken Loans introduces mortgage rocket in an advertisement that aired during the Super Bowl 2016, promising to "transform the process of intimidation into an easy one." This has simplified the work of documenting income and assets – and the competitors have been rushing to do the same.
But collecting documentation is just one of many intimidating steps in getting a mortgage. Among the hardest decisions is to choose a loan offer. 30-year loan, 15-year mortgage or something in between? Higher rates at a lower cost or lower rate at a higher cost? Personal loan or a home equity credit line?
Now Rocket and its competitors develop tools to help borrowers make this decision – and they encourage the borrowers to make the right decisions online, on the phone and directly.
Cut documents, add flexibility
Among the creditors who lead the way to the digital era of mortgages are Quicken Loans, with the brand Mortgage Rocket, and loanDepot, the "Digital lending platform " called Mello. There are also service providers, such as Roostify, that build online application software for lenders ' websites.
These companies automate the annoying tasks of filing for mortgages. Roostify's CEO, Rajesh Bhat, said his company was "based on our traumatic experience as a consumer." She wants to apply for a home loan to feel as simple as buying a plane ticket or booking an online hotel.
Other lenders have similar ideas.
Lenders want to apply for a home loan as simple as buying a plane ticket.
"Our vision is that we need to serve consumers on their own terms," says Dominick Marchetti, chief technology officer for loanDepot. "So, if that means that they want to self-serve in the middle of the night by logging into their mobile device and applying for a loan, we want to be able to serve them there."
Regis Hadiaris, Rocket Mortgage's senior product manager, echoing the theme: "We've built this to be so versatile that clients can do as much or as little as they want to go online, or they do it as quickly or As they wish. "
Keeping the human touch
This innovation may be beneficial, but many people still want to talk to humans when they are ready to borrow hundreds of thousands of dollars. This is especially true for first time home buyers.
In a survey conducted at the end of the year 2016 on behalf of Ellie Mae, provider of mortgage technology, borrower mortgage was asked, "What can improve the experience recently? " Answer No. 1 for millennials is "more face to face " " Communication. (Answer No. 1 for Gen X and Boomer is "faster process. ")
Get answers to questions about your loan via phone, chat, text, or even directly.
The results of the survey did not surprise Marchesi loanDepot. "Millennial generation, even though they are digital natives, do not understand the APR and cover costs and all the complexity of mortgages, so they usually do not finish online," he said. "They want to talk to someone, they want to be educated about the process. They are uncomfortable only working throughout the process through digital. ”
Marchetti says Mello loan platform does not support one form of communication above the other. It's okay if the customer wants to "walk to their local Starbucks and meet their sellers," talk on the phone at night or get all the information online.
Quicken follows a similar philosophy. Customers can call by phone, chat online, or communicate via SMS at any time during the process, said Hadiaris.
Smaller lenders also embrace a personal touch. 360 Mortgage Group, Austin's mortgage bank that is proud of its online application technology within his home, encourages borrowers to call a credit officer with a question, said President Mark Greco. It is part of a lender philosophy that allows customers to "see and see different options without pressure," he said.
Next limit: Mortgage advice
The next limit in online mortgages is to provide credit recommendations based on each customer's goal.
LoanDepot and Quicken are one of the leaders in implementing "machine learning " for mortgage loans. Machine learning involves making predictions using a large amount of data. When you buy an item on Amazon and receive a list of other items you may want, that's the result of machine learning.
The goal is for artificial intelligence to tailor loan options to the needs of borrowers.
Amazon's shopping experience is the benchmark and inspiration for mortgage executives. When a website gives borrowers some option loans, the choice is partly based on what other customers have chosen in the past.
"We will support more and more client scenarios," said Hadiaris. "The financial situation of people can be unique and complicated. " The goal is for artificial intelligence to provide a "mortgage solution" that is tailored to the needs of each borrower, as is always done by human lending officers.
Sometimes customers are given choices they wouldn't consider. " They are usually excited about it, "said Hadiaris, giving an example of someone who wants financing back, but never considers the possibility of shortening the loan term, too.
Marchetti cited the scenario of someone who started to apply for a personal loan to Mello, but during that process, loanDepot found that the money would be used for home improvement. In this case, Mello would suggest getting a home equity credit line, with a lower interest rate than a personal loan. The goal, Marchetti said, is to enrich the borrower's loan application "With a lot of information... To find out basically what is the best way to solve this consumer. "
But collecting documentation is just one of many intimidating steps in getting a mortgage. Among the hardest decisions is to choose a loan offer. 30-year loan, 15-year mortgage or something in between? Higher rates at a lower cost or lower rate at a higher cost? Personal loan or a home equity credit line?
Now Rocket and its competitors develop tools to help borrowers make this decision – and they encourage the borrowers to make the right decisions online, on the phone and directly.
Cut documents, add flexibility
Among the creditors who lead the way to the digital era of mortgages are Quicken Loans, with the brand Mortgage Rocket, and loanDepot, the "Digital lending platform " called Mello. There are also service providers, such as Roostify, that build online application software for lenders ' websites.
These companies automate the annoying tasks of filing for mortgages. Roostify's CEO, Rajesh Bhat, said his company was "based on our traumatic experience as a consumer." She wants to apply for a home loan to feel as simple as buying a plane ticket or booking an online hotel.
Other lenders have similar ideas.
Lenders want to apply for a home loan as simple as buying a plane ticket.
"Our vision is that we need to serve consumers on their own terms," says Dominick Marchetti, chief technology officer for loanDepot. "So, if that means that they want to self-serve in the middle of the night by logging into their mobile device and applying for a loan, we want to be able to serve them there."
Regis Hadiaris, Rocket Mortgage's senior product manager, echoing the theme: "We've built this to be so versatile that clients can do as much or as little as they want to go online, or they do it as quickly or As they wish. "
Keeping the human touch
This innovation may be beneficial, but many people still want to talk to humans when they are ready to borrow hundreds of thousands of dollars. This is especially true for first time home buyers.
In a survey conducted at the end of the year 2016 on behalf of Ellie Mae, provider of mortgage technology, borrower mortgage was asked, "What can improve the experience recently? " Answer No. 1 for millennials is "more face to face " " Communication. (Answer No. 1 for Gen X and Boomer is "faster process. ")
Get answers to questions about your loan via phone, chat, text, or even directly.
The results of the survey did not surprise Marchesi loanDepot. "Millennial generation, even though they are digital natives, do not understand the APR and cover costs and all the complexity of mortgages, so they usually do not finish online," he said. "They want to talk to someone, they want to be educated about the process. They are uncomfortable only working throughout the process through digital. ”
Marchetti says Mello loan platform does not support one form of communication above the other. It's okay if the customer wants to "walk to their local Starbucks and meet their sellers," talk on the phone at night or get all the information online.
Quicken follows a similar philosophy. Customers can call by phone, chat online, or communicate via SMS at any time during the process, said Hadiaris.
Smaller lenders also embrace a personal touch. 360 Mortgage Group, Austin's mortgage bank that is proud of its online application technology within his home, encourages borrowers to call a credit officer with a question, said President Mark Greco. It is part of a lender philosophy that allows customers to "see and see different options without pressure," he said.
Next limit: Mortgage advice
The next limit in online mortgages is to provide credit recommendations based on each customer's goal.
LoanDepot and Quicken are one of the leaders in implementing "machine learning " for mortgage loans. Machine learning involves making predictions using a large amount of data. When you buy an item on Amazon and receive a list of other items you may want, that's the result of machine learning.
The goal is for artificial intelligence to tailor loan options to the needs of borrowers.
Amazon's shopping experience is the benchmark and inspiration for mortgage executives. When a website gives borrowers some option loans, the choice is partly based on what other customers have chosen in the past.
"We will support more and more client scenarios," said Hadiaris. "The financial situation of people can be unique and complicated. " The goal is for artificial intelligence to provide a "mortgage solution" that is tailored to the needs of each borrower, as is always done by human lending officers.
Sometimes customers are given choices they wouldn't consider. " They are usually excited about it, "said Hadiaris, giving an example of someone who wants financing back, but never considers the possibility of shortening the loan term, too.
Marchetti cited the scenario of someone who started to apply for a personal loan to Mello, but during that process, loanDepot found that the money would be used for home improvement. In this case, Mello would suggest getting a home equity credit line, with a lower interest rate than a personal loan. The goal, Marchetti said, is to enrich the borrower's loan application "With a lot of information... To find out basically what is the best way to solve this consumer. "
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