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Why Do 35% Of Homeowners Believe The Mortgage Application Process Is The Biggest Challenge?

Post by|FinanceUK15 February,2021
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The latest Homeowner Survey has revealed that more than 87% of the UK adults have and 91% of the aspirants who seek to buy a house for the first time are having difficulty getting on the property ladder. The current process of processing the mortgage is a manual process where more than most companies deal with extensive paperwork and layers of processing the mortgage loans. 57% of the UK surveyed residents stated that they would prefer a digital channel if they were applying for a mortgage. 24% said that the lack of a mobile app was a hurdle in communicating effectively with the financial institutions.

Does the question now arise how to simplify the mortgage process for the homeowners and the financial institutions? A massive finance digital transformation is underway. Homebuyers and financial companies are fast adopting mortgage loans’ automation, taking one step forward to making the process a seamless one.

What Are The Deciding Factors That Help The Mortgage Industry To Progress Towards Digitisation?

Operating with the age-old manual processing of mortgaging loans is slowly giving way to the finance digital transformation through automation. There a few key considerations that homebuyers and financial institutions in London and South Wales are keen on adapting the finance digital transformation:

  • Digitising the mortgaging process helps to reduce the costs significantly. Automating document classification, data extraction, underwriting, analysis, approval, and verification brings down the overall processing cost for both the parties involved in the mortgage process.
  • Real-time opportunities is another deciding factor. The digitisation of the mortgage processes reduces the turnaround time for the process, allowing the homebuyers, mortgage advisors, and independent financial advisors to assess the prospects and revert with minimum data processing and maximum accuracy of the mortgage statistics.
  • Fintech startup companies are keen on achieving process equilibrium through automated mortgage solutions. It ensures that the processing time for mortgage application remains unaffected irrespective of how the mortgages have been filed or applied. Achieving the process equilibrium provides that with minimum turnaround time, maximum accuracy is achieved across varied sources of inputs.
  • It fosters scalability to the independent financial advisors, fintech startups and mortgage advisors through automated mortgage solutions. Financial companies can scale up horizontally and vertically and respond to any spike in processing the mortgage loans following any drop in the interest rates or the sale of securities backed up by mortgage.

How Can We Simplify The Process For The Mortgage Buyers?

Studying the buying habits and preferences of the mortgage buyers and homeowners give us an insight into the challenges they face. Some pertinent questions that fintech companies need to understand the buyer persona are, what matters the most to the mortgage buyer while choosing a lender? How easy it is for the prospective homeowners to cut through the clutter and make a seamless mortgage transaction? It becomes an irritating experience for the prospective homeowners when they have to compare choosing one lender versus the other. Automating your mortgage processing solutions through finance digital transformation enables the mortgage buyers to make their purchasing experience seamless.

The automated mortgage solutions enable them to compare the prices across different products and assess how quickly one mortgage lender will process the loan when compared to the rest. The automation of the mortgage processing gives the prospective homeowners a window to determine how well the mortgage advisors will handle their closing of the mortgage. A survey by Oliver Wyma showed that prospective mortgage borrowers prefer customer experience over price any day. That is where the utility of the automated mortgage solutions comes handy not only to the mortgage borrower but also to the lenders.

What Can Mortgage Advisors Expect From The Finance Digital Transformation?

Digitising the mortgage processing solutions is a two-way lane benefiting the mortgage borrowers as well as the lenders. Let us look at some of the benefits that the mortgage lender can have from automating mortgage processing solutions.

  • A reduced time to market to capitalise on the investment.
  • Improved scalability to size up the operations based on market needs.
  • Assured security to process data-sensitive mortgage documents.
  • Improved scrutiny of the mortgage approval process.
  • Enhanced operational efficiency by streamlining the processes of federal rules and regulations.
  • An improved customer experience by quick, hassle-free processing of the loans.

On A Concluding Note

As a mortgage solutions provider, are you taking the necessary steps to offer your buyers the ultimate automated mortgage borrowing experience? A mortgage buyer, are you weighing the benefits of opting for a digitised mortgage processing solutions? After analysing that the automated mortgage solutions have more benefits than the lender or borrower can assess, what are you waiting to leap the finance digital transformation? The team of experts at ZealousWeb UK will help you develop and customise a mortgage solution that best fits your business requirements. Our futuristic fintech solutions bring increased business value and an incremental return on investment.

FAQ

Will The Mortgage Solution Adhere To The Federal State Rules And Security Policy?

Yes! The mortgage solutions are developed, keeping in mind the state Federal rules and regulations to provide a secured hassle-free experience with the digital solution.

Will The Mortgage Buyer Be Able To Assess The Different Product Pricing Through A Digitised Mortgage Solution?

Absolutely! One of the main plans to develop a digital solution for mortgage processing is to provide an interactive end-user experience to compare and assess the pricing of the different service and product offerings to mortgage buyers.


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