How is mortgage technology advancing?
Technology in the mortgage space has gone from strength to strength in recent years, following a surge in its implementation during the COVID-19 pandemic.
So, what have been some of the recent genuinely beneficial developments, what areas need further improvement, and what are the expectations in this space looking to 2024?
What tech developments have been beneficial?
In the mortgage space, Katie Pender, managing director of Target Group, has had hands-on experience with robotic process automation (RPA) and optical character recognition (OCR) technologies.
RPA, like a robotic assistant, quickly identifies and gathers required documents for brokers, while OCR reads and verifies details such as dates and amounts on bank statements and payslips.
This combo, Pender added, allows brokers to receive almost instant decisions on documentation compliance, streamlining the process.
While implementing these technologies requires upfront investment and training, she said, the long-term operational efficiencies and the ability to maintain a human touch make it a worthwhile evolution in the mortgage industry.
There is room for growth, and I have seen successful results, but widespread adoption is still in progress,"
