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A few years ago, signing a stack of papers at the mortgage closing table was expected – there was no other option. But now, a whole new world of possibilities has opened up as mortgage tech continues to advance and a younger generation of home buyers enters the housing market for the first time.
“Alexa, get me a mortgage,” was nothing but a dream several years ago. Now that dream may be becoming a reality as mortgage lenders turn their eye on mortgage technology and the sky is the limit.
The mortgage industry is ripe with fresh ideas and old systems that need to be updated to fit today’s times, from front-end technology to origination tech to finding ways to innovate servicing, every sector is on the precipice of change, and 2021 could be the year that finally makes the switch.
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We want to help you make more money right now. All month, go Back to Basics with Inman as real estate pros share what’s working now and how they’re setting up to profit in a post-pandemic world.
Talk to any real estate agent today, and nearly all will tell you they’ve never been busier. Even with mortgage rates having gradually inched higher since the beginning of the year, and home prices continuing to climb as well, buyers have not been deterred. And now, the country seems to be itching with a spring homebuying fever.
Unfortunately for buyers, that means the competition stands to get heated this year. Bidding wars have already surged in recent weeks, and don’t show signs of slowing. During the month of February, nearly 70 percent of Redfin agents faced bidding wars, according to a recent Redfin report. That’s the 10th consecutive month in which more than half of Redfin agents writing offers on a home had to try and beat out some competition.