The Transformation of the Mortgage Process
Obtaining a mortgage is a process that requires accuracy, patience, and communication. To reach the end goal of closing escrow, all parties involved must operate at their best and act efficiently in their role. While that’s not always the case, the mortgage process can become prone to setbacks due to slight mishaps along the way.
Over the past several decades, the mortgage process has almost always adopted traditional practices: in-person meetings, brief phone calls, and the use of paper documents, most of which can exhaust extra time and effort. In short, an innovation of the mortgage process was past due. As we thrive in this era of user-based technology, simple systems such as email, e-sign, and scanners contribute to the ease of these intricate processes. While other companies learn to adapt in this booming tech era, it has become the norm to pivot or bring on technological practices to adhere to the tech-savvy users of this generation.
To keep up with recent trends in the mortgage industry, RWM Home Loans developed an easy mortgage app as a modern solution to any concerns of mishaps or stress that may have surfaced from old-fashioned strategies. The user-friendly, navigational app is designed to simplify the home buying process and ensure any user a satisfying experience.
Good Signs of The Mortgage Process
Due to a series of steps, milestones, and various parties involved in a mortgage process, setbacks may occur, resulting in a delay or prevention from a successful closing. These are not ideal scenarios for any party involved and can even inhibit anyone’s perspective of the mortgage process and its functions.
Being proactive in knowing what challenges to look out for will help mitigate any possible concerns and solidify that the parties involved in the process are professional and experienced. Look out for the following signs during your mortgage process that signals you and your mortgage are in good hands.
- Customer Support: Every function in the mortgage process is performed with the client in mind. After all, it is their mortgage that provides the parties’ business. For first-time home buyers, it can be flat-out confusing. If you have a variety of questions about the process, they should not be seen as a burden, but as an opportunity to help you become a more knowledgeable home buyer.
- Communication: With new technology systems in place within the mortgage process, communication has become easier and more efficient. Any party involved should notify you immediately of any changes or updates to your mortgage, no matter the severity. This is a good sign that they adopt strong communication tactics, keeping you in the loop and out of the dark.
- Transparency: Processes are not always perfect and are bound to let in mistakes. What’s not acceptable is not taking accountability for any shortcomings that may occur or brushing them under the rug. Practicing good conduct is when any party at fault translates honesty and openness with the other parties.
- Professionalism: Professionalism is an imperative trait of any party doing business within such an intricate process. Unfortunately, factors such as carelessness and oversight can be the downfall of any mortgage trying to reach the finish line. All parties should be ready to work with due diligence and expertise, especially with the fate of the mortgage in their hands.
Among these four, there are clearly other traits to look out for when choosing the right parties to work with, most of which will be decided by your real estate agent or mortgage lender. Before you make a hasty decision, perform a thorough analysis of your mortgage lender, confirming that they’re the most suitable team to handle your home loan.
The Growth of Mortgage Apps
Mortgage apps are not new to the industry, as with apps in general. With a digital age upon us, consumers are always looking for new and easy automation to enhance their lifestyles and reduce lingering concerns. Mortgage apps are at a steady growth in the industry, proven by 54% of global website traffic generated from mobile devices in the first quarter of 2021 (Statista, 2021). About a decade ago, this wouldn’t be the case, yet now society clings to the concept of having everything you need in your pocketed device.
Apart from the big banks and credit unions who have their mobile app established for services beyond home loan needs, what about apps that cater to the mortgage process? A secure, well-established place to reduce any potential challenges and streamline the mortgage process for a smooth closing. That’s where our Fluid App comes in.
The Benefits of the Fluid App
Some features of the app are no surprise as other apps have adopted the same. What makes the our mortgage application app unique and innovative are the additional capabilities implemented in the program that benefit the users beyond their expectations.
Real-Time Appraisal
Appraisals are a critical step in getting your home loan approved. An appraisal is a process of developing the actual value of the property in question. Often, obtaining one can be difficult or take longer than expected, so having appraisals be available in real-time saves all parties half the time and effort than to order one traditionally.
Review and Sign Disclosures
On the go with no way to access a computer or desktop? No problem! Our app lets you securely access, review, and sign disclosures right within the app and within minutes. No more worrying about driving somewhere to sign documents or looking through your inbox with panic to find the correct email attachment.
Real-Time Loan Status Updates
When handling something as important as a home loan, being in the loop keeps you aware of any changes or updates. Luckily, our app notifies the client of every modification in the loan process, providing full transparency as to what’s been completed and what to expect next.
Bank Asset Verification
Asset verification can be an invasive and time-sensitive process, particularly with locating bank statements. With the app, clients can verify their assets without being directed to another software, ensuring their information is securely stored.
Fast Pre-Approval Letters
When shopping for a home, having a pre-approval letter in hand can be required or recommended to make an offer. The app generates quick and easy pre-approval letters so you can shop for your dream home with ease and confidence.
Encrypted Document Scanner
An app that scans documents isn’t exactly a new thing. However, in the case of the mortgage process, it makes the process easy and stress-free. Taking low-quality photos of required documents without an actual scanner can cause inaccuracies and harmful typos. With our secure and encrypted document scanner, scan documents at the click of a button and see your information transcribe into the app.
Credit Reports
Our Fluid App provides the client access to their credit reports with ease. Sometimes, running a credit report can be stressful, not knowing what to expect or if your credit score was accurately determined. The app gives visibility into your credit and what factors contributed to the final assessment.
In-App Mortgage Calculator
Wondering what a different approach looks like on your mortgage? Look to our Fluid App! With our in-app mortgage calculator, borrowers will be able to calculate and compare various scenarios to make the most sensible and suitable decision for their situation.
If these benefits aren’t enough to convince you that the our mortgage app is changing the mortgage industry, watch the video below to see it in action.
What’s Next for the Fluid App?
As of now, the Fluid App is a must-have essential for our clients and loan officers. What our mortgage app has that many other apps lack is the prioritization of customer service and years of experience. RWM Home Loans takes pride in utilizing the app to be user-friendly for all people, whether they are familiar with technology or new to it.
Even after its initial launch, we continue to innovate enhancements for the this easy-to-use software. We carefully monitor each opportunity for improvement and encourage feedback from all users to improve its functions and capabilities.
Submit an Application Today!
Hopefully, seeing the big picture of mortgage apps taking over the mortgage industry will give you a sense of comfort, knowing that mortgage lenders are taking careful steps in making the process effortless for their clients. The Fluid App continues to excel in these areas and we can’t wait to see what’s in store for the future.
Ready to pursue the home of your dreams? Getting started is quick and easy! Apply today by filling out an application with us and one of our trusted loan officers will reach out to you with the next steps. If you’re simply looking to get connected before easing into the process, contact us for immediate assistance.
