Excerpted from the MBA Newslink article by by Lew Sichelman
Digital lending is coming, the dozen or so mortgage professionals and vendors interviewed for this column agree. It’s just a matter of time.
“It’s going to be like getting a car loan; there’s no reason you can’t do that with a mortgage,” offers Joe Langer of Blue Sage Solutions, a cloud-based digital lending platform. He describes the future mortgage this way: Would-be borrowers will log on, input basic information and the system will auto-populate an application. Then the system will interconnect with other programs to pull in such key information as income, tax returns, liabilities and assets.
Based on that and other data, the program will tell you how much you can afford and explain your various loan options. Once you make your choice, it will make sure your specific loan fits into the lender’s investor requirements.
“It will be a 1-2-3 process,” Langer says. “You’ll go from application to close in a matter of hours.”