Leo Loomie, SVP, Client Services at Digital Risk LLC recently appeared on the Jon Sanchez Radio Show for the segment “Have you ever applied for a Mortgage Online” talking about the Digital Mortgage era , results of a recent survey ran by Digital Risk on homeowners and renters and overall Digital Risk services.
Talking about Digital Mortgages, Leo says that today the entire mortgage industry is working towards making it as easy, instant and automated as it can get. A qualified lender can go from a Loan Application to a conditionally approved underwriting in just about 20 minutes. “Rocket Mortgages” will let your data and documents be pulled directly from your bank accounts and basically cut down a tremendous amount of both time and cost for the lender as well as the consumer however, the concept of ‘Account Aggregation’ also poses another great barrier i.e. Cyber security. Leo says that eventually the need will outweigh the perceived risk of the process.
According to Leo, the biggest barrier in obtaining a mortgage is the ability to get through that process. Where at one hand we are trying to make it as digital as possible, as per the survey, 40% of the renters say they don’t have the down payment because of the student loans.
To listen to the full interview in detail, click here. 08/03/17- Have you ever applied for a mortgage online?