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Dear Lenders: Ways Technology Is Optimizing the Housing Industry

DataTree Insights: Dear Lenders: Ways Technology Is Optimizing the Housing Industry

Savvy lenders exploring how to generate mortgage leads have embraced the power of technology in areas ranging from surveying to marketing to provide better service to their customers and expand their potential client reach. Technology is no longer a novelty but a necessary element of effective mortgage marketing solutions, at least for those lenders who wish to remain in business.

From Zero to Sold through the Power of Technology 

Since the recovery of large segments of the housing market, certain areas have become red hot, with listings sometimes selling literally within hours of being listed. In this sort of environment, it is no longer efficient for lenders to demand piles of paperwork and weeks of processing for mortgage applications.

Today’s mortgage lenders spend less time chained to a desk and more time on site, working with mobile devices, portable printers and electronic signatures to maintain contact to their main computers through secure remote connections. With continuous access to document images and verified records, the risk that they will be caught without a vital document is minimized.

As a result, lenders are able to make informed decisions in a timely manner. Unqualified buyers are identified without delay, minimizing the risk of bad loans. At the same time creditworthy homebuyers receive prequalification or preapproval within hours or even minutes, enabling them to close on that perfect home right away, versus waiting days or weeks for the conventional approval process and possibly losing out to another buyer.

Reducing Human Error in Surveying with GPS and Drones

Accurate surveying is an absolute must where real estate transactions are concerned. Manual surveying methods, no matter how meticulous, are vulnerable to human error, if only due to limitations imposed by line-of-sight visibility between survey stations. Technology like GPS delivers real-time measurement accuracy at the level of inches or centimeters over terrain that does not allow for line-of-site visibility.

Likewise, scanning the landscape with drones produces maps with pinpoint accuracy in a fraction of the time required by manual surveying methods. Smart lenders access various technology-enhanced real estate map images: including accessor maps, parcel maps, subdivision maps and tract maps in working with real estate clients. Analysis of this and other relevant information facilitates the execution of real estate listings while granting lenders confidence that they are at minimal risk of costly surveying errors.

Turning Davids into Goliaths with Technology

Traditionally, large lenders have taken advantage of their staff size to maintain their advantage over smaller lenders. Smaller lenders simply could not match the armies of men and women painstakingly searching through stacks of individual documents to find the right information or target the customers who are both ready and financially capable of buying.

Technology has altered the entire lending landscape, putting smaller lenders on a more even footing with their larger competitors in competing for customers and clients. Today, smaller lenders can leverage Property and Ownership Verification to expedite the lending process without taking risky shortcuts to due diligence. Services such as 4506-T searches allow smaller lenders to verify income quickly while maintaining compliance with federal regulations.  

Virtual Viewings Better than Being There

As the old saying goes, “seeing is believing.” However, with virtual reality and augmented reality, viewing real estate listings no longer requires coordinating a real estate agent’s schedule with that of a potential buyer then having both drive across town to view the physical listing. Realistic representations allow buyers to “view” listings on their own time in the comfort of their own homes.

Virtual viewings also enable buyers of unbuilt properties or properties undergoing rehab to see what their completed homes will look like without the risks associated with touring construction zones. These views provide a much clearer view of what is actually on offer, reducing the guesswork associated with valuation and asking prices. Virtual reality and augmented reality representations also make it easier to monitor construction progress in comparison with proposed timelines.

Leveraging Technology to Enhance Mortgage Marketing Solutions

These days, buyers demand that real estate agents and lenders alike be up-to-date with their services. In particular, lenders who demand stacks of paperwork and weeks of waiting time risk losing out to lenders who provide decisions within minutes to applicants via mobile devices.

DataTree mortgage and lending related services allow lenders of all sizes to provide timely lending decisions for creditworthy borrowers without neglecting due diligence. Our technology enhanced services matched with industry know-how represent a winning combination to master today’s real estate market. Sign up for a demo and free trial today!

 
 
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