Other more traditional lenders - banks in particular - are automating their processes as well. Rather than having to provide all the same detailed pieces of information you would when filling out a paper form, your communication with the lender is more about borrowing programs that would fit best and not what details you have or haven't provided yet.īy streamlining that process, mortgage lending moves away from a transactional business and "turns into a relationship business," says Dom Marchetti, chief technology officer for loanDepot, a technology-focused lender. An important part of the mortgage industry's evolution is automation - not just allowing you to fill out forms online, but also granting access to financial and employment backgrounds without requiring repetitive work for you. Here are four things you should know about how technology is now playing a part in your mortgage process. "Companies are using big data, companies are using more automated systems and processes and using technology to produce a smoother experience." "In the last 18 months, we've really started seeing where things have gotten easier," Rhodes says. Lenders are beginning to embrace more new technology, and new lenders are even entering the game based around an automated platform. One possible reason the mortgage industry has been slow to adopt new technology is because the housing crisis caused lenders to clam up, explains Tom Rhodes, CEO of Sente Mortgage, a Texas-based lender that opened just in time for the housing bubble burst in 2007.īut those days are rapidly changing.