With bigs trends developing and a greater shift towards big data, the mortgage industry is experiencing exciting changes that will promote growth and a spirit of innovation. These changes are being supported largely by small, creative companies in the tech sector. Here’s some of the most innovative companies in mortgage technology:
Scrypt is a documentation software company that offers platforms for healthcare companies, physicians, and mortgage companies. Its mortgage industry software, XDOC, serves to streamline one of the slowest parts of the mortgage process: document submission and processing. Scrypt’s software prioritizes transparency and collaboration, giving both borrowers and lenders regular access to data in an easy-to-use searchable format.
Roostify offers an online mortgage application program to mortgage companies for the purpose of simplifying their customers’ experiences. It tackles the mortgage application as a whole, with the ability to guide borrowers step-by-step through the entirety of the mortgage application process. Roostify boasts anytime/anywhere access, giving lenders the ability to answer borrowers’ questions during the process in real time.
Started in 2012, Blend describes itself as a response to the 2008 financial crisis. Its software digitized and simplified the mortgage process for both borrowers and lenders. With an emphasis on simplicity and security, Blend unifies all of the aspects of the mortgage application process into one user-friendly platform.
Mortgage Hippo offers an online platform to both borrowers and lenders, with the purpose of connecting these two parties. Through Mortgage Hippo, borrowers and lenders each make profiles and connect to one another. Once a borrower matches with a lender, Mortgage Hippo’s streamlined mortgage application process guides the borrower through their application.
Recently acquired by Optimal Blue, Comergence provides a wide range of compliance software for mortgage industry leaders. These programs ease the burden of regulations on mortgage companies by giving them simple platforms to keep track of compliance needs. Additionally, Comergence gives its clients a greater ability to check-in with any third party companies they may be working with. Overall, Comergence’s software makes the job of a mortgage company much easier.
Technology has and will continue to improve the mortgage industry through greater simplification and efficiency. These companies are only a few of the innovators in the industry pushing for creative solutions empowered by technology.
Here at Garden State Home Loans, we are committed to harnessing modern technology to give the best experience possible to our customers. Our new live rates app is but one example of this continuing commitment.