Automated Communication In The Mortgage Industry

Modern technology has made communication easier than at any other point in human history.  Email, social media, mobile apps, these tools are amazing and many can even be automated.  So why is the mortgage industry so far behind in embracing and adopting these tools?  Title companies and Realtors have automated communication tools for their part of the process of purchasing a home, but there is typically no such system in place from the lender.

Good news, it looks like that is about to change.

This article from the National Mortgage News discusses automated communication programs with the very companies that are designing them.  They are drawing inspiration from other industries to put together the most thorough and secure platform possible.  With so much sensitive data in loan docs, this security is of the utmost importance.

So what will these look like?  I'm glad you asked. 

Mobile apps are beginning to be the preferred method of communication by the majority of consumers.  An app that sends you regular and intermittent updates on your loan, what docs are needed, what you need to sign, etc and also provide you access to your loan package on the fly are in the pipeline. 

While complex regulations have prevented such developments to this point, increased security measures are now available in other industries that can be used as a model.  The future is very exciting!