Skip to main content

MReport - Mortgage Tech Update - July, 2022

Mon, 07/18/2022

Below is a lead-in summary to a Mortgage Technology Update article focused eMortgages and digital mortgage technology featuring commentary by DocMagic published by mReport.

Shopping for a home and a loan all from the comfort of your phone is the new norm. Customers want answers and approval within minutes, not hours or days, and especially not weeks. Instant gratification is the mantra that rules the day. Time spent waiting equals the loss of a client’s business. Bottom line, if you are not embracing all that tech offers, you might as well be driving potential business to the next shop.

And as technology moves faster to solve problems quicker, customer patience grows thinner. A study of 6.7 million users conducted by Associate Professor Ramesh Sitaraman from UMass Amherst showed that viewers tend to abandon online videos if they take more than two seconds to load.

Developers in the tech space must keep pace with the increasing demands of the consumer, and today, it’s all about instant gratification and speed. The industry must answer the call with the latest innovations to appease its audience.

MReport gathered a panel of experts to weigh in on several tech-related topics. Some are new to the game, and some are seasoned vets, but the common theme among them all is that tech is no longer a tool assisting the mortgage process, but a necessity in the process of achieving the American Dream of homeownership.

Click below links to access the full article including input from DocMagic's Brian D. Pannell, Chief eServices Executive

Part 1

Part 2