The mortgage industry has undergone significant changes in recent years as technology has enabled the automation and digitization of many processes. The journey of the mortgage industry from traditional to automation can be traced through several key developments:

Traditional paper-based processes:Historically, mortgage custom applications involved filling out paper forms and submitting physical documents. This made the process time-consuming and labour-intensive.

Introduction of digital mortgage applications:The first step towards automation was the introduction of digital mortgage applications. This enabled borrowers to apply online and submit electronic documents, speeding up the mortgage custom application process.

Automated underwriting:The introduction of automated underwriting was a significant milestone in the mortgage industry's journey toward automation. This involved using algorithms to analyse borrower data and make loan decisions, reducing the need for manual underwriting.

Online mortgage platforms:The rise of online mortgage platforms has made it easier for borrowers to compare rates and apply for mortgage custom applications. These platforms typically use automation to streamline the application and approval process.

Blockchain-based mortgages:Blockchain technology has the potential to transform the mortgage industry by enabling secure and transparent transactions. This could streamline the entire mortgage process, from origination to closing.

Overall, the mortgage industry has come a long way in terms of automation and digitization. While some processes still require manual intervention, technology has enabled significant improvements in efficiency and speed, making it easier for borrowers to obtain mortgage custom applications.