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Online mortgage applications are gaining momentum, largely driven by consumer demand, according to at least one Wisconsin-based provider.
[IMAGE]""Mortgagebot"":https://mortgagebot.com/ has seen 800,000 online mortgage loan applications pass through its system year-to-date as of the end of September, outpacing last year's record-breaking total of 725,000 applications.
The company estimates it will reach 1 million by the end of the year.
Mortgagebot Enterprise is an end-to-end, Software-as-a-Service lending platform that allows mortgage applicants to apply for loans from any location and receive results within 20 minutes while ensuring lenders' compliance with all the latest regulatory requirements.
While ensuring lenders effortlessly adhere to all regulatory requirements, allowing lenders the flexibility to work with their preferred vendors, and eliminating risk of human error in many instances; Mortgagebot finds consumers are driving the demand for online applications.
""Borrowers view the online channel as the de facto way to conduct business,"" said Matt Cotter, SVP of sales and marketing at Mortgagebot.
""In particular, younger demographics, which grew up with the Internet, expect all the advantages of the online channel in their application experience as they take on financial responsibility and expand into the mortgage industry,"" Mortgagebot stated in a recent press release.
The benefits to consumers are several, including portability of the application, the convenience of smart technology that matches consumers to appropriate loan products for them, and the ability to research and apply for loans any time of day or night.
Additionally, Mortgagebot Enterprise provides results in less than 20 minutes, vastly diminishing wait time for anxious consumers.
Mortgagebot reports about 40 percent of its clients receive more than one-fourth of their mortgage applications online.
""With the world becoming increasingly mobile, lenders must keep pace with borrower preferences,"" Cotter said. He believes consumer demand for online applications will continue to increase.
