Biometric and document verification are two services that may be (relatively) readily integrated into the company's digital journeys.
Fremont, CA: It's become a cliche, but it's also true that the pandemic spurred innovation out of need, and as someone who's worked in the mortgage technology sector for more than 15 years, it's been encouraging to watch the speed of change pick up.
As the dust settles in the post-pandemic world, a number of broader technological changes are affecting the mortgage market. However, as companies look forward to 2022, they believe some important mortgage themes will drive transformation in the industry.
· More automated data sources are being used
More automated data sources will be used in the future, allowing for more automated decisions, lesser data entry (from clients and brokers), and better data quality and depth. In addition, it will include more automation valuation / automatic rental to support more fully automated decisions at certain LTVs, as well as leveraging governmental data as well as a vast array of physical, geospatial, environmental, and climate-related data from companies.
· Digital identification will begin to acquire momentum
Let's begin at the beginning and define what Digital Identity (Digital ID) is. A Digital ID system is a simple and safe method of confirming identities online, allowing businesses to increase productivity and customer experience while lowering fraud risk.
In practice, digital identity is a supplement to existing physical identification credentials like driver's licenses, passports, and bank cards. Biometric and document verification are two services that may be (relatively) readily integrated into the company's digital journeys.
· Open Banking adoption will finally take off
The availability of services continues to rise; as demonstrated by Report, however, the expansion rate appears to have slowed.
Open banking will undoubtedly become more widely used as part of mortgage affordability assessments in the mortgage industry. They also expect brokers to pre-qualify consumers even before applying for loans, as affordability will continue to be a major barrier for many people, particularly first-time buyers.
