The coronavirus is no longer only a medical nightmare, as nationwide lockdowns and the partial shutting of businesses have created a heavy financial toll on people and the economy.
Big changes are on the horizon for the lending industry. While many may fear artificial intelligence (AI), this exciting technology is already changing the way we approach traditional lending.
One essential system that lenders rely on is the five C’s of credit. This system plays an important role when it comes to qualifying loans. The five Cs serve as a valuable benchmark that financial institutions can use to score a borrower.
In today’s digital age, smart contracts guarantee a new way of doing business. Maintaining compliance, data accuracy, and legitimacy is essential in almost every major industry. Smart contracts are starting to catch on as businesses realize the immense potential they have.
The mortgage industry is slow to adapt. We’ve been relying on the same outdated processes and systems for years.