A report from the American Banker publication indicates that the mortgage lending industry is barely coping with the surge in refinancing applications, and the ongoing social distancing measures add to its worries. Not only the U.S., but Canada as well, are witnessing a sudden rise in the number of loan applications after the recent rate cuts. Many people are rushing to make the most out of the current low-rate environment.
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 We’ve been relying on the same outdated processes and systems for years.