AI & Lending

Technology is the answer for mortgage lenders during and after the COVID-19 crisis.

The FinTech industry is growing incredibly, and even the largest financial institutions have started employing automation in relevant cases. However, before the Covid-19 crisis, mortgage providers were ‘apparently’ not so inclined to pursue digitization. 

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How to process mortgage applications faster, safer, and securely during the COVID-19 pandemic?

The COVID-19 pandemic has put a significant load on the mortgage industry as lenders are facing immense pressure while handling existing clients and entertaining incoming requests. The governments have rolled out different relief plans for borrowers, making the situation even more difficult for the lenders to keep their businesses alive and effective.

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Processing mortgages during the COVID-19 crisis is difficult, is AI the answer?

The COVID-19 crisis has struck every industry, and the mortgage sector is no exception. While lenders are quite keen to keep their existing customers comfortable, the new applicants might be facing considerable delays and uncertainty with their applications.

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Will lenders turn to technology providers after the COVID-19 crisis?

A recent report on CNBC found that mortgage rates are at record low levels, with some U.S. lenders offering an APR of 2.75% to 2.875% to their top customers. In fact, lower mortgage rates are helping a quicker recovery in the homebuyer market.

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FundMore helps lenders bridge the processing gap caused by the COVID-19 pandemic.

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.

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