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It’s the Mortgage Industry’s Turn

The year is 2015, and I don’t know if you’ve noticed, but the world has changed quite a bit over the last few years. Nowadays people don’t take a cab, they uber it. People don’t stay in hotels, they airbnb it.

Why are these startups so successful at disrupting traditional and established business models? Very simple: they use technology to eliminate process inefficiencies and remove costly intermediaries in the value chain. Oh, and they also make things very easy to use for consumers. It’s the new “consumer revolution”, as some call it.

However, much to the disadvantage of mortgage consumers, the mortgage industry has so far managed to escape the disruptive force of technological advancement. This industry still suffers from antiquated workflows that are not just costly and highly inefficient but are not in any way conducive to providing a satisfactory consumer experience. Borrowers today are still submitting documents through fax and email, mediums that lack proper security standards for transmitting sensitive information and lead to messy and disorganized transactions. Worst of all, borrowers today are still dazed and confused as they go through an overwhelming and confusing mortgage process.

But this is all finally changing with the emergence of innovative technology companies taking on the massive challenge of bringing mortgages into the 21st Century. Now it’s the mortgage industry’s turn for a long overdue focus on significantly improving the consumer experience. It’s the dawn of a new era for mortgages, one to which we refer as the age of no more:

  • No more obsolete and antiquated workflows that make lenders, loan officers and borrowers inefficient
  • No more obscurity into the mortgage process for consumers
  • No more disorganized transactions that lead to errors and delays

With this in mind, we’re very happy to announce MortgageHippo’s new customized loan closing plan. We designed this closing plan to walk home buyers and people looking to refinance through every single step of the mortgage process in a very friendly, intuitive and smart interface and provide loan officers and borrowers with a centralized hub to complete the entire mortgage transaction in a very organized manner.

From their loan closing plan, borrowers can get thoroughly and automatically pre-qualified, compare loan options and pricing, examine closing costs, upload all necessary documents, keep track of their loan application, invite other important parties to the transaction (such as real estate agents), communicate with their loan officer, and much more.

And this is just the beginning! Although calling this the beginning is really a misnomer, since this is a journey that probably has no end. Or do you ever really finish improving and innovating? I certainly hope not. As Jiro Ono – the 85-year-old master sushi chef – wonderfully phrased it in the documentary Jiro Dreams of Sushi:

“I do the same thing over and over, improving bit by bit. There is always a yearning to achieve more. I’ll continue to climb, trying to reach the top, but no one knows where the top is.”

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