Select Page

Property Data: How FinTech Can Help Mortgage Lenders Process Mortgage Applications up to 20x Faster

Traditionally, the mortgage industry has been slow to adopt technology. Many agencies still employing dated waterfall projects that fail to speed up and simplify their day-to-day processes.

Chief executive of Eligible, Rameez Zafar, highlights the cause of the caution within the industry:

“While it’s been a decade now, it’s easy to forget what a systemic shock the financial crisis caused – and mortgages were at the heart of this. All stakeholders… had to reflect on what caused this and how to allow the market to recover without allowing the mistakes of the past to occur again.

As a result, innovation was not ‘slow’ per se – but rather was constrained within an industry facing intense scrutiny, changing regulations, and lenders/brokers placing emphasis on financial conduct.”

Despite this historic reluctance, more and more forward-thinking mortgage lenders are turning to technology to enhance their current business practices and are reaping the rewards.

The Benefits Scored by FinTech Lenders

Data can help speed up loan qualification, underwriting, and processing to help you close a higher number of quality homes faster. Property data can be used to automate key aspects of the loan origination process.

According to Ellie Mae, the standard closing time for refinance loans is 37 days, while purchase loans take 42 days to close on average. A new report from the Federal Reserve Bank of New York Staff Reports on, “The Role of Technology in Mortgage Lending”, found that tech-powered lenders typically process mortgage applications 20 times faster than their competitors.

Lenders relying on technology to speed up the process even achieved these record rates in the face of differentiations in detailed loan, borrower, and geographic observables.

Say Hello to Lightning Fast Processes

ATTOM Data Solutions database is updated daily with public record property, owner, mortgage, foreclosure and neighborhood information.

With flexible Property Data API solutions, ATTOM speeds up loan qualification, underwriting, and processing by automatically populating public record property, owner, mortgage, and foreclosure data at key points in your decisioning flow.

ATTOM’s property data speeds up and automates this traditionally time-consuming and dull process, allowing mortgage lenders to close loans faster.

ATTOM Property Data

As one of the most competitive industries, it can be difficult to gain a competitive edge as a mortgage lender. However, big data can provide mortgage industry leaders with a real advantage. ATTOM’s property data can take the headache out of traditional processes and help you close more deals, faster.

Find out more about ATTOM property data here, including guidance on how to access our sample data, and how to contact us for a free quote. Also, discover how to elevate and evolve your property data and unlock the power of Data-as-a-Service (DaaS), a cloud-based property data platform the streamlines data management.

Interested in purchasing the data cited in our articles?

Or learn more about how businesses are leveraging ATTOM’s property and real estate data? Please complete the form below to connect with a data expert.