When I first got into the mortgage industry in the early 2000’s the application submission process was a Byzantine adventure that required a tree, printer, fax machine, scanner, a writing pen, Fed-X or UPS mail envelop WITH self-address return label, whole puncher, metal fastener, paper folder, computer and of course, last but not least, a phone.
Today it’s a brave new world where you can replace all the hardware, save a tree, and complete about 95% of the entire loan process on your smart phone. That’s right, if you have an android or iPhone the mortgage application and document submission process is a breeze. Banks, such as Mutual of Omaha Mortgage, have apps that, once downloaded, allow you to view, e-sign, scan, upload PDFs, communicate, and stay in touch with the entire loan process all the way to closing. If you’re savvy enough the only human contact, you will encounter, is the notary at signing.
However, not everyone has a palatable taste for mortgage banking, and being that this decision sits at the apex of purchase transactions, chances are you’re not going to
completely eliminate the human element. But gone are the days of a labyrinthine process of the initial stage of the mortgage application and loan submission.
Applying for a mortgage on the banks proprietary app also adds a level of security because you can eliminate emailing sensitive PDFs of bank statements, social security cards, W2’s and what not. Also, nowadays all mortgage originations occur within the paperless domain. No more sensitive documents, laying about the office in random locations, for the late-night clean-up crew to cast a curious eye on.
With the ever-changing mortgage climate, privacy issues, and compliance with state and federal lending laws, completing the application process digitally is encouraged and recommend.
The digital process insures that the borrower receives the application along with a digital footprint and confirmation that disclosures have been sent. No more lost or stolen UPS packages or someone else’s application sent to the wrong borrower.
Now, you still must consent to do business this way. We’re not going to just force technology down your throat and expect you to get with the program. You can still elect to do it the old
fashion way with your trusty ol DMV dot matrix printer and fax machine. Should you elect the later you could find yourself spending more time facilitating the mechanics of the loan
process and wasting money on rate lock extensions because it’ll take you 48 hours vs what someone in the digital world can do in 48 seconds.
When it’s all said and done the digital process will leave you with a paper trail from start to finish, with fully accessible information so you can always go back and compare notes. You
will save money and spend a heck of a lot less time worrying about the loan process and your personnel information floating about via snail mail, courier, or laying around for the janitor to scoop up. The digital loan process is truly consumer protection
at its best.
Find out how easy it is to get a VA loan through Mutual of Omaha Mortgage. Just click here and fill out the simple VA Loan Form. Then I will get back to you with details on how we work it using your smart phone.