Struggles with managing refinance volume and streamlining digital workflows have affected customer satisfaction with mortgage originators, according to a recent J.D. Power Survey.
When the economy began to close down a year ago, the mortgage industry faced questions about how the pandemic would affect lending. But as interest rates continued to drop in 2020, lenders soon found that consumers looking to refinance their homes would keep the industry busy.
Mortgage lender Guaranteed Rate has formed a new mortgage technology company, Gateless, that uses artificial intelligence in automating components of the mortgage loan process.
With the busy 2020 refi and purchase markets looking set to continue into 2021, lenders hope to lean on the investments they made last year.
Prospective homeowners are likely to be eager for our help in 2021, and the industry is set to reap the benefits of investments made in software and hardware that have dramatically improved the customer experience.
