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Mortgage

I’m pretty sure that human, mortgage and technology are probably not the easiest or most common words you want to say together.

However, they have certainly joined forces to continue to re-configure the lending world. Basically, human mortgage technology, or ‘HMT’, isn’t really that complicated to understand.

It just means at some point of the home loan process there’s a human involved, in this case either the borrower or lender, who has access to a lot of technology that helps them navigate through the real estate financing experience.

For example, let’s look at the borrower.

It’s absolutely fantastic and at the same time incredibly scary how much information you have at your fingertips these days.

Whether it’s through your personalized voice command or a couple of smart moves by your thumbs, your smartphone is the ultimate connector to anything that is everything.

It’s fast and it’s easy to research what you need to help you purchase a home or finance it.

If you want to know your personal credit score, all you need to do is visit one of your banking or credit card apps and, bam, your credit score is available within seconds.

You can then take a screenshot of it and send it via text to your lender to help them gain an initial understanding of where you stand in the credit world rankings.

Of course, your personal credit scores are different than your mortgage credit scores. But no problem. You can quickly provide verbal authorization to your lender or simply click an authorization link sent to you by your lender that enables them to run your full mortgage credit report inside of a few seconds on their banking app.

In addition to your credit report review, your lender can work through the evaluation of your financial profile in a similar automated fashion.

One of the ways this happens is because of the ongoing technological advancements that have been made by Fannie Mae and Freddie Mac.

Ever since their documentation relief programs came out, your pre-approval process timeline has been compressed down to minutes.

As such, almost all lenders now have some sort of reduced documentation type of automated underwriting system to help give even the most impatient borrowers their “fix” as swiftly as possible.

While you are waiting for your electronic credit and financial underwriting approvals, you can check out the vast amount of home search websites, apps, chats and groups that will equally satisfy your hunger for more data on what properties are available too.

It’s clearly a new world we live in and a massive of tug of war between humans and technology over how the mortgage process is being re-shaped as we know it.

First it was Zillow.com, now evolving is Blockchain and next Amazon, that will forever change the real estate industry.

By the way, in case you try to search for it, I don’t believe HMT is a real term. It’s artificial, but not quite fully artificially intelligent yet, although it’s awfully close.

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Chris Salese can be reached at chris@delsurmortgage.com or 707-363-4439. He is a licensed California mortgage lender (LO NMLS #254469 — CA-DBO #254469 Corp NMLS #1850 Equal Housing Opportunity.

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