Mortgages are an integral part of the real estate industry, but delays in closings have been a major issue for years. According to recent studies, the average time from mortgage application to closing has been consistently around 50 days. It has been an immense challenge for the various parties involved, such as lenders, title agencies, real estate firms and appraisal professionals.
In many cases, the process has been fraught with obstacles and bottlenecks that have been difficult to alleviate. Automation has been proposed as the solution, with the intent to streamline the entire process. It remains to be seen how effective such technology can be in shortening the time between application and closing and how this technology will benefit industry professionals who must comply with regulations and guidelines for mortgages, as well as consumers.
Most Important Elements:
– Average time from mortgage application to closing has been consistently around 50 days
– Process has been difficult for mortgage lenders, title agencies, real estate firms, and appraisal professionals
– Automation proposed as the solution for streamlining the entire process
– Technology to benefit industry professionals and consumers
You can read this full article at: https://www.housingwire.com/articles/opinion-automate-title-status-check-info-with-ai/(subscription required)
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