• Courtney Graham

30-year mortgages in just 30 minutes? Really?



By Charles Howell, Princeton Mortgage Wholesale


Technology is defined as the practical application of knowledge in a particular area. As we’ve all gotten older, these practical applications have enhanced so many areas of our everyday lives. And as we relate it to the mortgage industry, we see how much times have changed. But we also see many promises towards a completely digital-type of lending future. I’m not sure about you, but after I hear and read promises of “30-minute mortgages” and “click button, get mortgage”, I can’t help but question it.


Everyone has different income levels, different credit histories, different established assets, different everything! Not everyone will qualify for a mortgage in the same way. And after qualification, not every loan can close the same way. All the State-County recording offices have different requirements and I can’t imagine each of them allowing for completely digital notarizations. And I can’t ever imagine “satellite imaging with a quick neighborhood data search” in the place of an appraisal like I just read here.


What happens whenever the inside of the house is falling apart, or it’s secretly being used as an income-earning property? What happens when the computer approves the loan, but the applicant can’t document the data quoted during their “one click”? Wouldn’t completely digital underwrites and closings increase the chances of mortgage fraud and identity theft? I can go on and on. This might sound extreme, but I just question how some in the industry can confidently and accurately make these claims.


What I do know is that technology is very powerful. And even if it never progresses to a point where one click of a button transports your loan into a completed status in just 30 minutes (with a Google Earth satellite image as your appraisal), we can still use it to make our lives easier. We have used it at Princeton Wholesale to help us turn files around in incredible time frames (see some testimonies at the bottom) … But, personally, I’d be a very nervous man if I were promising a future of completely instant mortgages for the masses.


Thanks as always,


Charles


Photo by Pixaline on Pixabay

The opinions expressed in this post are the sole view of the writer and do not reflect the opinion of Princeton Mortgage Corporation.

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