Automated mortgages are enabled through a DTM application that makes the process of applying and getting approved for a mortgage nearly instantaneous. While mortgage applications have become faster, the process of getting approved can take days. Automated mortgages streamline this process.
For example, Rocket Mortgage from Intuit is a mobile app that allows a user to apply for and get approved for a mortgage in less than ten minutes. We expect many others to follow Intuit with this approach.
Digitizing the upfront application process has been the main focus, but new regulations, digital technologies, and customer expectations are creating renewed urgency for removing paper all the way through to the closing table.