Tag: machine learning
Mortgage Lending
How Machine Learning is Revolutionizing the Mortgage Process
In 2021, the mortgage market grew to $1.61 trillion, marking the highest mortgage borrowing numbers in history. However, by the end of 2022, mortgage demand plunged 13.2% due to climbing interest rates. Whether the industry is seeing unprecedented or fluctuating demand, the mortgage application process often leaves both lenders and borrowers with a desire for faster, improved processes. Why does mortgage loan origination take so long? Traditional mortgage lending processes are manual, slow and can feel outdated compared to the seamless digital experiences that have become the norm. Processing a mortgage application is often a tedious and time-consuming endeavor, requiring…
