From paper to pixels
This transformative power of digital technology extends to every facet of the mortgage process, from client interactions to the nuanced aspects of processing and underwriting. In Zitlow’s view, every part of the process has leveled up and has become even more efficient.
“Thirty years ago, underwriting was very manual which took much longer and had some level of subjectivity,” she said. “With the innovation of automated underwriting systems, efficiency and speed help to give clients answers quicker while assessing risk in a more consistent manner, technology really has changed the game.”
However, automation shouldn’t be used blindly – it can never fully replace the human touch said Zitlow. She told MPA that with all of the advancements technology brings, buying a home is still an emotional process.
“People need people they can talk to and can help navigate all of the moving pieces of the home buying process. It doesn’t matter how much money you have or how little money you have, whether you’re a first-time homebuyer or this is your 20th house, it’s emotional,” she said. “And there are clearly certain situations where automation just doesn’t make sense, such as if someone’s loan is denied. There’s a big difference between receiving a templated auto generated loan denial letter or getting a call from a caring human that explains the reason and can give hope as well as guidance.”
Digital tools have also revolutionized client engagement, a domain Zitlow is particularly passionate about. The mortgage journey, often fraught with complexity and emotion, has been made more approachable through digital means.
