Curt Tegeler is president and CEO of WebMax, a digital-solution company he founded that avidly works to develop
state-of-the-art mortgage technology to revolutionize the
mortgage market. Tegeler provides direction on business
initiatives while communicating and implementing the company’s vision and mission. His career within the mortgage
and real estate industries has spanned more than 30 years.
Prior to WebMax, Tegeler founded a software company that
focused on real estate. Reach him at (856) 702-6400.
Continued on Page 88 >>
or risk falling behind competitors. A study conducted
by PricewaterhouseCoopers, for example, showed that
60 percent of consumers want a mobile app to help
streamline the mortgage process.
Beyond mobile apps, technology can be used to
enhance the relationship between borrowers and loan
originators. Constant communication is key in creating
a successful application process. Immediate access to
loan status when questions arise, and the ability to
upload necessary documentation and sign documents
electronically, are key features that can give borrowers the experience they want. Video technology and
instant messaging also can provide an effective and
eases the origination
process for borrowers
them as well.”
The transaction timeline in the mortgage industry isn’t efficient compared to other industries. The average time for an under- written loan approval is 18 days, and it takes
around 40 to 45 days to complete the full process.
Mortgage companies currently spend about $8,000 to
complete these tasks, and these inefficiencies are then
passed onto borrowers through increased fees.
The mortgage origination process is a large task, but
it can be made more manageable by making allowances for today’s technologically adept consumer.
Transforming the process
Consumers want products on demand. Online and
mobile services like Amazon and Uber provide information instantly, giving consumers ample time to
research products and processes so they can make
decisions based on those evaluations.
This is the kind of platform the mortgage industry
needs to operate. The vast amount of regulations in
the mortgage industry have placed limitations on
lending transactions. This does not mean, however,
that lenders and mortgage companies cannot work to
further develop their technology.
Key industry players are embracing borrowers’
needs and improving services by capitalizing on the
digital revolution. As successful mortgage companies
recognize the need for digital lending, the rest of the
market will follow.
Digital lending eases the origination process for
borrowers while also educating them. This has allowed
the process to become self-guided and enabled borrowers to seek information on their own terms,
giving them a sense of control over their loans. Borrowers also can submit applications and move through
the approval process seamlessly via multiple devices,
making the mortgage process more accessible.
The role of the loan originator is not diminished in
this new digital process as some have feared. Instead,
they become more accessible and readily available
to fulfill borrower demands and answer questions.
Originators can receive transactions and inquiries in
real time while also confirming the accuracy of the
borrower’s data. Online loan calculators, preliminary
rate quotes and asset verification are now common
features for any lending service, so applications can
be entirely digital.
Digital technology benefits
The needs of borrowers are changing, and the mortgage industry must stay on top of these changes. A
company’s ability to keep up with innovative technologies is directly related to its ability to outperform the
Digital lending gives mortgage originators and
borrowers a variety of benefits. According to the
Consumer Financial Protection Bureau, for example,
technology has helped borrowers understand loans
better, which makes them feel more confident about
the digital-loan process.
This insight is important because it shows that digital
lending isn’t a service suitable only for millennials, but
rather it provides benefits for any borrower. Increased
efficiencies also lead to lower costs, and these savings
are passed on to borrowers, further improving their
At the other end of the transaction, mortgage companies can see a monetized value in this technology.
Not only can it lower costs, but digital technology can
provide opportunities to expand business and find
ways to more effectively communicate with clients.
Take the smartphone, which has established itself
as a household product within the past decade. When
communication is always available, originators must
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