16 May

Tech could speed up mortgage apps

Tech could speed up mortgage apps

The use of digital technology could help to improve the mortgage application process, clams a key data intelligence specialist.

GBG believe it is time mortgage providers embraced digital technology to speed up the home buying process.

Currently, potential home owners must provide original paper copies of bills and statements, even though the majority now receive paperless bank statements and credit card bills.

This means there can be delays for applicants as they attempt to prove their identity and financial position and have to pay out for paper copies of documents they already have access to.

“As incidents of fraud continue to rise, the pressure for banks and lenders to prove someone’s identity has never been more critical. These paper first procedures had to be put in place to sort the good from the bad. However, it’s clear these old-fashioned measures haven’t caught up with what’s actually happening in the real world,” said Nick Brown, group managing director at GBG.

“And as more customers opt to receive paperless statements and access their documents online, these traditional processes could hinder a legitimate individual’s chance of getting on the property ladder,” he added.ADNFCR-1222-ID-801835864-ADNFCR

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