The average home loan takes 30-60 days to close, and can cost banks over $8,000 per application to process. The mortgage process for most lenders is still a very manual process. Typically emails, applications in-person, faxes,certified mail, phone calls and multiple in-person meetings. This is a costly, time consuming journey for both the borrower and the lender.
The Mobetize smartMortgage platform makes the entire process less costly, and more transparent for everyone involved by reducing manual processes and automated KYC, automated document verification and electronic adjudication.