Digitization in Mortgage Processes

The mortgage process can be significantly streamlined and made more cost-effective through digitization. Currently, the average cost of originating a mortgage is steep, exceeding $10,000 for non-bank lenders and around $17,000 for banks. Using digital solutions like smart documents and a government database for verifying incomes can reduce these costs substantially, potentially down to $25 per loan. This method would not only expedite the verification process, saving weeks of back-and-forth for underwriters, but also open up opportunities for more low-to-moderate income applicants to secure mortgages.