A finance news website has put out a story about the use of an automated mortgage application program. A UK website that provides comparisons has put money into a mortgage program that provides options for mortgages within sixty seconds. The program also has an online application process that can be finished in fifteen minutes. The service has some human customer service available. The company contends that the mortgage industry is one of the last to use digital solutions.
- MortgageGym allows home buyers to complete a mortgage application online in a short amount of time.
- MortgageGym uses an algorithm to provide applicants with products that are affordable.
- MortgageGym is free to use and plans to go live this summer.
“Mortgage Market Tracker estimated in November 2015 that over 53% of consumers abandoned mortgage applications before completion, due to friction points in the process.”
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