Almost 75% of borrowers applied for their most recent mortgage online, according to the 2019 Borrower Insights Survey by Ellie Mae, a software company that works with the mortgage finance industry. Online lenders have pushed this trend, as well as large banks.
While the prequalification and preapproval processes can be completed online, it’s likely you’ll want to keep in touch with a loan officer so you can learn more about theStep 2: Signing and Submitting Documents Setting up a portal or other protective measures might seem like overkill, but the goal is to make this process quick and secure. If a hacker accessed your email and saw the W-2 you sent to a bank, vital information such as your name, address and Social Security number could be compromised.Some lenders take efficiency a step further by partnering with companies that can provide electronic reviews of applicants’ income and assets, instead of asking you to upload documents to the portal.