But technology is more than just a processing tool. As the market is pushed to further rely on technology, industry experts are having to reconsider ways of harnessing the full potential of digital mortgage systems, so that lenders can provide borrowers with even speedier solutions for the loan origination process.

“There are too many apps, and it can be confusing for a customer to know which one to use. At some point there has to be more integration of technology between businesses, or I could see customers getting overwhelmed and just choosing to call the lender or go to their website,” Fulford stressed.

He highlighted some of the more common errors being made with digital solutions on the origination side that could potentially put customers off.

“Companies have to make sure the experience is consistent between mobile, web, and phone. If each channel looks and feels different, customers can get confused and ultimately may dislike the experience enough to go elsewhere,” he explained.

“The future is about providing the right data at the right point and time in the origination process – often through bite-sized application programming interface (API) solutions – so that lenders can easily operationalize and create a customer experience that sets them apart from their competition,” he said.