Sometimes the most remarkable things go unnoticed if they’re part of your day-to-day. For example, did you know that the number of eNotes registered with MERS rose from 17,000 in 2018 to about 95,000 in 2019?
Here’s something even more impressive: there were nearly 40,000 eNotes registered in June 2020 alone.
Fast forward to today and over 1 million eNotes registered with MERS — there’s no denying that digital mortgages are here to stay and are soon to be the ONLY WAY.
How can originators handle this volume and demand for a digital mortgage? Many couldn’t.
Small to mid-size started folding under as soon as 2018, when the industry was right at the cusp of the digital mortgage surge. Then 2020 happened, and no industry was immune to the urgency of digital transformation.
Any business that wants to thrive must have digital in its DNA.
Just how critical is digital to a business reaching its customers and scaling? Well, we don’t have to look far to find answers.
DoorDash started in 2013, serving only the Bay Area. In 2021, DoorDash went public at a $72 billion valuation. Stripe, the online payment processor, went from being valued at $3B in 2013 to $5B in 2015. The 2021 valuation is $95 billion.
Shopify, the POS platform that allows retailers to set up powerful online shopping experiences quickly, didn’t fare too bad either. The total revenue for their 2020 Q4 grew by a knee-knocking 94% –just shy of $1 billion!
How was all this growth possible in an economy that has yet to recover fully? The answer is simple –consumer demand plus scaling made possible by digital transformation.
The Digital Mortgage Acceleration: Going Touchless
But was success just as smooth for the mortgage industry? As a collective industry, yes, it was!
Low mortgage rates fueled a booming market, and fortunately, the transition to a digital way of processing was well on its way decades before. The digital tools were available, and many lenders had already begun their transitioning to a touchless workflow.
These lenders exploded out of the gates swiftly and powerfully –confidently prepared to meet the demand and dominate in this new all-digital mortgage environment.
How was your transition? Did you feel this level of confidence? If not, it’s not too late!
The Digital Mortgage Platform Built For Scale and Success in Every Market
While we could’ve never predicted the economic shakeup of 2020, our digital mortgage platform was most definitely built for it. Our configurable and streamlined digital platform helped our clients provide a steller borrower experience, efficiently manage their volume surges, and helped to reduce their costs –all while increasing revenue potential, building their brand, and boost productivity.
And we can do the same for your business. Whether you’re a single broker or enterprise-level lender, our stackable and configurable digital mortgage tools instantly launch you into modern lending.
Schedule a conversation today to learn more about our mobile-ready templated mortgage websites, brandable Loanzify Mobile Mortgage App, and our exceptional Loanzify POS that completely revolutionized the Borrower Experience.