Most individuals are indeed feeling the benefits of technological advancement. Whether doing a business transaction or personal transaction, the help of technology is indeed being felt. From television down communication gadgets, things had become more convenient and comfortable nowadays.
With the idea of convenience and comfort, questions are now being raced on whether some work office based related transaction could be done digitally. A hundred percent digitally done transaction is indeed ideal for a busy individual. However, there seem to be some areas where it cannot be fully actualized, like in mortgage processing. In the following article of Julian Hebron, he distinguished some tasks which can be totally done digitally and some task which cannot:
Can the Mortgage Process Really Be 100% Digital?
The federal laws created after the crisis require lenders to prove (with your full documentation) that they've verified your ability to repay your mortgage before you take it out.
To do this, lenders must follow eight federally required loan approval factors. So if a digital process doesn't satisfy these parameters for any reason whatsoever, you can be sure your lender will send you follow-up checklists requesting more documentation.
If you applied online originally, follow-up checklists and documentation may be requested and provided online, or the old-fashioned email way. Each lender's process is different, and your lender will instruct you. Processes are also different depending on loan size and type. Read original article...
One should understand that the nature of processing a mortgage may require the physical presence of both parties. And as such physical transactions are also needed depending on the nature of the transaction. That is why it could be expected that there are some things that cannot be done hundred percent digitally. Though we are living in a so-called digital age, there is still some norms and regulation which would require the old fashion way.
