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US Mortgage Essay

577 Words3 Pages

US Mortgage Market is hit by the FinTech Companies The US Mortgage Market valuation stands in Trillion Dollars as of the date (approximate figure). There was a time when the Wall Street Financial Commercial Banks used to provide 74% loan before 2007 but now that has fallen around 52% as per the data of Investopedia. The Non-Banking Financial Institutions have played a paramount role in it. However, the introduction of the FinTech Industry in the Mortgage Sector has made the game riskier for Commercial Banks like Wells Fargo and JP Morgan. The Silicon Valley Companies are gradually impacting the Mortgage business. In last one year, the US Mortgage has seen major shift due to the FinTech companies. Here is an analysis of the trend. Automation in Documentation and Loan Tracking …show more content…

Three of FinTech companies have distinct roles as six loans were closed in a paperless manner. Automation in the Loan Documentation and the Tracking system was the first and extensive breakthrough in the Mortgage System. Santander Bank and Fannie Mae closed the loans with the help of these companies. Online Paperless Mortgage Paperwork Clara is one of the FinTech Startup Company that is trying hard to crack the age-old technique of mortgage paperwork. Paperwork is one of the most tedious jobs for the Mortgage Processing and Clara fancy to help people online to complete that along with clear goals of educating consumers. But would that impact the Mortgage Industry? Well, of course, the attractive and easy process of Refinance and Mortgage has already shown the impact in the US market. How FinTech is impacting the Mortgage

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