Millennials Purchasing Homes and Their Demands for a Digital Mortgage Experience

Paperless Loan Origination | Mortgage Software

Younger home buyers are entering the marketplace, and they have a different mindset about digital versus paper mortgage processing. Millennial and other younger homeowners are insisting that their mortgage processing be digital because these buyers are technically savvy and want a streamlined mortgage process.

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What are these millennials looking for in a mortgage process? Here are some ideas based on a 2015 survey that showed that 86 percent of 18-29-year-olds own a smartphone, with nearly the same percentage for 30-49-year-olds.

  • The buyers want to conduct business on a digital platform, using a single access point
  • They want the ability to transact on a mobile device
  • Electronic signatures are a must
  • Communications should be driven by mobile devices, including texts and push notifications
  • The process should be quick and transparent
  • Verifications of employment, income, and credit should be electronic

This is where ATLOS paperless loan processing can help. Our system is designed specifically to remove the paper handling requirement for your client loan processing. Our platform is real-time, secure, and able to handle multiple entry streams. Our system can accept a wide range of file attachments, allows you to get electronic signatures from clients, and keeps everything on a web-based and hosted system. This means you don’t have to load or maintain local software and updates; we do all that automatically and transparently to you and your clients.

ATLOS developed as the result of a group of New Orleans mortgage brokers, loan officers, and bankers realizing the need for paperless loan processing just as Hurricane Katrina hit the area and wiped out countless records. ATLOS became commercially available in 2008 and was born in the cloud in 2010 to provide the loan marketplace a fully web-based loan processing system. If you want your business to attract younger home buyers, it’s time to move to paperless loan systems — it’s time to move to ATLOS!