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Closing on a mortgage in 12 days: Transforming our loan process and technology


Can your "100% digital" mortgage company close a loan in 12 days?

At NewCastle Home Loans, we can.

Jim Quist and I have spent the last two years working with the best mortgage fintech companies to create an amazing user experience for our borrowers and our employees!

We realized early on that technology alone wasn't going to make our digital mortgage and better than our old analog mortgage, so we threw out all of our long-held beliefs about the "right way" to process a loan from open to close. And in the end, we came up with a workflow that supports the digital mortgage tech for the most efficient loan process possible.

You can build or buy the newest most expensive tech available today, BUT, if you do not change your process behind the scenes, what is the point?

The biggest mistake old lenders are making right now is thinking a digital facelift is going to make their company more efficient and profitable. You can't close loans faster just by integrating new technology! Sure, tech will make it easier to originate a loan and for borrowers to upload docs, which is great, but what happens then?

Here’s a breakdown of the loan process. In the left column on the chart below, you’ll see the loan process for “digital” lender that has only updated their technology. In the right column, you’ll see the way we do things at NewCastle Home Loans.

 Table

Lenders can claim to be "digital,” "innovative,” "efficient,” "revolutionary,” or any other bulls#*t clichéd #mortgage #fintech #buzzword they choose. But, unless the status workflow (come on, it's punny!), is #disrupted, they will never be able to close a loan in less than 21 days. To be successful and make it through the digital mortgage revolution, the innovations can't stop after your online mortgage application is complete.

Ready to work with a mortgage lender that prioritizes technology AND process?! 

See if you qualify!

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