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IT’S ALIVE, IT’S ALIVE! DIGITAL MORTGAGES AWAKEN A NEW REAL ESTATE MARKET
We are living in a new digital era and mortgage applications are morphing into new creations. This past Tuesday at the Mortgage Bankers Association Annual Meeting in Washington D.C., representatives from Wells Fargo and Bank of America spoke about their new digital mortgage application process that began in January. They stated that already more than a quarter of mortgage applications are coming through the digital channel; According to Wells Fargo, 28% of the bank’s mortgage applications came through digitally just this past September, while Bank of America expects 50% of its applications to be digital by this coming year.
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