Brandon Hoyles is a product expert at Blend. Prior to Blend, Hoyles served as a loan originator for 17 years in direct lending, mortgage banking and brokerage operations. In his current role, he assists product, engineering and sales teams in building and promoting innovative technologies for the mortgage industry.
The mortgage lending industry is still largely powered by technology that was first introduced before the 2000 dot-com bubble. Why? Realistically, getting a mortgage will never truly be a one-click process, and frankly, it shouldn’t be, but with technology it can be a better, faster process than it is. And while we have a ways to go to get there, these tips can help.
According to Verizon’s 2019 Data Breach Investigations Report, 10% of the 2,013 breaches that occurred in 2018 were within the financial industry. Personal data was compromised in 43% of those breaches, which were largely attributed to privilege misuse, errors or unsecure web applications.
Rising interest rates often cause homebuyers to think twice about moving forward with a mortgage. In April, mortgage applications fell more than 7% after 30-year fixed mortgage rates reached a high for the month.