The pressure is on the fintech, which helps banks make digital loans, to stanch its losses and show its lofty market valuation was deserved.
As lenders scale up on their remote capabilities in response to the pandemic, the software companies that service them see exponential growth.
Mortgage technology efforts have historically been behind the curve, but some recent responses to the coronavirus highlight instances where it rises to the occasion.
As the world practices social distancing to counteract spreading the virus further, it forces lenders to move as close as possible to an all-digital model, as quickly as possible.
Mortgage industry technology providers are adjusting their processes to allow for originations to keep flowing through the system as the nation combats the coronavirus.
Electronic closings are a solution in efforts to limit people congregating, but there could be some state law concerns.
Not so long after Treasury bond yields experienced an unprecedented drop, the average 30-year mortgage rate rose, reflecting volatility related to the coronavirus as well as capacity issues on multiple levels.
Appraisals are viewed as a choke point in the mortgage process. As the ranks of appraisers dwindle and technology advances, a new, AI-driven approach may not be far off.