Applications can now be made on the bank's app or website, but closings will still be in person. With this move, BofA joins Quicken Loans, Lenda, SoFi and others offering a mostly digital mortgage. The trend is sure to continue.
A BankThink argues that Treasury's GSE cash infusions are just the return of stolen money; MUFG wants its Union Bank to be one of the nation's 10 largest; fintech promises a 30-minute mortgage; and more.
Lenda, launched in 2014, currently makes mortgages start to finish in two weeks. But it's aiming to make it a process that can be finished on a borrower's lunch break.
Servicers are still trying to figure out how they can best take advantage of the growing use of electronic notes and other digital mortgage tools by lenders and the secondary market.
