How We Use Technology to Improve the Loan Process
Technology has already made going about our day-to-day activities more convenient, and now it's slowly, but surely, doing the same in the mortgage industry.
When Dustin DiMisa became CEO of InterContinental Capital Group, he made it his mission to make home financing a simple and straightforward process. Part of this includes pairing each applicant with a mortgage specialist who is licensed to do business in the client's state, so that all loans remain compliant with local regulations.
Along the way, our lenders and clients are supported by the latest technological advancements in the mortgage industry to help them achieve their goal of home ownership. As part of our mission, we use and even develop our own leading technologies that help streamline the process of applying and receiving a loan.
Receive loan options that are specific to your needs
Applying for a loan is stressful enough without having to weed through countless options to find the ones that suit your needs. We believe the best way to guide clients is by educating them thoroughly about their options while ensuring each person is serviced from an individual perspective. That's why InterContinental Capital Group's engineering team has generated advanced technology that can identify the best loan and bond programs available for customers looking for cost-effective home ownership.
Our lenders take the time to get to know your current situation, immediate needs and long-term goals to help you work through the options. The information you provide on your application allows our systems to search through the many loan options available so you are only presented with the plans that work for you. Your lender will also know how to answer any questions you may have about your options, and you can rest assured knowing you're choosing the loan or bond program that meets your needs.
Tailor qualifications to the circumstances
Lenders also benefit from our technology because they're able to tailor the qualifications for receiving a loan to the unique circumstances. At ICG, our application process and eligibility requirements are easy; as long as you're a U.S. citizen or permanent resident, over 21 years of age and have a steady income, you can be considered eligible for a home loan.
Our systems are meant to evaluate these standards, as well as our defined parameters of the 3 C's (Credit, Capacity and Collateral) to determine if we can provide the loan you're asking for. Of course, there are many different kinds of loans where requirements differ. For example, our Veteran's Choice program provides VA home loans to eligible service members, but the qualifications for the 3 C's differ. We are able to tailor our system to match the loan you are applying for. This optimizes the process from the start, getting you on the path to becoming a homeowner quickly.
Monitor the progress of your application
Even though we promise to streamline the loan process, we also encourage every client to move at their own pace. We understand that life is full of unexpected twists and turns that may force you to put a pause on purchasing a home. At the same time, there might be circumstances that mean you need to close on a home as quickly as possible.
Either way, we give every loan applicant the ability to log into an Electric Loan Center. From here, you can monitor the progress of your application, receive and sign electronic disclosures, upload requested documentation and more. This serves as a one-stop-shop on the loan processing journey where clients can take control of the steps along the way and have full transparency into the status of their application.
Assess risks and discover anomalies
While ICG has always been on top of utilizing technology in every step of the loan process, others have been slow on the uptake. MReport found that new technology like artificial intelligence and machine learning can be used to assess risks and identify anomalies in loan applications, many lenders are unaware of how to apply these tools in their everyday operations.
Summarizing a survey from Fannie Mae, they reported that while 63% of lenders said they were familiar with these technologies, only 27% had tried AI tools for their mortgage business. These technologies help lenders make faster, more informed decisions in the best interest of their clients, the home buyer. Integrating these tools into every aspect of the loan process is the key to making the most out of them, and that's what the experts at ICG have mastered.
All without sacrificing the value of human interaction
A major worry with the rise of technology in the mortgage industry is losing the human touch. The Mortgage Bankers Association recommends lenders find the balance between offering a digital experience without losing human interaction. At ICG, and our partners at Veteran's Choice and Own It Home Loans, we understand that purchasing a home and applying for a loan is a highly personal process.
We use our technologies to make your experience even more personalized by finding options that are right for your lifestyle and give you access to check on your application every step of the way. That being said, we never underestimate the power of human interaction during this process. Our lenders take the time to get to know you wherever you're most comfortable, whether that be over the phone, in a coffee shop or in your own home. We will never hesitate to check in on you, and you should feel free to reach out to us with any questions you may have.
InterContinental Capital Group makes receiving a loan easy
Here at ICG, we understand that the mortgage industry, the housing market and real estate financing in general is a constant and ever-changing environment. By embracing innovation as a necessary component of growth, we constantly look for ways to improve and better serve our clients through advancements in technology.
We work hard to get you the mortgage you deserve with help from the latest lending technology available. Contact us today to see how you may qualify to make one of the greatest investments of your life.