The Mortgage Industry and the Internet

Paper Summary:

This paper shows that the internet has had a positive effect on the mortgage industry. It examines recent surveys which show that mortgage seekers find that using internet simplified the process for them and saved a lot of time. The paper also shows that despite the fact that automated mortgaging is still in its early stages, most people still consider the internet as a source of information for obtaining a mortgage.

From the Paper:

"In addition, the impact of Internet has resulted in providing low-priced, instant communication, confirmations along with a written memorial of the process. Also, it is far less persistent than normal telephone calls (Mortgage Technology Magazine, 2001). The impact of the Internet has also allowed the originator as well as the borrower the time to bring together their thoughts, print a copy of the message if desired, and match with the request or decide the issue at a suitable time (Mortgage Technology Magazine, 2001). However, most significantly, it keeps communications between all parties to the transaction clear and concise (Mortgage Technology Magazine, 2001)."

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