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How blockchain can improve the mortgage process

#artificialintelligence

Global banks that have a large mortgage business are facing pressure internally and externally to upgrade their operating model to save money, decrease processing times and enhance the customer experience – today it can take more than 60 days to complete a mortgage transaction. The pressure is particularly strong with FinTechs like US online lender Rocket Mortgage and UK digital mortgage broker Trussle creating a completely digital experience for prospective home buyers. Banks, therefore, are exploring everything from mature technologies like Optical Character Recognition (OCR) to more leading edge and high-tech solutions based on blockchain and artificial intelligence. While some of these solutions could dramatically impact day-to-day business for lenders and their brokers and customers, blockchain has the potential to completely transform the entire mortgage financing industry. The financial services industry is all about trust – whether relationship based, reputational, authoritative (legal) or transactional – banking today is built on trust.


Rate on 30-Year Mortgages Falls to 3.92 Percent

U.S. News

The rate on benchmark 30-year, fixed-rate mortgages slipped this week to 3.92 percent from 3.95 percent last week. But the 15-year, fixed-rate mortgage, popular among homeowners seeking to refinance, blipped up to 3.32 percent from 3.31 percent.


Average Mortgage Rates Climbed This Week

U.S. News

Mortgage buyer Freddie Mac says the average rate on 30-year fixed-rate mortgages rose to 3.99 percent, up from 3.94 percent last week. That average marks a five-month high, but it's still lower than the 4.32 percent a year ago. The rate on 15-year fixed-rate mortgages increased to an average 3.44 percent from 3.38 percent in the prior week. The 15-year averaged 3.55 percent a year ago.


US Mortgage Rates Rise, Though Remain Historically Low

U.S. News

The rate on the benchmark 30-year fixed-rate mortgage rose to 3.94 percent from 3.9 percent last week, mortgage giant Freddie Mac said. The 15-year, fixed-rate mortgage, popular among homeowners seeking to refinance, also increased, rising to 3.36 percent from 3.3 percent.


US mortgage rates rise for 3rd straight week

FOX News

WASHINGTON – U.S. mortgage rates rose this week for a third week in a row, lifted by investors' expectations for faster economic growth, which has pushed up borrowing costs.