Amid mounting industry pressures, home lending is being delegated to the machines.
Thomas H. Mitchell/Getty ImagesIn recent years giants like Wells Fargo and JPMorgan Chase have handed off key components of their mortgage businesses to scrappy tech start-ups armed with data and machine-learning capabilities.
With competition intensifying and margins thinning, a top-flight digital-mortgage offering is becoming a standard requirement, and banks without one risk falling behind and ceding market share.The business of buying a home has long been the dominion of banks, requiring time and human interaction. But amid mounting industry pressures, home lending is being delegated to the machines.
"Machine learning" and"automation" have become gimmicky buzzwords in some corners, but in home lending it's fast becoming a basic competitive requirement. Banks without a top-flight digital mortgage offering risk falling behind and ceding market share. Last week, digital-only Ally Bank became the latest entry in this chapter, announcing during its quarterly earnings call a partnership with Better.com, a start-up formerly known as Better Mortgage.
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