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But Quicken Loans turned the mortgage industry on its head with the introduction of Rocket Mortgage, an online mortgage application that takes less than 10 minutes to complete, in November 2015. Its product simplified the mortgage process by offering a clean and quick online application form, allowing online information verification, and providing conditional preapproval within minutes.
In this report, Business Insider Intelligence will examine the current state of the mortgage lending landscape and how technology has enabled alt lenders to transform the home loan process from application to closing. We will then explore how legacy banks are responding to the threat of digitally advanced competitors by unveiling their own online mortgage solutions and offer recommendations for FIs looking to enhance their mortgage offerings.Ally, Bank of America, Chase, better.
Other FIs looking to enhance their mortgage offerings could leverage technology and partner with providers to tap into consumers' growing appetite for digital mortgage solutions and avoid ceding market share to the competition.Details how fintechs have transformed the home loan market.