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Technology is taking the mortgage industry by storm. Mortgage applications are increasingly becoming paperless and digitization of documents using pattern recognition software is now becoming the norm. Intelligent OCR technology is helping underwriters with quick and easy verification and their decisions are increasingly based on automated rules engines. Property values are established in the matter of hours using automated valuation models without the need to wait for physical inspection. As per a recent study, as many as 50 % mortgage lenders are viewing technology as a means to gain competitive advantage in terms of costs.......

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