View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Comment
January 8, 2020

History of digital mortgages

For many years the mortgage process was largely impervious to digitisation. But following the sub-prime crisis and the growth of fintech various aspects of search and selection were digitised. From 2012, onwards an ecosystem of providers has combined to enable end-to-end digital mortgages.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

History of digital mortgages

Below is the history of digital mortgages, as identified by GlobalData.

1934 – The first modern mortgage came into being in the UK led by the Federal Housing Administration (FHA).

1972 – Building societies, who once dominated the mortgage market, began to lose market share.

1982 – Deregulation in the UK mortgage market led to widespread innovation and strategy diversification.

1990 – Property crisis and recession in the UK following rate rises.

2007 – Subprime mortgage crisis.

2007 – Apple launches the first iPhone.

2008 – Bank of America Corp found not liable for $1.27bn penalty for mortgage fraud.

2010 – Basel III agreed by the members of the Basel Committee on Banking Supervision.

2012 – Blend, launches in the US offering a data-driven approach to mortgage closing to banks.

2015 – Trussle, the first online broker to set up in the UK, launches.

2015 – Quicken Loans launches RocketMortgage.

2015 – Indiabulls Housing Finance launches first end-to-end digital mortgage loan sanction in India.

2016 – Better Mortgage launches in the US; within two years surpasses $1bn mortgage in origination.

2016 – Online brokers Habito, Burrow and MortgageGym launch in the UK.

2017 – United Wholesale Mortgage took part in first completely paperless mortgage, driving a 28.5% increase in its origination volume.

2017 – QuickenLoans surpasses Wells Fargo as he largest originator of mortgages in the US (Q4).

2017 – Redwook Bank launches focused on mortgage lending to SMEs.

2017 – OCBC in Singapore launches the first artificial intelligence-powered home and renovation loan specialist, Emma.

2018 – Google launches Google Home to compete with Amazon Alexa.

2018 – TD Bank launches new digital mortgage experience using Roostify’s digital lending platform.

2018 – Bank of America and Wells Fargo roll out new digital mortgage applications using vendor Blend.

2018 – Molo launches in the UK as first end-to-end digital mortgage lender.

2018 – Capital One exits the mortgage market in the US.

2019 – Tesco Bank exits the mortgage market citing “challenging conditions”.

2019 – UK’s HM Land Registry’s digital service ‘sign your mortgage deed’ adopted by 16 lenders.

2019 – Digital lender Social Finance rebrands its mortgage business as SoFi Home Loans.

2019 – US Bank launches new mobile app supporting digital mortgage applications.

2022 – Amazon offers mortgages for SME customers.

2023 – Pension funds and insurers challenge UK banks on lending volume.

Free Whitepaper
img

Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Retail Banker International