New Jersey mortgage banker launches digital platform

A New Jersey based independent mortgage banker has partnered with tech firm MortgageHippo to launch a digital mortgage platform.

Princeton Mortgage says it will be able to offer customers a simple, efficient, and intuitive platform to apply for mortgages, as part of its drive to give customers ‘The Effortless Mortgage’, which is backed up by a customer satisfaction guarantee.

"Our strategy is to design, build and deliver what our customers want. According to Walker, a leading research firm, customer experience will overtake price and product as the key brand differentiator by 2020," said Princeton Mortgage CEO Rich Weidel.

Princeton Mortgage was founded in 1983 as a licensed mortgage banker and is backed by a 100+ year old multifaceted real estate brokerage, investment, and insurance company.

Mortgage industry catching up
The mortgage industry is seeing an acceleration of digital platforms and products in 2018.

While technology disruptors are circling, established names in the industry are gaining ground by partnering with technology firms.

In 2017, JD Power said that its research had found that the mortgage industry was lagging other industries in going digital even though its survey revealed a sharp rise in customers applying for a mortgage digitally, 43% in 2017 compared to 28% in 2016.

The report said that while price and rate are important, many customers will base their choice of mortgage provider based on trust as well as price.

They also want convenience.

“The great equalizer in the mortgage business is achieving a balance between convenience, recognition, advice, trust, and value,” JD Power reported. “Building this formula into new technology will be a critical area of focus for the mortgage industry in 2018.”