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Telecommunications and Mortgages

Most people don’t think ‘telecommunications’ when they hear the word ‘mortgage’, but technology’s impact on society, and, especially the mortgage industry, has revolutionized the way things are done and has led to lower costs and more benefits for buyers and firms alike.

So, the explosion of telecommunications technology has had an immediate benefit for both the industry and for potential buyers. One of the first areas impacted by the new telecommunications technology was data transmission and storage. The cost of this drops every year, allowing mortgage companies to pass the savings on to buyers.

Communications speed increases every year, allowing companies faster and faster access to information, faster communications with clients and higher quality document transfer.

The change in telecommunications technology has also affected internal communications for mortgage companies. Information is sent digitally, now, allowing agents access to real time changes in prices, policies, interest rates and programs.

Paperless offices are becoming a reality, rather than a potential, though some firms may be slow to adopt this strategy. With the increase in telecommunications technology and ever better computer performance, documents no longer need to take up physical space in a storage room.

Telecommunications technology has also empowered buyers. Through the rapid spread of information, buyers are able to look to the Internet to find loan information, allowing consumers to be informed about their options and helping them to judge judiciously between mortgage companies.

The Internet is the fastest growing communications medium ever created and mortgage companies are taking full advantage of its benefits. Online search firms allow companies access to real time information about changes in the market, allowing them to change their rates the instant a market fluctuation occurs.

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