What happens when the mortgage rates from mortgage lenders increase for a few years? Either they fire workers or agents to reduce their worker headcount or use technology to streamline their returns. Any of these strategies requires to think outside the box and conserve their resources while gaining more from less.
That was the premise of Draper and Kramer Mortgage for the past few years, even though they have been in the mortgage business for the past 100 years. In this Draper Kramer mortgage review, we discuss points that help them rebound whenever something similar happens.
Who Are Draper and Kramer Mortgage?
With over 125 years of extensive mortgage and real estate experience, this fintech lender based in Chicago offers multiple loan options for your next home. They have been in business since 1893 and have always been a family-owned conglomerate and successful business.
At the moment, their assets are market for just under $1.3 billion when it comes to active real estate. When it comes to loans given for both commercial and residential mortgages, they have an annual asset value of $6 billion.
With such vast experience and a long list of accolades and awards, Draper & Kramer Mortgage Corp is a leading solutions provider to mortgage-seeking customers.
Kramer and Draper are your best choice if you want massive experience providing quality and highly rated service, including online applications. Their app has complete process application and communication built into it with the latest security protocols.
Borrowers attuned to technology find the complete online mode with Draper and Kramer Mortgage the best part of the whole experience. Still, if they ever need a person to talk to, their telephonic services have been top-notch in explaining how to proceed with the processes to their not-so-tech-savvy customers.
How Technology Helped Them Shift Their Business?
Since the COVID times, when the company had low rates of return for a long time due to the situation, they shifted to embracing technology as soon as they could. What COVID-19 taught them was implemented in the next couple of years into online application process practice. The prime reason, of course, behind the shift was lower business and lesser hiring. They had to move towards an automated assembly line of loan approval and dispersal policy.
It was initially easier to train their employees, but expanding that to external partners and customers was much more demanding. The saving grace came from the younger generation as they adopted and actually wanted the digital practices. With a minimum number of digital documents, they could verify everything digitally, such as bank statements, employment status, and more.
The Security protocols were the tricky part as older generations had to get over the spamming and scamming part as they weren’t used to dealing without a physical connection.
How Are Draper and Kramer Mortgage Corp. Safe from Frauds?
Draper and Kramer Mortgage Corp have long been collaborating with 3rd party solutions that have access to or relations with the sources. So whatever documentation they require, like stubs or W2s, they can verify from the source. Even though the forge manufacturing has advanced a lot, the support from 3rd parties is invaluable.
The company even verifies the employment status of any applicant directly from the company if they need to because there have been many cases of misleading done by applicants. All in all, if the technology is streamlined, proper access is available for verification, and a proper monitoring system is enacted, fraudulent activities can easily be caught.
Moreover, Draper and Kramer Mortgage Corp. employ robust security measures to safeguard against fraudulent activities. These measures encompass strict verification protocols, including directly verifying applicants' employment statuses with their respective employers.
Pros and Cons of Draper and Kramer Mortgage
Here are the key advantages and disadvantages of Draper and Kramer Mortgage that will help you make an informed decision.
Pros
- Customer Score – They have one of the highest scores, almost near perfect scores on most popular mortgage-related platforms, with almost minimal complaints.
- Mobile App Functionality – Starting with the application, their mobile app allows you to send documents for loan and signed electronically, checking and communicating anytime your status with your agent.
- Best Discounts for Homebuyers – For services like moving furniture, heavy stuff, and other services, Kramer and Draper help you save up to $7,500.
- Impressive Reviews - With over 2,000 reviews on Zillow.com and aggregating thousands of reviews on different social media platforms, their reviews have been, on average, 4.8 out of 5. The same 4.9 out of 5 on experience.com.
Cons
- Limited State Availability – For now, you cannot get a loan from them in Hawaii and Utah.
- Limited Online Cost Detail – You won't easily find the costs and premiums for their services and have to consult with an agent.
- Limited Online Interest Rate Info – Similar to costing details, you must communicate with their consultant to get the latest interest rates, as it isn’t readily available online.
Final Thoughts
125 years of running a mortgage and real estate business is enough for people to see why Draper and Kramer Mortgage company is one of the best. They have been in the business long enough to be at the forefront of the latest innovations and market drives.
With their shift to technology, they have enhanced their services tenfold. The younger generation is now more involved digitally than physically, which they have fully embraced, increasing their customer rates significantly. In this Draper and Kramer Mortgage review, we detailed why you should invest with them based on these aspects.
