Mortgage

Rise of Mortgage Automation – Business Impact and Benefits

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Bank and nonbank lenders have been increasing investments in mortgage automation technologies to perform document extraction, verification, process flow management, e-closures, and various other tasks. Traditional software tools typically assist lending companies in the initial processes. For instance, they allow customers to create loan applications online or request a callback, and seldom more than that. …

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The 5 Benefits of Managed Services for Mortgage Lenders

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Mortgage lending institutions face numerous operational challenges due to market volatility and policy changes, which affect demand and customer expectations. Lenders have to constantly strive to reduce their overhead costs, improve operating efficiencies, onboard and optimize the talent pool, meet the changing regulatory norms, and deliver a consistent customer experience. One of the ways they …

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How Can Lenders Perform Faster Mortgage Loan Processing?

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According to Ellie Mae, the average time for closing a mortgage loan is around 30 to 60 days. The long time involved in mortgage processing is due to several factors such as the massive number of manual tasks involved, the bank’s policies and procedures for underwriting, and the borrower’s financial situation. Lenders go through several …

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Transform Mortgage Loan Origination with Intelligent Digital Solutions

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Today mortgage lenders face unprecedented challenges in this fast-paced and competitive marketplace. The need to streamline operations, optimize costs, and provide a seamless user experience has become more crucial than ever. As per McKinsey, digital transformation practices and enhanced customer experience result in about 20-30% customer satisfaction and up to 50% profits. Indeed, digital transformation …

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As Mortgage Rates Increase, Mortgage Fraud Increases

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Due to growing inflation and the Federal Reserve’s interest rate hike since 2018 in mid-March, the mortgage market, which had been booming since mid-2020, started to sputter last quarter. The Fed increased its benchmark rate by an additional half of a percentage point last month and stated that it would continue to do so until …

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Overcoming the Top Challenges in Mortgage Lending Industry with Digital Solutions

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COVID-19 caused considerable shifts in the mortgage lending services industry amid the volatile market landscape defined by increased customer expectations, reduced rates, and sweeping policy measures to contain the pandemic. While the situation triggered demand, it also heightened the need for operational agility, customer engagement, and compliance. The new “digitized” market landscape put the financial …

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Unleashing Growth for Mortgage Lenders with “Right- shoring”

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The Mortgage sector is a fast-evolving and dynamic sector in the broad gamut of financial services industry. Lately, a substantial input of technologies has begun transforming mortgage operations, delivery, customer experience standards, and other vital aspects; and the evolution is gathering momentum. This situation offers vast growth opportunities for “tech-savvy” mortgage lenders despite challenges such …

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Redefining Post-Pandemic Mortgage Industry with Digital Transformation

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The COVID-19 pandemic has brought drastic changes in the mortgage industry, increasing the costs, customer expectations, and impacting other business-critical factors. The year 2022 sees an ongoing spike in inflation, as indicated by CPI. The Federal Reserve’s hike in mortgage interest rates is a critical factor adding to the costs. The National Association of Realtors reveals …

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