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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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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The onset of the pandemic saw a humongous increase in the number of financial crimes all around the world. According to PwC’s Global Economic Crime and Fraud Survey 2022, 46% of the organizations admitted to experiencing fraud or other financial crimes in the past two years. In the year 2019, banks had to pay $10 billion …
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