Loan and Mortgage Business Automation

  • Mar 20, 2018

Lenders that utilize different loan origination systems to support mortgages, business loans, and consumer loans cannot help but find operational inefficiencies hiding around every corner. Moreover, multiple platforms inhibit enterprise-wide views of loan accounts and transaction data. As a consequence, cross-sell prospects are missed, communication is ineffective, and retrieval and verification of data are inconsistent. What is more, directing data and information integrity throughout the organization can be problematic, making the validation and certification of customer data exponentially more challenging.

Surely, mortgage companies have a deal with risk-based decision-making and an expectation that loans will be processed and approved in a reasonable time frame. For the first, you should have a solution that allows you to optimize mortgage processing, without losing a high-quality customer experience.

Advantages of Mortgage Document Management Automation:

Automatic data entry – it’s always time-consuming to manually enter customers’ information. Reduce data entry, eliminate mistakes and spray a seal on documents signifying they are originals.

Automated Customer Relationship Support - customer support doesn’t end after the sale or service is completed. Mortgages are major investments for the typical customer, so it is essential that firms can maintain their positive relationship with them.

Reduce Operating Costs – since information is digital, you don’t need to invest many resources and training programs for staff. Accelerated mortgage capture software that integrates with existing company technology is also more cost-efficient and reduces the need to overhaul your current system.

Reduce Long Processing Time – automation reduces most approval processes down to a few minutes, allowing you to go further with customers and save their precious time.

Without a more strategic and integrated approach to loan origination, an organization is not only perpetuating the rising cost of lending but may be missing out on the benefits derived from single-platform business process improvements, automation or potential functional centralization.

If I may be of further assistance, please feel free to contact me.

Anthony Lancaster

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