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TH E M R EP O RT | 37 FEATURE auditing process by eliminating manual tasks," he explained. "Today, the average compliance auditor can perform up to 18 to 20 aduits a day, whereas before using this technol- ogy, they might only complete six or seven audits. Significant time is therefore saved by focusing the staff on reviewing exceptions." Another challenge that lend- ers are looking at technology to eliminate is that of bias in lending practices. But, it's still a work in progress. According to Kharidi, while the industry has still not reached that point, "we're starting to see real traction in that area." "All technology solutions only do what they were built to do, so it really depends on how it is designed," Kharidi noted. "With older technologies, any lender that needed to make changes to their technology to better detect and remove lending bias had to undergo a very slow change man- agement process. Newer solutions, however, are much more flexible and configurable, so they can be customized to help lenders be more effective at addressing these issues." The fact that lenders want to increase their volume also plays an important role in eliminat- ing this bias. "While I know bias exists, my experience has been that lenders want as much business as they can get and are willing to fight to win every customer. As a mortgage technol- ogy provider dedicated to helping mortgage professionals increase sales, our goal is to enable clients to contact as many potential bor- rowers as possible, so they can convert and close more loans," Friend said. What can also eradicate bias "is strict adherence to lending guidelines and taking the subjec- tivity out of the interpretation of guidelines," according to Cassada. "With too much subjectivity, bias or unintended consequences will persist. We as an industry need to codify subjectively, which will be critical for our market. Once we are able to do that, we should see marked improvements that will stand up to regulatory scrutiny and create transparency in deci- sion making." Looking Ahead A s more and more mortgage lenders embrace technol- ogy, they're also improving their management and oversight of the vendor management process. According to Vella, "In this low volume environment, we see a segment of vendors consolidat- ing, going out of business, or not investing in their technology or people due to declining revenues. The demand for well-capitalized vendors who offer a multitude of related products allows servicers and originators to rely on easier in- tegrations while having confidence in the stability of the vendor." Finally though, the true suc- cess of technology boils down to customer satisfaction and how lenders allow borrowers to choose when and how they want to communicate. "Regardless of the borrower's preference, lenders must be able to accommodate them all," Friend said. "At the end of the day, getting a mortgage is the larg- est financial transaction most Americans will ever make, so at some point, they will want to talk to someone. Lenders should be ready for that, while also provid- ing as many self-service options and channels as possible." RADHIK A OJHA is a professional writer and editor specializing in the mortgage banking sector. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her master's degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha also worked as Principal Correspondent at HT Media Ltd covering the retail market and at Honeywell as an executive in corporate communications. SOMETIMES, IT'S GOOD TO BE A FOLLOWER. Follow MReport on social media to put the latest mortgage banking news, stories, strategies, and insights at the touch of your fingertips. MReport @TheMReportNews The MReport SOMETIMES, IT'S GOOD TO BE A FOLLOWER. Follow MReport on social media to put the latest mortgage banking news, stories, strategies, and insights at the touch of your fingertips. MReport @TheMReportNews The MReport