TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1345021
M R EP O RT | 33 QUICK TAKE Through this, it is important to comprehen- sively communicate with borrowers and take them into confidence so that the process remains smooth and easy. It helps to have a partner who can conduct the process of reviewing a loan file before sending it ahead to identify anomalies early on. Such partners handle the verification of all information supplied by borrowers in vital loan documents by engaging effectively with them. They are the ones who coordinate with the borrower and follow up with them in case documents are missing. They provide pre-underwriting sup- port services which are vital to establish the accuracy and speed needed to expedite the loan underwriting process. Relying on AI/ML-Powered Automation I n today's competitive mortgage landscape, lenders can benefit immensely by embrac- ing digital technologies such as machine learning (ML), artificial intelligence (AI), robotic process automation (RPA), chatbots, and other tools to gain an edge. AI-powered RPA can help lenders solve specific process- ing problems and increase productivity by as much as 20%. These technologies are proving to be driving forces in helping improve on closing times, quality, compliance, tackling origination costs, and reducing dependency on manual elements. Tech-enabled solutions can ensure that the data is more accurate and can improve turnaround time and lower origination costs. This can be achieved by automating repetitive and time-consuming manual tasks. It helps to join hands with a partner who has robust digital footprint who can help in reducing delays and operational costs and improving overall loan performance. Partnering with Service Partners Who Offer Domain Knowledge and Industry Expertise I n this year, it will be important for lend- ers to join hands with the right kind of partners to deal with high purchase volumes as well as manage time consuming mortgage processing tasks. These partners should be niche players who have strong domain knowledge as well as industry expertise to offer tailor-made technology and infrastruc- ture solutions. Service partners should be capable of providing most competent sup- port and scalable services tuned to the exact requirements of lenders. In a sector like BFSI, where time is extremely important, service partners should be adept at offering flexible services as well as quick onboarding proce- dures to immediately kickstart operations. With 2021 likely to see high origina- tion volumes, mortgage lenders will have to be prepared to handle them with- out sacrificing customer experience. SAM VERMA is the CEO at Peoples Processing, an end-to-end mortgage fulfilment firm. She is a mortgage industry veteran of 25-plus years of experience. She brings institutional-level loan servicing experience. She spent two decades originating mortgages and/or managing origination teams and is a go-to consultant that advises mortgage processors on how to work smarter to drive down costs and close loans faster. Anywhere. Anytime. MReport Digital theMReport.com Bringing Today's Lending Headlines into Focus, MReport Digital Puts Mortgage Banking News at Your Fingertips Experts you trust. People you know. News you want. MReport is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MReport Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MReport believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Subscribe to MReport and MReport Digital now! Call 800.856.8060 or connect with us online at themreport.com to take advantage of our special introductory offer! digital.themreport.com The overall forecasts mean that mortgage lenders whose business has seen huge highs through 2020 will continue to flourish even in 2021. However, they must find ways and means to tackle origination costs and closing times, so they are better equipped to deal with the high volumes.