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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 36 April 2023 F E A T U R E also use more partnerships between lenders, servicers, and the GSEs, like Freddie Mac's recent launch of its Resolve platform, which is using API technology to speed up loan workout option processing for servicers and provide faster mortgage assistance for bor- rowers. As servicing operations have grown increasingly chaotic during the pandemic and a seemingly never-ending pattern of natural disasters continues to increase, it's these types of groundbreaking integrations and partnerships that enable servicers to address the widest range of borrower needs calmly and efficiently, even under the most extraordinary circumstances. Look at Xerox, for example. The com- pany uses AI in its digital mail centers to compare errors against historical data that it has on millions of its devices around the world. It then finds the best way to solve the problem based on what has happened with other boards, equipment, and service teams. Since Clarifire started working with Xerox, we have been adding data capture, extrac- tion, and automated workflow synergies to improve processes for mortgage servicers, bankers, and other industry organiza- tions. Whether it's a mortgage in default or dispatching a drone to the site of a natural disaster, the borrower experience improves dramatically due to the accessibility of criti- cal data in rapid time. As new digital innovations emerge, one of the hurdles lenders and servicers will need to overcome is deciding whether to buy or build technology—or perhaps doing both. There are hefty downsides to both purchas- ing a technology platform from a third party or hiring a team to develop it yourself. Most off-the-shelf mortgage servicing software has evolved little over the past decade, while building technology steals resources away from an originator or servicer's core busi- ness. But why not the best of both worlds— one application with pre-built processes and the ability to build your own? For most mortgage participants, the optimal choice going forward is likely to be buying flexible technology that can be easily configured and connected to how they do business. With the right solution, lenders and servicers gain real-time access to borrower information and preset or tailor- made automated workflows that accelerate proven business processes. When workflow automation is combined with emerging AI and machine learning capabilities, these so- lutions can contribute to unheard of levels of transparency and visibility, drive regulatory compliance, and accelerate business growth. Whichever strategic direction they choose, lenders and servicers have little to gain by putting off their decision. In fact, with new originations slowing amid higher mortgage rates and delinquency rates still near all-time lows, along with the unrest in the banking industry, the best time for organizations to implement their digital future is now. Regard- less of which way the market heads from here, the companies that embrace their technology investments today will invariably come out ahead in the future. This April, the Five Star Institute's premier trade publications, DS News and MReport, are joining forces to become MortgagePoint. This new publication will bring you the same exclusive news, features, interviews, and commentary you've come to expect from Five Star—now taken to the next level and all in one place. MortgagePoint will be your one- stop shop for coverage of the full spectrum of mortgage, from originations to default. Scan the QR code to sign up and learn more. THE INDUSTRY'S MOST VALUED PUBLICATIONS JOINING FORCES Magazine INTRODUCING

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