Mortgage processing today continues to be slow, unorganized, and labor-intensive. As a result, it is struggling to scale up to meet customers’ expectations of a fast and seamless digital borrowing experiences. The direct fallout of this is losing customers to competitors. An inefficient process is also responsible for generation of faulty loans. Such loans find no takers in the secondary market…
Time is of the essence when it comes to mortgage loan processing since it is one of the core business processes of banks and lenders. The process generally spans across various touchpoints, multiple systems, and different departments. These various touchpoints include branches receiving mortgage applications from customers, assessment by headquarters, acceptance by customers and finally disbursements. Since it is still…
Mortgage underwriting is a highly specialized and complicated task. It involves multiple process steps and volumes of paperwork. This makes it very time consuming and error prone. To compound matters, underwriters have to deal and comply with frequent and sudden changes to mortgage rules. Much of these challenges can be mitigated if not eliminated with the help of automated underwriting…