bankingciooutlook

Key Benefits of a Platform Approach to Mortgage Automation

Banking CIO Outlook | Wednesday, September 22, 2021

Mortgage software walks the borrower through a clear, logical process, guiding and prompting them at every step. Furthermore, because it is a digital process, customers can apply for a loan at any time of day or night using their preferred device.

FREMONT, CA: Traditional mortgage lending is a time-consuming, paper-intensive process. Indeed, the average loan application is 500 pages long — a virtual filing cabinet of tax returns, income and asset records, and a slew of other financial documents.

To make matters worse, many lenders continue to use analog processes and legacy systems to process mortgage applications, resulting in delays in data collection and loan approvals. Traditional lending processes may no longer be adequate in an era when consumers expect faster and more streamlined digital lending experiences.

Top 10 Lending Management Solution Companies - 2020This is where mortgage automation can come in handy. Many lenders may be familiar with mortgage automation software, given the wealth of features that improve on outdated workflows. However, typical solutions in this space are limited to only a portion of the lending process. A mortgage automation platform goes above and beyond, providing many of the same benefits that lenders expect (and some that they don't) throughout the lending process.

How mortgage automation software can benefit lenders:

Speeds up loan applications and helps catch errors

To recognise and "read" documents, mortgage automation software uses automated document recognition (ADR) and optical character recognition (OCR).

Enhances the productivity of loan teams

Mortgage software can also boost loan team productivity by allowing them to leverage the power of automation rather than relying on paper documents and manual processes.

How mortgage automation software can benefit consumers:

Offers a Smooth and Seamless Lending Experience

Mortgage software walks the borrower through a clear, logical process, guiding and prompting them at every step. Furthermore, because it is a digital process, customers can apply for a loan at any time of day or night using their preferred device.

Offers Consumers a One-Stop Portal for Their Loan

Mortgage automation software allows borrowers to upload documents, sign documents and disclosures, and track the status of their loan application in real-time.

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