Four Next-Gen Methods to Transform the Mortgage Industry

As we have entered the new year, now is the time to examine the mortgage lending process to accommodate today’s modern consumers. Innovative process transformation is underway to meet the evolving needs of borrowers by embracing next-generation innovations to accelerate processes, learn from customer insights, and enhance the overall customer experience. Four areas that will transform mortgage lending include embracing digital, improving scale with robotics process automation, leveraging advanced analytics, and building platforms to meet the needs of the evolving industry.

Embrace Digital

In the era of the modern consumer, time and money is of the essence. To speed up the lending process, new digital mortgage strategies are of paramount importance to significantly increase customer satisfaction and lower costs. Sutherland Mortgage Services is leading the charge with a digital control room application that enables borrowers, lenders, realtors, processors, appraisers, title agents, and other critical individuals to stay in sync at all stages of the lending process. This modern application keeps all pertinent parties informed on what documentation has been received, compared to what remains to be submitted, verified, or approved by the lender. Not to mention, borrowers gain instant gratification when they submit documents and also have visibility into the status of their loan in real-time. Additionally, Sutherland allows lenders to keep a laser focus on the customer, while also delighting borrowers with a single application that provides a seamless, transparent view of the end-to-end loan process.

Improve Scale with Robotics Process Automation

Mortgage lenders also have a tremendous opportunity to improve the speed of processing documents. Today’s most innovative processors are improving processing speeds by leveraging robotics process automation (RPA) in their daily activities. Eliminating manual steps enables RPA to handle repetitive, checklist-driven tasks at faster speeds and at a lower margin of error. Not to mention, RPA removes the headache of managing peaks and valleys in volume changes, and directs more advanced tasks to skilled workers. Imagine the possibilities for improving employee fulfillment by enabling them to focus on more critical tasks than checklist-driven tasks.

Leverage Advanced Analytics

In addition to digital apps and RPA, leveraging analytics can drive significant improvements for lenders and borrowers. Lenders that use predictive and prescriptive analytics have a leg up on their competitors and gain the ability to proactively and accurately review and address borrower risk areas such as delinquency, default, repayment risk, credit score, and more. Operationalizing analytics at a portfolio level will enable lenders to collect insights on their customers at a deeper level, mitigating risk upfront, reducing potential for future losses. What’s more, assessing risk through analytical reviews will drive indispensable insights and will help determine the necessity to adjust models to account for changes across your existing customer base.

Invest in New Platforms

A fourth area of transformation for the mortgage industry is enhancing loan origination systems (LOS). While legacy LOS platforms are often costly and sometimes difficult to manage, it is imperative that lenders partner with a provider focused on modernizing functions of these systems. Sutherland Mortgage Services is at the forefront of innovation and has developed a system that overlays LOS platforms to drive efficiencies and allow for additional capabilities. Gone are the days of using multiple systems to check the status of a loan. Sutherland’s interface offers one system to manage and track the status of loans in the origination process, which increases efficiencies from organizations that toggle between multiple systems. Another innovation underway at Sutherland is the globalization of a simple LOS system, designed to address the needs of the UK market. It is pertinent to keep in mind the needs of the industry on a global scale in order to support efficiencies on many levels.

It is clear that many areas of the mortgage lending process are being transformed to benefit both lenders and borrowers. The time is right to find a partner that is accelerating the process and reducing costs for lenders, moving consumers into homes faster and with fewer hassles than ever before.