Digital Mortgages are changing the landscape of Mortgage Banking by enhancing consumer experience as well as cutting down origination costs which has been on a steady rise primarily in the purchase market.
Mortgage Lenders can leverage the Digital Mortgage Technology by minimizing human touches in the process without compromising the expected quality keeping in mind of the ROI on the tech investment required for implementing the Digital Technology.
Here are some of the ways in Mortgage Lenders can leverage the Digital Mortgage to the best use.
Enhancing Customer Engagement:
Basic level of employing digital technology in customer engagement includes:
Electronic data application, POS solutions
Electronic data collection for collecting income, tax assets and bank statements.
Synchronization with LOS
Mobile application to guide throughout the life cycle of the loan
Appraisal and Title Automation
Implementation of AI and Machine Learning
Tracking KPIs
Digital technology gives a smoother and efficient way to track key parameters in real time basis which includes
Average cycle period of a loan
LO cost
Turn times
Average Closing time for a loan
Individual performance of a loan officer
Expense and Revenue per loan etc
Assessing risks and benefits
The real time tracking of KPIs helps Mortgage Lenders in assessing risks and benefits in the following areas:
Effect of Process changes while adapting digital technology
Tracking the ROI
Calculating the minimum payback period of tech investment in implementing digital technology
Identifying the constituent parts that drive cost
Resource allocation usage
Content
Refining Organizational process
The KPIs calculated can be compared with Industry bench marks to improve the areas which need attention including:
Technical infrastructure
Employing cutting edge technology and tools
Implementing advanced workflows
Introducing best practices
Resolving regulatory issues
Faster decision making
Creating data models using Predictive Analytics
Streamline marketing efforts by identifying target audience
A true digital mortgage experience which employs automation, ML in all phases of mortgage life cycle until loan fulfillment can go a long way in helping Mortgage Lenders in cutting down cost and increasing the organizational productivity.
Looking for more information on Digital Mortgage Technology or need help in implementing the technologies, leave us a message.
