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Volume 17: Issue 10
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<< Search continued from Page 164 “Today’s borrowers expect their
mortgage experience to be smoother
and faster than ever before.”
Building a tool that is customizable and flexible further
increases the cost and complexity of adopting an
end-to-end solution. Ultimately, however, this flexibility is key for expansion, and limiting that component in the mortgage industry could be catastrophic
for growth, which is another reason many companies
may have an aversion to this type of digital platform.
Although businesses may be reluctant to invest
in something as monolithic as an end-to-end loan-processing solution, the long-term payoff may be worth
the risk, especially for originators. The percentage of
borrowers looking for a more tech-centric mortgage
experience is on the rise, so it is more important than
ever for originators to work for a company that stays
ahead of that demand.
Today’s borrowers expect their mortgage exper-
ience to be smoother and faster than ever before.
They want real-time communication, fewer tasks and
of different systems a business needs to employ to
simply get the job done from start to finish.
Mortgage companies that have already adopted
end-to-end solutions are experiencing the upside
of achieving a sleek borrower experience that sim-plifies operations and ultimately saves money. This
level of technology differentiates them in the marketplace, which leads to higher employee retention,
repeat business and increased revenue for everyone.
To remain competitive, forward-thinking companies
need to invest in technologies that will streamline and
automate their processes so turn-times and service
levels can continue to improve.
Ultimately, the mortgage company that can offer a
seamless borrowing experience that uses technology
to regularly communicate with borrowers, increase
operational efficiencies, improve loan quality, reduce
fraud, decrease turn-times and diminish costs will
certainly reap the benefits in the end. n
With so many factors impacting the effective implementation of technology within the mortgage
industry, the preferred solution would seem to be
a single program that can “do it all.” Although a few
vendors do offer single digital platforms that claim to
effectively manage the loan process from application
to closing, these still have drawbacks that prevent the
widespread use of the tools.
For starters, producing a single, end-to-end technology solution is an expensive undertaking — a cost that
must inevitably be passed on to the companies purchasing the program. This steep price is one of the primary reasons businesses turn away from this option.
Even if a new program is purchased, a business would
need to employ the right staff to continually manage
the platform, adding to the cost of an already expensive endeavor.
Additionally, these digital tools are complicated to
configure, which is why there are so few in existence
currently. Creating a program that accommodates the
many intricacies of the loan process from start to finish
is a tall order that few have been able to successfully
take on. And implementing a new program of this
magnitude would certainly have a negative impact on
production levels in the short-term, which is a sacrifice
that many mortgage companies are not willing to make.
Beyond these initial considerations, each mortgage company is unique and managed differently.