The mortgage industry is undergoing a wave of technological innovation as start-ups, and existing lenders seek ways to automate, simplify, and fasten each step of the mortgage process. The excitement around mortgage technology is how it will revolutionize the consumer experience. In an age of skyrocketing options and dwindling profit margins, every company is focusing on providing greater customer satisfaction in the mortgage experience. Today, the customer prefers to be acquired digitally rather than through any other means. Mortgage technology offers consumers the comfort and control that they tend to experience in their daily lives.
Mortgage applications are increasingly becoming paperless and digitization of documents using pattern recognition software is now becoming the norm. Intelligent OCR technology is helping underwriters with quick and easy verification, and their decisions are increasingly based on automated rules engines. Property values are established in a matter of hours using automated valuation models without the need to wait for physical inspection. Many fintech firms are now actively implementing big data analytics to serve their customers in a better way and reduce the red tape associated with mortgage processing. Mortgage service outsourcing helps companies to get access to the latest in big data analytics, allowing them to make decisions about how many loans to approve, the pricing models for the same, and the mitigation techniques to be employed if required.
Mortgage processing comprises of complicated tasks which are difficult to perform and require exceptionally niche skills. Those services such as escrow services, payment processing, and investor-reporting always require the immediate attention of middle or senior management. Focusing on these tasks consumes a lot of time and effort, which could otherwise be utilized on managing compliance risk, devising new product strategies, etc. Companies can receive access to the latest digital tools and track the exact state of a file or process as and when they want by outsourcing tasks to a capable service provider. Since an organization does not have to buy the infrastructure directly, it never has to worry about the upgradation and maintenance costs either. One of the major benefits of outsourcing mortgage processing is that such tasks can be completed by the highly skilled team of the service provider, allowing companies to focus on their core objectives. A service provider can easily complete many mortgage tasks such as tax monitoring, mortgage servicing, and sub-servicing, origination-processing, etc. which will subsequently allow companies to maximize profitability and growth.
Nowadays, lenders do not use built-in document management systems available in their LOS and are instead opting to use a specialist technology service provider. The need of the hour is the technology that adapts to the business need and changing requirements. To assist CIOs in identifying the most reliable companies to partner with, a distinguished panel consisting of CEOs, CIOs, analysts, and Banking CIO Outlook’s editorial board has assessed and shortlisted some of the most prominent organizations in the industry. We present to you – “Top 10 Mortgage Technology Consulting/Services Companies – 2019”.