Many lenders are taking advantage of the current decline in the number of new originations to inventory the instruments available for risk reduction and workflow efficiency. However, the state of residential mortgage originations has also sparked increased attention. As a result, many lenders now feel overrun with possibilities and are unsure how, when, and where to best use new technologies.

Many top lenders are reviewing their origination procedures first, and only then are they setting specific goals for their digital transformation. Many of these objectives add technologies that can quicken cycle times and lower prices. While some solutions are being developed internally, establishing or growing partnerships is frequently the key to realizing time savings. The distinction between growing at a time when others are not and merely competing for survival can be highlighted by making the right decision at the appropriate time.

Some lenders are considering adjusting their origination methods, like bringing back equity lending through HELOC and Second Loan products. These equity products are regaining popularity and aim to harness the Federal Reserve’s projected $20 trillion in untapped equity, which is still by all accounts a sizable amount.

The tastes of borrowers are continuously changing. A pleasant customer experience can be produced by selecting the appropriate tools to streamline the transaction from the moment of sale to loan closing. This seamless speed to market can be achieved through the application of cutting-edge technology like artificial intelligence and robotic process automation. For most lenders in the current market, utilizing automated, desktop, drive-by, and even virtual technologies to offer an accurate value assessment can speed up the appraisal process without losing accuracy or violating the security and privacy of consumers. To read more on how lenders are re-strategizing and positioning origination to improve profitability in the market, click here.