As rates remain high and lenders can no longer rely on a regular stream of Refis, the sector is starting to hear this message. Considering this, Paul Doman, CEO of Accurate Group, and Clayton Collins, CEO of Housing Wire, recently discussed the profitability of mortgage lenders, the modernization of title and appraisal procedures, and potential areas for automation.
According to Doman, lenders should reconsider their back-office procedures and aim to automate as much of them as possible to speed up the process and save costs in this environment of rising interest rates. Doman believes that title and appraisal are two sectors in the lending industry that are prime for automation.
According to him, many lenders still handle these procedures by hand. However, the costs associated with those manual methods can be reduced, especially if they can be automated and integrated with their current suppliers. Integrations accomplish several objectives, including removing data entry and the accompanying inaccuracies and manual operations that significantly increase overhead costs.
Modernization of appraisal and title processes is still challenging, as anybody in the sector is aware. Doman emphasized the accessibility and cost of technology and compliance problems. Doman, however, expressed optimism for the future, considering the GSEs’ most recent revisions regarding desktop evaluations. The team is dedicated to updating the title and appraisal procedures, particularly at Accurate Group. To read more on available solutions to lenders in the tight market in the areas of implementing tech solutions for title and appraisals, click here.
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