Lenders are again feeling the pinch after record-breaking volumes in 2020 and 2021. As profit margins narrow, lending experts are looking for ways to boost efficiency. In an interview with the executive of underwriting solutions for CoreLogic, Bob Jennings discussed what lenders should set as top priorities in their environment and business. He said, now is the moment for leaders to retool their IT systems. According to Jennings, lenders who do not invest in data-driven workflow solutions are missing out. They need to get things installed to lay the groundwork and establish a baseline for their future technology.
According to Jennings, the assessment and title processes are two key areas where technology adoption and efficiency can be improved. Over the last five years, the lending industry has spent a significant amount of time focusing on the front end with point-of-sale systems and the back end with closure systems, according to Jennings. However, between the application and the close, all the heavy lifting occurs. When lenders delve a little deeper into this, they find that the appraisal and title processes take too long and are utterly opaque to the consumer.
A digital mortgage collateral solution is one of such tools to be found in a lender’s portfolio with the revamp. This tool helps lenders to make faster, more reliable, and more efficient collateral underwriting decisions. To read more on the different tools lenders need to possess in their portfolio moving forward in the digital evolution, click here.
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