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.
https://www.housingwire.com/articles/why-now-is-the-time-for-lenders-to-retool-their-it-environment/
About Note Servicing Center
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid.
Contact us today for more information.
Share This Story, Choose Your Platform!
Related Posts
Disclaimer
The information provided in this article is for general educational and informational purposes only and does not constitute legal, financial, investment, tax, or professional advice. Note Servicing Center, Inc. is a licensed loan servicer and does not provide legal counsel, investment recommendations, or financial planning services. Reading this content does not create an attorney-client, fiduciary, or advisory relationship of any kind. Nothing in this article constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation regarding any security, promissory note, mortgage note, fractional interest, or other investment product. Any references to notes, yields, returns, or investment structures are illustrative and educational only. Past performance is not indicative of future results, and all investments involve risk, including the potential loss of principal. Note investing, real estate transactions, and lending activities are subject to federal, state, and local laws that vary by jurisdiction and change over time. Before making any decision based on the information in this article, you should consult with a qualified attorney, licensed financial advisor, certified public accountant, or other appropriate professional who can evaluate your specific circumstances. Some articles on this site include hypothetical stories, examples, and scenarios created to illustrate concepts and demonstrate the types of situations Note Servicing Center, Inc. handles. Any names, companies, properties, and circumstances in these examples are fictitious or have been anonymized to protect confidentiality, and any resemblance to actual persons or entities is coincidental. These examples do not describe specific clients and do not guarantee any particular outcome. Some content may be created with the assistance of generative AI tools and may contain errors or omissions. While we make reasonable efforts to ensure the accuracy of the information presented, Note Servicing Center, Inc. makes no warranties or representations regarding the completeness, accuracy, or current applicability of any content. We disclaim all liability for actions taken or not taken in reliance on this article.