The current state of mortgage financing is unprecedented. The interest rate hikes have been felt across the board. Gone are the days of ‘free money’ and ‘Helicopter Ben’. With even more hikes looming, the clouds have darkened.
To survive and thrive in this market, lenders must offer a responsive, individualized, and automated experience to satisfy the wide range of client needs/expectations throughout the financial spectrum.
Mortgage lenders must keep up with technological developments in robotic process automation (RPA), artificial intelligence (AI), machine learning (ML), and APIs to remain competitive. They must also adopt mortgage technology that will best enable them to meet the changing needs of their clients.
In our most recent insight, we looked at technology trends used in this evolving fintech landscape and how they affect mortgage lenders, customers, and growth.
Manage Repetitive Tasks with Process Automation
Although many lenders are still hesitant about the advantages of implementing new, automated ways of working, the mortgage sector can be process-oriented.
Mortgage lending requires its personnel to have extensive knowledge-based skills and perform many repetitive operations while accurately handling many papers, forms, and compliance instructions.
Big Data and Analytics to Boost Insights
Big data is expanding; according to the World Economic Forum, by 2025, 463 exabytes of data—or 212,765,957 DVDs—will be produced daily globally.
Advantages of AI and ML-Driven Risk Analysis
A mortgage lender can more accurately determine a borrower’s creditworthiness and risk of default with more information about them. The use of mortgage loan origination system can aid in the risk analysis of loan applications, help determine the best approach to interact with a customer profile, and streamline the decision-making process.