The Next Generation for Mortgage Business – To Deliver The Optimum Borrower Experience
The Mortgage lender services are undergoing great Technology Transformations. Technology teams are embracing this despite the challenging environment. Among the many financial sectors, Mortgage is one industry that is more dynamic than all others.
In my view, Technology is not the only ingredient to business growth. It’s obvious that technology alone will not be enough to enhance borrower experience. Considering, new regulations, high costs, tight finances, and ups and downs in the housing sector have kept the mortgage business on its toes. Mortgage lenders need to strategically leverage new technology and automation solutions to gain efficiency and productivity across their operations — along with deeper business insights to drive smarter decisions and strategies.
Lenders need to implement a strategy that focuses on business growth and builds stronger links between the front-end and backend business, helps with a faster closing, and implements Digital Knowledge Operations.
There is a need to understand the volatility of the market and changing borrower demands. To keep up with market trends, there are multiple business solutions that can be explored to reap potential business benefits at a faster pace.
This solution is built to strategize and deliver on a comprehensive “shoring” capability that addresses scaling of talent needs based on business cycles, “follow-the-sun” delivery capabilities and risk-mitigation and business continuity concerns. It aims at finding the perfect balance between in-house and outsourced resources. Through right-sourcing, you get to select the ideal way to obtain a service and it means ‘choosing the proper shore’. Offshoring and right shoring technically have the same underlying concept. Rightshoring, however, is the next level of offshoring and allows businesses to be cost-efficient and productive.
How Does Right-shoring Empower the Mortgage Business?
- Less Turn-around-time (TAT): The mortgage industry has many iterative processes. There are numerous steps involved from initiating to closing a mortgage. A right shoring team with great mortgage domain expertise can deliver with high efficiency and accuracy while helping achieve your targets at optimum TAT.
- Focus on Core Strategies : There are many complex tasks in mortgages like tax monitoring, payment processing, underwriting, and more. These need attention and monitoring, which is time-consuming. Right-shoring assists companies with AI, Robotic and other technology solutions freeing up the time of company resources to focus on other core objectives
- Get Access to the Latest Technologies : The mortgage industry is dynamic and having access to digitization enables it to function smoothly. But investing in the infrastructure requires a lot of money. However, by right shoring, mortgage companies get access to digitized infrastructure and also expertise in advanced technologies.
These are proven solutions and deliver faster closings, enhance communication, and streamline processes with zero tolerance to non-compliance.