In anticipation of positive mortgage industry trends in the future, lenders that are prepared to streamline their processes and scale with demand will win the day.
As the mortgage market gains momentum in late 2024 and beyond, lenders that embrace innovations in mortgage lending, including automated tools and streamlined processes, will prevail. That’s not just because their efficiencies will be optimized, but also because they will be able to meet or exceed borrowers’ expectations for speed and transparency, which have never been higher.
Are you prepared to scale as volume increases, and to deliver a customer experience like never before? Take a moment now to scrutinize your processes to ensure you are doing all you can to maximize your efficiencies and create an exceptional borrower experience.
Title commitment. Quick decisioning is essential to moving loans through the pipeline faster, which benefits borrowers and lenders alike. Instant title, a process that is light-years ahead of traditional title practices, makes that quick decisioning possible.
ServiceLink’s EXOS® Title, for example, uses artificial intelligence, machine learning and cloud-based automation engines to determine within seconds whether a loan will be clear-to-close instantly or requires more time and effort. Title commitment issuance is immediate for files categorized as “expedited” (clear-to-close instantly), and so they can be pushed along quickly, while those requiring more attention — labeled “accelerated” (clear-to-close within five business days) and “standard” (clear-to-close within 10 business days) can be routed through the appropriate curative channels.
EXOS® Title’s ability to provide this early visibility into title data enables you to set borrower expectations for closing at the start of the origination process, and to manage your pipeline more effectively.
Title review. Title searches should not only rely on the highest-quality data and address all the requirements set forth in your underwriting rulesets, but also produce data in a form that is readily usable in your system. ServiceLink delivers the entire title commitment as data (TAD), in addition to the traditional PDF document. Title as data enables the lender to match title data with loan application data automating and eliminating manual efforts for title review, rekeying of data and human error.
Valuation process. How efficient, accurate and transparent is your appraisal process? Moving from manual to automated processes can reduce the time required for valuation activities by days. Start by looking at your appraisal inspection appointment scheduling process. If you’re still relying on legacy back-and-forth communications between loan officer and borrower, ServiceLink offers a solution: instant digital appraisal scheduling. The loan officer or borrower has immediate access to the calendars of ServiceLink’s nationwide network of appraisers and can schedule electronically.
Next, assess your appraisal review process. We all know how critical quality assurance is in this area, yet that doesn’t need to be time-consuming. ServiceLink automates the appraisal review process according to your customized rule and data sets. You no longer need to have your underwriting team pore over data to ensure its accuracy and completeness.
Digital closing. COVID-19 policies made consumers more aware of eClosing options, and demand for remote signings has been growing ever since. Today customers expect to have the choice of whether to close in person or remotely. You may want to offer eSigning solutions that include remote online notarization (RON), hybrid closings or in-person electronic notarization (IPEN). The key is to be able to provide borrowers with a signing solution regardless of their location and preferences.
When you work with ServiceLink, you can also offer your customers the convenience of digital scheduling from their own device, through the EXOS® Close mobile app. When using this solution, nearly 100% of borrowers select the first available date to close: helping your team to get to the closing table faster. And, lenders who have implemented EXOS Close see a 98% reduction in rescheduled closing, for more predictable closing timelines.
Plug-and-play technology. The many options for digitizing and streamlining your processes can be overwhelming, so make sure your technology partner makes integration easy. Plug-and-play technology enables seamless integration into your workflows. Talk with your provider about their commitment to making technology adoption easier.
As we wait to see how the market will evolve, the lenders that succeed will be those prepared to quickly adapt to market changes and manage the increasing volume while offering shorter cycle times, increased transparency and a better overall borrower experience. Collaborating now with your technology and service partner to optimize your processes will help ensure you can navigate any emerging opportunities from a position of strength.
Also read: Doing more in ‘24, part 1: Adapting to market changes with strong partners
