Susan Falsetti is managing director, origination title and close at ServiceLink. In the interview below, she shares her take on origination modernization, technology and enhancing the customer experience.
Q: What sets ServiceLink apart from other origination title and close providers in the industry?
A: Aside from our people, who are the lifeblood of our organization, it is our technology that truly sets us apart. With the strength of Fidelity National Financial as our parent company, we have the financial wherewithal to zero-in on technology and innovation. Our EXOS® Title and EXOS® Close products are first-of-their-kind in the industry, enabling lenders to close loans much faster by identifying certain groups of loans that can be expedited, as well as instantly schedule closing appointments. A lot of the smaller title companies operating today simply don’t have the technology that we have. We’re well-positioned for the future and I feel strongly our EXOS® tech stack will continue to be a differentiator for years to come.
Q: How do you envision technology evolving lenders' processess in the next two to five years?
A: Today’s borrowers expect seamless, tech-enabled experiences. In their eyes, the home purchase or refinance process should be no different. I envision technology’s impact on the home purchase process will only continue to accelerate in the next two to five years and that lenders will turn to providers who can help them speed up and digitize at every turn. For example, ServiceLink is currently helping lender partners get borrowers to the closing table faster with our cloud-based title automation engines. Our EXOS Title product provides lenders with instant clear-to-close title commitments with an option for an instant, digital closing scheduling by the lender or the borrower. With this scheduling feature, borrowers can know the exact date and time of their closing, instead of an hourslong window, and even have the option to self-schedule their own closing, if they prefer. Giving borrowers greater choice and empowering them throughout the process will become tables stakes in the near future. Additionally, I think we’ll see a lot more people closing their loans through remote closings and focusing on finding new ways to get their loans through underwriting much more quickly. Speed will continue to be the focus.
Q: Why is now the right time for lenders to consider modernizing the origination process?
A: I think lenders need to modernize their process because of the market that we’re in. When things are really busy, lenders don’t necessarily have the time to focus on innovation and speeding up their processes. But now’s the time. Especially as borrowers continue to demand more digital-first experiences. Lenders also need to take this time to look at their tech stack and third-party providers they are leveraging. Unfortunately, there will be some title companies that will not be able to withstand the volatile market we are currently in and lenders need to partner with providers who have the financial backing, longevity and ability to develop innovative technology.
Q: How will customer service evolve as the industry modernizes the origination process?
A: As we modernize the process, service will only continue to improve with automation. Lenders will be able to get things done much quicker than before and, in turn, will be able to double down on the customer experience. For example, in the title process, if there are no issues with it, they can move that along much faster. Additionally, if they have an appraisal waiver, that can speed things up, too. So, all of that speed turns into a much better experience for the borrower which can drive repeat and referral business for the lender. The more we focus on streamlining the experience and increasing automation where possible, the better the customer experience will be.
For more information on ServiceLink’s technology offerings for mortgage originators, visit the Lenders portion of the website.