InsightsNavigate market volatility with tech-focused partnerships

Given the current condition of the market, with high interest rates predicted to stay above 7 percent to close out the year, lenders should look for any leg up. With rates expected to stay high in the new year, it is important to be prepared. The right partner can help you navigate these challenging conditions.

Why an established partner is key

When markets soften, smaller service providers tend to struggle. When their vendors are going through organizational changes, it can prevent lenders from delivering high-quality services. This negatively impacts their timelines, margins and consumer experiences, which is why choosing an established partner like ServiceLink is important.

One of the many benefits of a partnership with ServiceLink specifically is confidence in the partnership’s future. Backed by FNF, our diversified portfolio offers the strength and stability that’s so critical in today’s uncertain market, along with the nation’s largest vendor network. ServiceLink has been in the industry for decades, and we help our clients navigate what’s next.

Established providers bring more than just stability. Technology plays a huge role in balancing a volatile market as well as performing tasks at a more efficient rate. Using automation will not only reduce the need to ramp up and scale back hiring, it will also provide more stability and consistency to lenders. This allows them to react to market demands in real-time.

Mortgage lenders have a limited time window to evaluate loan applications. With market competition and fluctuating rates, the lender that can close the quickest will likely get the business. Moving this process to real-time levels the playing field and allows all participants to better respond to opportunities.

“On the valuation side, the industry is really looking to take advantage of the tremendous amount of data available,” says Phillip King, vice president, principal product manager. “We believe in automating as much as you can to make the experience as fast and convenient as possible for the customer.”

EXOS® Valuations adds efficiency and helps to optimize human capital by bringing productivity to both consumer-facing and back-office valuation processes. This additional efficiency gives lenders the ability to insulate themselves against market changes. One feature that makes EXOS® more convenient for consumers is instant, digital appraisal scheduling. Borrowers, realtors and/or loan processors are able to pay, schedule the appraisal inspection and receive appointment confirmation with appraiser details in seconds, saving days in the appraisal process and putting everyone at ease.

Similarly, EXOS® Close offers a seamless digital closing solution by eliminating the manual steps in the process, saving you time and money. This technology provides transparency and flexibility by enabling you or your borrower to instantly schedule your closing appointment to the exact date, time and location of your choice. EXOS® Close also supports eSignings, offering options for wherever lenders are on their digital journey.

The added benefits of tech-enabled back-office solutions

“Borrowers want speed and ease,” says Marc Bator, vice president, principal product manager. “Automating back-office workflows, in addition to the consumer experience, leaves lenders better prepared for changes in the market. By increasing efficiency and reducing human capital costs, automation increases scalability.”

Back-office technology can also benefit borrowers and lenders by helping them prioritize their work effectively and lead to decreased cycle times, increased transparency, premier data protection and effective pipeline management. For example, we provide point of sale decisioning on title orders – identifying the optimal clear-to-close path in seconds, including whether properties qualify for instant appraisal scheduling. Using this technology, lenders can swim lane loans: quickly bucketing those that can be closed quickly using digital technology and providing a human touch to those that require more attention.

Overall, partnering with stable vendors with innovative and secure technology platforms provide many benefits like adding the speed that borrowers demand while simultaneously reducing staff time and related costs – two factors that can help to keep the impact of market volatility in check.

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