Although record-high originations and low-interest rates were the themes of 2021, 2022 made sure to throw a wrench into that trend with declining originations, increasing costs-per-loan, and mortgage rate creep. Automation presents a unique opportunity for lenders in 2022. With that in mind, what are the top trends in automation that may impact lender decisions relating to automation?
- Tech exhaustion: Everyone has a solution to “automate” mortgages, but when does the adoption of automation tools become more costly and burdensome than necessary? Lenders today are tired of investing in tech tools that are high-cost and resource-intensive. Not to mention, some technology takes 12-18 months to implement and another 6 months to train. Indecomm built user-friendly and easy to manage automation for this purpose. Most recently, we introduced our GeniusWorks solution which takes the hassle out of automating lending processes. Learn how.
- Demand for mortgage-specific solutions: How many times have you heard a provider say that their automation solutions “can” do what you need them to do? Multiple meetings later, you find out that they have the core technology and tools but will need your expertise to build it. Over the last year, we’ve heard so many similar stories of lenders getting sucked into the world of co-development which is a far cry from customization. At Indecomm, we build mortgage-specific automation solutions using our expert mortgage professionals. Our technology is developed based on direct mortgage industry expertise with common LOS workflow in mind so that when we offer you a solution, we offer you the full, working solution…not a concept.
- Bots are good for business: The world is changing. As more tech-savvy individuals enter the mortgage industry (not just millennials, people), they expect their employers to offer modern, seamless, and user-friendly experiences. The fact is that they know that back-office experiences shouldn’t have so many steps and shouldn’t be so achy and slow. That’s where bots come in. Keeping in mind that the front-office customer experience is often side-tracked by slow middle and back-office processes, Indecomm built smart mortgage bots (BotGenius) to streamline and automate repeatable, rules-based, and high-volume tasks. Using digital workers (i.e., RPA bots) lenders can offer their tech-savvy employees a modern working environment while giving the customer faster results.
- Automated underwriting becomes the underwriter’s best friend. Let’s be honest, some folks are worried that automation will take their jobs. Hey, our DecisionGenius might just be good enough. But so far, underwriters are not seeing it that way. What we are finding is that our DecisionGenius underwriting technology (and other tools like IncomeGenius) are becoming BFFs with your processors and underwriters. In addition to delivering unparalleled decisioning analyses, our automated decisioning tools are helping your underwriters get through more files in less time, while relieving some of the strain on their eyes.
In summary, mortgage banks are in the perfect environment to explore automation initiatives, so long as they partner with a provider that provides solutions specific to the mortgage industry, easy to implement or use, and offers benefits that go beyond bells and whistles. We’d like to show you what that looks like from a practical standpoint. Reach out for a meeting.