Deep Digitization in Mortgage Origination
STATE OF INNOVATION
About the Authors
Narayan Bharadwaj, SVP, Automation at Indecomm, and FinLocker, LLC executives Prabhakar Bhogaraju (PB) Executive Vice-President leading Strategy, Product and Application Development and Brian Vieaux, President and Chief-Operating Office are the leading source behind the recommendations and conclusions developed in this paper. Collectively, they bring a combined 75+ years of experience in the mortgage banking space and have processed hundreds of billions of dollars worth of mortgages.
MORTGAGE INNOVATION: A WORK IN PROGRESS
US residential mortgage industry saw an explosion of consumer experience initiatives in the mid2010s. FinTechs and incumbents alike invested heavily, innovated, and truly moved the needle on our industry’s origination process, enabling the consumer to initiate loan applications directly and participate in the workflow. Driven by the explosion in the growth of online and mobile banking, improvements to the speed of the internet, and maturity of data analytics, the point-of-sale cadre’ of companies, products, and services transformed how consumers participate in the mortgage transaction.
THE OPPORTUNITY AHEAD
Strategic technology and automation investments in the mortgage middle office will significantly improve productivity and quality in processing operations for mortgage lenders that recognize the opportunity.
In this paper, we delineate the front-office, middleoffice, and back-office mortgage origination process,
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