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AI & Lending

12 Critcal Mortgage Lending KPIs [+How to Track Them]

Brokerages and financial institutions that play a role in the mortgage origination process always strive to increase efficiency. That involves enabling underwriters and loan officers to improve processes by giving them access to loan origination key performance indicators (or KPIs, in short). That said, mortgage lending KPIs are a bit different than other mortgage business trackers. Let’s look at what they are, how to calculate them, and how they can unlock growth in your business.

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Succeeding through crisis: the time to innovate is now

As a mortgage lender, you're likely aware that digitally transforming your lending processes offers several significant benefits. From reducing risk and operating costs to boosting scalability and profit margins and enabling you to deliver leading borrower experiences that breed 'customers for life.' Digitalization is a lever for the positive business outcomes that will allow you to compete profitably in a fast-changing world. 

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Underwriting Metrics: Going Beyond Credit Score

It’s no secret that credit score plays a crucial role in a lender's decision to assess a loan. However, does a high score really represent a creditworthy applicant? In this article we’ll explore why a credit score-centric model is the equivalent of judging a book by its cover. Then we’ll look at a few metrics to underwrite loans beyond the credit score.

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Mortgage Automation: Improve Speed and Resilience

Home buyers don't want to go through the hassle of waiting 30 days to close on their loan, which is the current average. The reason for this long wait is that much of the underwriting process in the industry is done without mortgage automation. Importing info from paper to digital is a problem since the error rate for manual data entry is 4%. Then there’s the rest of the steps involved in approving a mortgage.

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The Pros, Cons, and Ethics of Cross-Selling for Mortgage Brokers

Cross-selling for mortgage brokers happens when financial institutions, lenders, or individual brokers use information gathered during loan processing to pitch additional financial products. Cross-selling can be looked at as a form of customer retention. It's a hot topic in the industry because many mortgage brokers have questions about the pros, cons, and ethics of cross-selling financial products and banking products to get new customers that might actually be old customers.

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