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The mortgage industry is undergoing a significant shift in process optimization due to many factors including Covid-19 as well as consumers' demand to bring more efficiency. Since the North American region is severely affected by the pandemic, the workload on mortgage providers has grown to become unreasonably higher than before. Therefore, lenders opt for Robotic Process Automation to replace human-dependent processes in order to speed up the E2E functionality for current and queued clients.
The COVID-19 crisis has struck every industry, and the mortgage sector is no exception. While lenders are quite keen to keep their existing customers comfortable, the new applicants might be facing considerable delays and uncertainty with their applications.
A report from the American Banker publication indicates that the mortgage lending industry is barely coping with the surge in refinancing applications, and the ongoing social distancing measures add to its worries. Not only the U.S., but Canada as well, are witnessing a sudden rise in the number of loan applications after the recent rate cuts. Many people are rushing to make the most out of the current low-rate environment.
The coronavirus is no longer only a medical nightmare, as nationwide lockdowns and the partial shutting of businesses have created a heavy financial toll on people and the economy.