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.
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.
Loan processing automation is quickly changing the industry landscape. If you want to bolster your company's KPIs and become more efficient with your resources, software, automation and artificial intelligence can take a huge burden off your shoulders.
The 2022 National Conference for Canada’s Credit Unions (CCUA) event was a must-attend for anyone operating in the credit union space. Our industry is rapidly changing and we must all be prepared to educate ourselves on the state of the market, technology, and industry best practices.
Over the past 5 years, there has been a proliferation of embedded FinTech startup companies. Many of these companies make claims suggesting that traditional finance, banking services, and mortgage lenders are on their way out. Instead, embedded FinTech promises more transparency and shorter processing times. Is the promise up to the hype?