What are you Waiting For?
Intelligent mortgage automation is a reality, and a necessity, in order for mortgage lenders to remain competitive and win in an ever-changing and dynamic market. How lenders traditionally scale, with people, is a thing of the past and frankly, is best left to the dinosaurs, who will be extinct by the time we reach the next downturn (news flash: we’re still in one).
There is a way out, there is a way for lenders to position themselves to win, and that is to heed the example of other, more advanced players in the financial services ecosystem, like investment banks and retail banks: invest in (intelligent) technology and use the (intelligent) technology to improve efficiencies, lower the cost of doing business, enable scale, and improve product and service quality. Notice how I wrote “intelligent technology”. And did you notice how I used the term “dinosaur” in the previous paragraph? Well, the mortgage technology ecosystem is rife with dinosaur solutions. That’s why it’s called “intelligent automation”, and not “intelligent extinction tools”… but I digress.
In a prior blog post I’ve noted the benefits that can be achieved with the deployment of intelligent automation solutions, and provided an example of a lender who started the automation journey well over two years ago, and not only did they not let go of one single employee during the downturn, they’ve been able to absorb the loan volume growth stemming from their acquisition of another lender’s origination assets without resorting to hiring new people—because they’ve done it with technology. Spin up more VMs. Spin up more BOTS. Write a few more scripts.
And what do you think will happen when interest rates drop? Think of interest rates as a high-pressure valve. When rates will fall below a certain threshold (I can’t tell you what that threshold is, but there’s a 100% chance that it will happen), the valve will open and the floodgates will open and lenders will be drinking out of a fire hose and what will most of them do? They’ll hire more people to deal with the increase in volume, while the lenders that have invested in intelligent automation will press a button.
As intelligent automation technology evolves, and as Gen-AI goes mainstream in mortgage, it will become even more powerful, making it possible for lenders to automate even more tasks and complex tasks and to achieve even greater levels of efficiency and productivity and cost savings.
So what are you waiting for? Invest in intelligent automation today, and position yourself to win when the interest-rate valve opens.
MOZAIQ helps you make faster, lower cost, more accurate lending decisions. Contact us today.
Note: this blog post was written by a real human 🙂