2023 is the Year of Intelligent Mortgage Automation
Back in October I wrote about how the leading mortgage lenders were using the 2022 market slowdown to invest in intelligent automation, allowing them to better weather today’s storm, and position themselves to win tomorrow. I even mentioned one technology forward MOZAIQ customer that has not laid off a single employee as of late September 2022, thanks to their prescient strategy of investing in intelligent automation for back-office processes from day one.
With 2022 in the rear-view mirror, we’ve now seen a higher number of lenders inquiring about intelligent automation. There are several reasons why:
- Competition: Automation can help mortgage lenders stay ahead of the competition by offering faster, more efficient, and higher-quality back-office services.
- Digital Transformation: The shift towards digital channels and the increasing demand for online services have made automation a critical component of any successful digital transformation strategy.
- Regulation: The increasing complexity and volume of regulations related to mortgage lending make automation a necessary tool for ensuring compliance and reducing legal liabilities.
- Customer expectations: Consumers today expect fast, convenient, and transparent loan services, and automation can help mortgage lenders meet these expectations.
- Data-driven decision making: Automation can help mortgage lenders make data-driven decisions by providing them with real-time data and insights that can improve loan quality and reduce risk.
For example, by using automation to compress the overall loan cycle time, lenders not only help decrease their turnaround times and reduce costs, but also increase efficiencies by freeing up employees to focus on higher ROI work, helping to gain scale by building and adopting new processes, and leveraging additional technology automation to continually drive improvements.
The key results are that customers receive approvals and funding faster, with cost savings passed on to them with easier, faster, more accurate, lower-cost lending, boosting the lender’s brand and enabling scale.
MOZAIQ helps you make faster, lower cost, more accurate lending decisions. Contact us today and see a demo of our platform in action.