Scroll below to learn more about innovation in the processing, underwriting, and operations stage of the mortgage lifecycle.
Alert monitoring refers to software solutions that alert a lender if a customer or prospect applies for a mortgage from another lender, lists their property, etc.
An appraisal management company (AMC) is required to act as a neutral third party between the appraiser and the lender. This reduces the potential for collusion or corruption, ensuring that the lender, borrower, and seller benefit from a fair appraisal. AMC software solutions streamline the relationship of the AMC with the appraiser and the lender, significantly reducing the time it takes to process appraisals.
An API (application programming interface) is a set of procedures and functions within a software program that allows it to interface with other software programs.
Mortgage lenders operate under heavy compliance burdens, and it’s only getting more stringent. To make matters worse, compliance is a moving target. New rules are constantly introduced, old regulations amended, etc.
Customers are the lifeblood of a mortgage lender, which means customer service is the lifeblood as well. With exemplary customer service, borrowers will become repeat borrowers, offer glowing testimonials, and tell their friends, growing the business in a virtuous cycle of mutual benefit.
Data security helps companies guard against data breaches. This is especially important in the mortgage industry since sensitive borrower information gets exchanged and stored, along with millions of dollars of transaction volume.
Mortgage fraud is costly. As of 2020, every $1 in fraud incurs $3.56 in correction costs, up 8% from the previous year. Specialized technologies and verification services exist to identify fraud before a fraudulent loan can be closed or fraudulent activity completed.
Operational analysis is performed by business intelligence software. It provides a window into a lender’s productivity.
Process and operations automation engages robotic software programming to perform mundane, time-consuming, redundant or low-level tasks. That way, human labor can focus on highest and best use activities.
Underwriting is the process that pulls the entire loan together. The Underwriter is the gatekeeper between the borrower and the lender. They review all documents, request anything that may be missing, and give the final stamp of approval on the completed loan package.
Verification services are third-party providers that verify customer-provided information applicable to loan approval. This information might include fraud reports, credit, income, assets, and employment.
VOA VOI VOE Systems refer to software solutions for the verification of assets (VOA), verification of income (VOI), and verification of employment (VOE).