- AUTOMATION SOLUTIONS
The mortgage industry has arrived at an intersection in its evolution to automation. Much of the investments and innovations over the past several years have resulted in substantial progress on the front and back ends of the origination process - focused on borrower online experience and closing.
With the proliferation of portals, B2C websites, and mobile apps on the front-end of the origination process, it has become relatively easy to find and apply for a mortgage. Similarly, the rapid adoption of electronic signing, closing, and notary technology solutions has automated the backend of the origination process.
However, the bulk of the time and expense in the origination process is in the “middle office”, i.e. processing and underwriting. This critical aspect of the mortgage process has seen very little impactful automation options. This has led to lenders adopting the “find a problem for the solutions available” approach (think OCR, machine learning, artificial intelligence, block chain). This hodgepodge approach has left the lenders with a broken and disjointed borrower experience, inefficient processes, and poor ROI on these initiatives.