Mortgage Automation: Shaping the Future of The Mortgage Industry
The lending industry recognizes the importance of digital transformation and has made significant progress, especially during the pandemic. In its second-quarter earnings, Rocket executives said that going into 2023 they’re “putting a big chunk of capital [into] internal investment in technology” to save money in the long term. However, the mortgage industry remains highly paper-intensive, […]
Streamlining MSR Transfer: DocVu.AI, the One-stop Solution
Aashish Gupta
The sale and transfer of Mortgage Servicing Rights (MSR) have always been vital to the mortgage value chain. The high frequency of repurchasing mortgages or servicing rights maintains the market liquidity and generates stakeholder revenues. Yet the manual handling of MSR processes, even during handoff, can affect borrower interest. Further, strict scrutiny of regulations and […]
From Snail Mail to Supersonic
With thinner margins, companies seek to provide differentiated customer offerings while ensuring their operations are at their peak efficiencies. As per Gartner, by 2030, 80% of heritage financial services firms will go out of business, become commoditized or exist only formally but not compete effectively. These firms would struggle for relevance as global digital platforms, […]
Why mortgage servicing companies must Invest in regulatory compliance to mitigate risk.
According to a recent report from the CFPB, Mortgage Servicers are struggling with their loss mitigation programs, call center response times, and unreliable systems that are not producing consistent data. Another report also reveals that in the past few years, mortgage servicers have lost billions of dollars due to non-compliance and inadequate regulatory controls. It […]
Ensuring the lowest mortgage rates to drive volumes and ROI for lenders
The mortgage industry has been turbulent in the past couple of years. Various economic and political scenarios have forced the Federal Reserve to recalibrate its monetary policies, which has indirectly affected the mortgage rates significantly. Further, lending rates are increasing rapidly, with the average 30-year fixed mortgage rate reaching 7.2% in October 2022. Naturally, banks are maintaining […]
How to ensure maximum ROI from your IDP in mortgage document processing.
Processing mortgage applications entails dealing with a massive pile of documents necessary to verify customers’ loan worthiness and clear approvals. This task is often carried out manually, resulting in reporting errors, missing documents, and an unending waiting period before closure. This has consequences like the loss of time, wasted employee effort, and, eventually, a drop […]
Leverage superior analytics and insights with minimal investment to improve mortgage decisions
As per a Forbes survey, 55% of respondents from mortgage companies believe that adopting AI in operations can reduce mortgage origination costs by 26%. In mortgages, where document processing errors can lead to incorrect credit decisions, it is vital to be 100% right the first time. A loan package generally, consists of hundreds of pages […]
Maximize business returns with Intelligent document processing
‘A Dream Home’, one’s lifetime ambition is most often fueled by mortgage companies. Lenders ensure all checks and balances are done when processing documents, enabling the home seekers to inch closer to their dream. The US mortgage industry is under the constant influence of macroeconomic parameters viz. interest rates, inflation, economic policies, and geopolitical stability. […]
How banks can protect mortgage margins and increase ROI
Net gains in 2021 Q4 declined to $1,099 on each loan originated, compared to $2,594 in the previous quarter, according to a report published by the Mortgage Bankers Association (MBA) on Thursday. This slide-in profitability is on a 6 quarter trend. This is due to softening demand resulting in the slide in the volume of loans. With the feds’ […]
The advantages and pitfalls of Mortgage post closing quality control
The advantages and pitfalls of Mortgage post closing quality control Post-closing quality control process needs to be elaborate to ensure that the hundreds of pages of information contained in the mortgage closing file are highly accurate. It has even grown in importance to overcome the record number of foreclosures in recent years. The post close […]