Technology has transformed our daily lives. Take, for example, the shopping experience with online marketplaces selling everything from groceries to furniture, even cars, and industrial machinery, making any purchase only a few clicks away.
The digital transformation of mortgage origination
While many other industries have turned to technology to optimize manual processes, mortgage underwriting has continued to lag behind on digital transformation. To advance their workflows and to operate quickly and cost-effectively, mortgage lenders need access to packaged, intelligent and integrated solutions that they can insert into existing processes. Ultimately, mortgage lenders need a solution that:
Think about the “assembly-required” option that’s often available when making a large purchase online, like a piece of furniture. It requires a box of parts and tools with illustrated instructions. Evaluating and verifying a borrower’s loan file is a lot like building a piece of furniture – there are multiple time-intensive steps involved, and the process is prone to human error. So, what if there was a “pre-assembled” option for mortgage lenders?
Our prediction for the future of mortgage origination
At CoreLogic, we believe that the future mortgage origination process will include intelligent, integrated solutions from a single vendor delivered in a way that is flexible enough to use a variety of different workflows with varying data formats. This process would reduce redundant tasks and other workflow inefficiencies by minimizing human touchpoints and maximizing transparency for both underwriters and consumers. By making the process more reliable and increasing underwriter productivity, this future workflow will help reduce the time and overhead associated with closing loans and improve overall borrower experiences simultaneously. With other solutions transforming the industry - from data entry to income verification and calculation processes - maybe this reimagined origination process is within our grasp.
© 2018 CoreLogic, Inc. All rights reserved.