3 Trends Accelerating Mortgage Loan Servicing

February 26, 2021 Bob Crittenden

The mortgage loan servicing business continues to evolve, predicated on consumer expectations and driven by technology innovation. In our work with mortgage lenders and servicers — and as we continuously evaluate our own solutions designed to maximize loan servicing efficiency — we see three clear trends driving the pace of change. Here’s a quick breakdown of each and a look at how they all fit together. 

1) The digital-convenience driver 

Digital convenience and ease are not just the new norm, they’re the dominant expectation from customers in day-to-day business. As a mortgage lender or servicer, if you can’t deliver this convenience, you’re automatically at a competitive disadvantage.  

Nevertheless, major challenges lie in the daily influx of mission-critical mortgage-related documents, communications and data — which is still significantly paper-based or handled through trailing-edge technology. This slows and complicates the ability to keep pace with digital convenience demands and makes efficient mortgage process management a continuous hurdle. 

The pressure to create electronic convenience is not going away. Instead, it’s forcing modernization and efficiency breakthroughs in mortgage operations.  

Two additional trends outlined below have grown from this. Together with the digital convenience driver, they’re producing a paradigm shift in mortgage operations — helping lenders and servicers accelerate processing speed and reach new levels efficiency for their customers and internal operations. 

2) Centralized technology platforms 

Especially with the pronounced reliance on digital interaction stemming from the pandemic, the sense of urgency to get connected across internal businesses has grown to new heights in mortgage back offices. Most are shifting away from disparate operational silos to enterprise-wide connection and efficiency. They’re turning to a new generation of centralized platforms with intelligent rules engines that can drive efficient collaboration, improve accuracy and accelerate overall mortgage processing.  

These next-generation systems are enabling mortgage lenders and servicers to make huge gains in economies of scale, handling large volumes of incoming documents with automatic identification and extraction of appropriate customer information — then feeding it to a central repository where it can be securely accessed and managed by key stakeholders.  

Personnel working across different areas can efficiently collaborate, pull the exact data they need from a common secure source, and be guided by the system to ensure ongoing alignment and compliance with specific requirements. In the process, manual requirements and costs go down, and turnaround times and efficiency go up. 

3) Intelligent information capture 

While a centralized platform is key for broad collaboration and streamlined mortgage operations, it’s the technological capabilities behind the platform that will be the ultimate performance differentiator for mortgage business environments.  

Two high-impact capabilities are machine learning and artificial intelligence (AI). These sophisticated components empower a platform to progressively improve upon and fine-tune its ability to “understand” documents and data for accurate information capture and high-efficiency automated processing. 

Intelligent capture and automated processing of incoming mortgage information not only improve quality and accuracy — they significantly accelerate efficiency and create digitally smart operations. This improves workflow performance across departments, elevates customer experiences and drives informed decisions along the way. 

Lenders who prioritize future readiness with smart technology integrations are moving ahead, making unprecedented advances across their mortgage servicing operations and delivering new levels of digital convenience for their customers and internal stakeholders. 

 

About Conduent Mortgage Solutions 
Conduent’s award-winning, cloud-based mortgage loan processing technology, BlitzDocs® enables robust collaboration and rapid processing of any document type in the mortgage workflow. Mirroring the traditional loan folder, the BlitzDocs eFolder enables authorized parties to securely access, view, sign, share, electronically ship and archive mortgage loan documents.  

Connecting with lenders, underwriters, investors and other parties’ technologies, the innovative SaaS technology delivers advanced digital capabilities and flexible configuration to accommodate unique workflows and cross-system integration. Conduent teams ensure your success with experienced consultants, platform training, rapid implementation, personalized service and ongoing support. 

About the Author

Bob Crittenden

Bob Crittenden is Conduent's Senior Director, Banking and Capital Markets where he is a global leader of Conduent's mortgage services group with responsibility for our BlitzDocs® cloud-based document management platform. Bob is an experienced executive with a demonstrated history of leadership and growth in the information technology and services industries.

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