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Digital Evolution and Mortgage: Where Are We and What’s Ahead?

Any mortgage lending operation that may have been dragging its feet about converting to digital operations got a wake-up call with the pandemic. Almost overnight in 2020, digital became a necessity, and lenders who hadn’t fully embraced digital transformation found themselves forced to do so — or risk losing customers.

Data from McKinsey and others has shown that the pandemic vaulted the adoption of digital forward five years for consumers and businesses, and the rapid migration to digital technologies driven by the pandemic shows no signs of stopping.

Beyond the COVID challenges that prompted office environments to shift to work-from-home — the sheer volume, velocity and density of today’s mortgage-related information far exceeds the ability to keep pace through manual processing methods. This has underscored the call for lenders to reach digital maturity.

Creating staying power

Many lenders and servicers got their organizations through the initial challenges that came with the pandemic by instituting quick band-aid solutions with disparate technology applications. But continuing to rely on those initial fixes can mean significant vulnerability going forward.

To ensure ongoing competitiveness, stability and staying power for the future, mortgage lenders and servicers need to comprehensively re-evaluate their digital ecosystem and turn patchwork fixes into integrated, streamlined, high-efficiency operations. Strategically leveraging new technology and automation solutions to build cohesiveness across their operations, they can supercharge efficiency and productivity — and gain deeper business insights to drive smarter decisions and strategies that build engagement with their customers.

Lending organizations that prioritize future readiness with smart technology integrations will move ahead, make unprecedented advances across their mortgage operations and deliver new levels of digital convenience for their customers and internal stakeholders.

How do lenders get current?

What does it take to achieve digital vitality and next-generation mortgage document management?  Two high-impact capabilities to prioritize are machine learning and artificial intelligence (AI). These sophisticated system components empower technology to progressively improve upon and fine-tune its ability to “understand” documents and data for accurate information capture and high-efficiency automated processing.

As this article from MIT explains, “Machine learning is actually a subfield of artificial intelligence that gives computers the ability to learn without explicitly being programmed.” AI and machine learning turn general intake of mortgage-related information into intelligent capture and automated processing of that information. This not only improves quality and accuracy — it significantly accelerates efficiency and creates digitally smart operations.

From status quo to state-of-the-art

To be competitive in the future mortgage market, lenders and servicers need to harness the power of the latest digital capabilities today and create digital connectedness in their operations. Synthesizing state-of-the-art technology components like AI and machine learning through a centralized technology platform that also integrates diverse process components can supercharge workflow performance across departments, elevate customer experiences and foster informed decisions along the way.

It really boils down to creating an integrated, logical user experience across the mortgage landscape — where the user could be the originator, the processor, the servicer, or any other entity that needs to use the data and documents. Ultimately, all of those are touchpoints that shape the end-user experience for the borrower.

No one knows what the future holds but being on top of digital advancements will keep mortgage lenders and servicers ready and resilient to meet challenges going forward. Having a partner to help accelerate that digital evolution can make all the difference.

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 is a senior director and portfolio leader at Conduent and global leader of the company’s Automated Document Solutions group. Bob is a seasoned executive with over 25 years of experience leading strategy and execution of outsourcing solutions supporting document management initiatives. He has a proven track record of leadership and growth in the information technology and services industries.

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