The mortgage market has experienced immense changes in the last few months. Most lenders have been forced to adapt swiftly and respond quickly to new needs, opportunities, and challenges.
As the pandemic forced many Americans to work and learn from home, the demand for single-family properties has soared. For people, their homes are now their office and even part-time schools. So, though the COVID-19 pandemic has damaged the economy, it has boosted the housing market. Sales of previously owned US homes rose more than expected in September to the highest level in 14 years because of a need for more space. Meanwhile, record-low mortgage rates have been luring buyers and continue to support demand. In the week ending 22nd October, mortgage rates slipped to another all-time low.
As the historically low borrowing costs have fueled a housing-market surge, the demand has ramped up in a way that many lenders have never experienced before. Most lenders are swamped with business from homeowners who are trying to take advantage of cheaper borrowing costs. In fact, in the early months of the pandemic, a part of US home-refinancing applications had soared to the highest level since April 2009.
Now more than ever, lenders need to start exploring and implementing innovative ways to deal with these extraordinary volumes. One of them is partnering with companies that can offer superlative services including technological solutions like automation to remain competitive and ensure long-term survival.
Here’s how companies like Visionet can help lenders to make the most of the US housing boom and handle the rising volumes in terms of new purchases and refinance requests.
Enhancing mortgage lending with automation
Enterprise automation solutions have potentially unlimited uses. For Visionet, its network of enterprise solutions has enabled clients to simplify, accelerate, and make their business resilient, especially during these tough times. Clients have been able to leverage these innovative solutions. Visionet’s fast, automated, high tech solutions have helped replace repetitive, low-value tasks with touchless processes that deliver better results at superhuman speed. The solutions have helped boost the client’s staff capability with virtual workers operating at peak efficiency around the clock.
Through its team of expert automation professionals, Visionet has been offering partner companies a complete range of enterprise automation services that span Robotic Process Automation (RPA), cognitive automation, and custom automation solutions. With error-free and more secured processing thanks to a reduction in manual processing, Visionet has helped clients solve their business issues without human intervention. Some of its other services that have enhanced client operations have been establishing 24×7 operations support for optimal resource utilization, improving information security, speeding up existing processes, deploying faster services, and reducing overall operating costs.
Leveraging domain expertise to assist in quick operations
In the mortgage sector, Turn Around Time matters immensely which is where Visionet has been leveraging its domain expertise to offer quick onboarding procedures and immediate start of operations. The company’s value-for-money solutions provide all-out savings to the client. Visionet’s core strength lies in its able consultancy services for managing a robust set up with people, technology, and processes. Through its unique combination of technology, digital operations, and proprietary technology products, Visionet leverages AI/ML-based technology to deliver over 98% accuracy in document processing. It also offers solutions for faster loan processing along with multi-layered quality checks and audits to ensure quality results. Visionet teams collaborate with clients to create and implement uniform procedures across their departments for improvement in TAT.
Robust infrastructure anywhere, anytime
With Visionet, clients receive assistance with relevant infrastructure that helps strengthen their own services and improve their business agility. Strong digital infrastructure is a cornerstone of the BFSI industry which is why Visionet’s proficient teams help clients adapt effective cloud-based infra solutions as per their business needs. Clients are guided towards relevant cloud enablement services that align with their requirements and application portfolio, reduce IT costs for them, and improve team productivity and business agility. Through the deployment of secure and cost-effective cloud-based solutions, clients have managed to bring about a 50% reduction in cloud administration and support costs. Visionet’s teams curate a customized cloud adoption strategy after a detailed cost-benefit analysis by creating the IT roadmap for the client. The best cloud platforms are then recommended as per client needs.
ODC partner across different locations
As cost-effective solutions are in demand, mortgage-sensitized Offshore Delivery Centers (ODCs) are a preferred option for lenders due to their lower operational costs and other benefits. Visionet offers ODC setups that act as an extended, integrated, and dedicated offshore facility that exclusively manages the lender’s operations. The company’s ODC has successfully helped clients drive business results with agility allowing them to focus entirely on business outcomes. Visionet’s ODCs act as virtual extensions of the client’s operating environment across different geographic locations bringing in accountability, transparency, and a governance model that gives them greater control over the processes followed.
The housing market has been one of the few sectors of the economy that has been enjoying a V-shaped rebound during the Covid-19 pandemic. This is the time for lenders to take advantage of the flourishing market by partnering with companies that offer innovative technological solutions to handle the rising volumes in demand. You can reach out to Visionet