The mortgage industry works in a paper-intensive environment. On average, there are more than 25 types of documents for the retail mortgage loan origination process, over 15 in correspondent lending, and over 10 in mortgage servicing rights. Dealing with such a large number of documents in huge volumes manually is a cumbersome process and is prone to errors.
The Majority of this massive data are also stored in a complex manner demarcated into different files, formats, and locations. The entire process is time-consuming and highly resource-intensive. If it’s not done in the right manner, it can lead to complex errors and data corruption, ruining the whole process. Yet, many lenders are still reliant on inefficient manual processes and data extraction of loans leading to an increase in the TAT and higher time required for closing.
However, now with increasing customer expectations, stricter regulatory requirements, and operational challenges, it’s time leaders improve their practices and explore more automation options.
They need to equip themselves with the right kind of technology to accelerate customer onboarding, reduce manual efforts and errors, and improve predictability. It is also important to have the right tools for mortgage indexing and data extraction that help digitize, store, track, and utilize all loan-related files with ease and comfort. For those lenders who are worried about how investing in such advanced technology could impact their operational costs, one way is to collaborate with third-party vendors.
Lenders can turn to niche players who can help with the right kind of technology to improve operational efficiencies, save time, and reduce costs. Visionet is one such company that offers premier services for document indexing, data extraction, and data validation. Visionet’s flagship solution, VLR, enables lenders to process large volumes of documents with a high degree of accuracy and precision. Through VLR, Visionet offers the best-in-class digital experiences to mortgage lenders to stay competitive. VLR uses state-of-the-art technology and high-end technical processes to ensure that all the data is properly classified, indexed, and extracted and that all the business-critical information is available to lenders in real-time.
How VLR can Benefit Lenders:
Processing higher number of loans: VLR helps lenders efficiently organize their data, reduce file storage space, improve overall process related workflow, ensure data security and accuracy while allowing the lenders’ team to focus on core business functionalities. The team can then utilize their time to process a higher number of loans because of organized processes.
Automating pre-purchase audit and audit process to ensure the quality of results: Through VLR technology, Visionet helps lenders leverage their vast experience and unmatched skillsets to automate pre-purchase audit and audit process to ensure quality results. With the help of advanced technology, Visionet provides a one-stop, ready-to-use solution for indexing and data extraction needs.
24×7 coverage to all departments to ensure faster closing time: VLR offers constant support 24X7 while providing continuous maintenance for the system and keeping it updated with industry and regulatory changes.
Integrated with Encompass: VLR is fully integrated with Encompass by Ellie Mae, so that borrower loan files can be processed faster.
In addition to VLR, Visionet also adopts a composite technology approach to provide maximum profitability to its clients, assisting them to scale up operations and increase profitability.
With the right size of operations, Visionet has ready resources to support clients through personalized and customized services. Its Offshore Delivery Center (ODC) helps clients drive business results acting as virtual extensions of their operating environment. It runs the business with agility allowing the client to focus entirely on business goals. Through its portfolio of specially designed industry-specific solutions, Visionet has hand-held clients to improve their business performance during tough times.
Also, in an industry like a mortgage where compliance is of key importance, the company ensures that clients meet precise regulations, in turn helping them avoid the significant amount of time, costs, and efforts involved in oversight. Visionet’s compliance solutions accurately verify hundreds of business rules and regulatory standards in no time.
Visionet is also known for offering domain expertise for agile, deft, faster operations to clients. In a competitive sector like mortgage, where time is important, Visionet offers quick onboarding procedures and immediate start of operations. With cost-effective solutions for maximum savings, Visionet helps faster loan processing along with multi-layered quality checks and audits to ensure quality results. The company works extensively with clients to create and implement uniform procedures across their departments for improvement in TAT.
With years of experience as a mortgage technology partner, Visionet is a name you can trust. The company offers customer-friendly support for mortgage services such as mortgage indexing and data extraction. To know more, you can connect with us for our customized services by reaching us here