All of us know that the mortgage business must cope with fluctuating volumes. Mortgage Lenders are often left working overtime when the volumes go high, scrambling to hire staff only to let them go when the volume goes down. Onboarding loans from multiple sellers can also prove to be time-consuming, leading to poor results and inaccuracy. All this means existing teams face immense pressure due to the extreme variability in demand.
To top it, many lenders use sub-optimal systems and processes for image processing and data extraction, which can severely hamper the processes and affect scalability. As a result, lenders face slower decision times than what their customers want and often face an internal data management problem that increases their load manifold. Having manual practices creates challenges inconsistency, audit, and accuracy, and above all, is time-consuming.
Since loans range in size and complexity, it is time that lenders become mindful of improving their practices and increase efficiency, decision speed, and productivity to enhance their customer experience. Some organizations face issues because their technological expertise may not match their desired business outcomes, which could result in sub-optimal operations.
One way to deal with this is by streamlining and automating the processes by finding the right technology-based solutions. However, many lenders consider new technology as an upfront investment and tend to hold back. But it’s important to understand that when the right solution is implemented, the return on investment definitely outweighs the costs.
The best way is to join hands with expert technology partners who can offer advanced loan processing solutions. There are companies that offer applications to help overcome challenges, increase the quality of the loan portfolio, and deliver customer satisfaction. Such technology can streamline disparate systems, providing reliable and consistent dataflow through the loan origination process, while improving speed.
Companies like Visionet can help by providing advanced loan processing solutions to ease bulk loan processing. Visionet’s flagship solution is its cutting-edge AI/ML-based loan processing solution, VLR. VLR enables lenders to process large volumes of documents with a high degree of accuracy and precision. Along with higher borrower satisfaction, lenders enjoy the benefits of faster loan disbursals and reduced operations costs.
Benefits of VLR
98% Accuracy: VLR leverages advanced AI/ML-based OCR technology to deliver over 98% accuracy in document processing. It provides automation support in document classification, validation, indexing, and data extraction while integrating with standard document management systems (DMS) for any mortgage loan workflow.
Speeds up Due Diligence: This technology is known to speed up due diligence by leveraging automation through machine learning capabilities. The advanced OCR technology is an evolution from the manual document classification and data extraction process.
A Robust Combination of OCR Platform, Workflow Engine: VLR is built on a robust, open, enterprise-level architecture. It is a web, workflow, and rules-based system and is ideal for any document-intensive workflow within the lending lifecycle, including loan setup, loan boarding, pre- and post-closing operations, and audits. It helps reduce the cost of loan origination by more than 30%.
Integrated with Encompass: VLR is fully integrated with Encompass by Ellie Mae, so that borrower loan files can be processed faster.
Besides VLR, Visionet also adopts a multi-pronged technology approach to offer maximum profitability to its clients, helping them transform their operations and scale effectively.
With the right size of operations, Visionet has ensured ready resources to support clients through personal and customized services. Its unique mortgage sensitized Offshore Delivery Center (ODC) helps clients drive business results by providing virtual extensions of their operating environment. It helps drive agility in business for the mortgage lenders, allowing them to focus entirely on business goals.
Also, in an industry like a mortgage where compliance is of prime importance, the company assists clients in accurately meeting regulations helping them eschew the significant amount of time, costs, and efforts that have to be spent ensuring that there is no 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, nimble, quick operations for clients. In a sector like a mortgage, where time is of the essence, Visionet offers quick onboarding procedures and immediate start of operations. With cost-effective solutions that provide 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, one of the reasons why it is earning the tag #BankablePartner with several customers.
The mortgage market is fast-changing, and it is time that lenders moved towards digital platforms and solutions to focus on enhanced customer experience across all touchpoints. Lenders that adopt technology to differentiate and invest in strategic skillsets will be the ones that ultimately will come out ahead. Feel free to reach us at bfsi.marketing@visionet.com for more details.