How Can I Streamline My Mortgage Lending Process?
Simpler, better, faster. These are three words that describe the goal for every lender’s mortgage lending process. The shift to a market dominated by purchase transactions amplifies the importance of getting it right. Every loan represents opportunity, and your company needs to be sure about every lending decision. No matter how much you prepare, though, delays and mistakes can occur during the manufacturing process. Fortunately, lenders have access to better verification solutions in today’s digital age, which can lead to a more streamlined, effective origination process.
Improve underwriter productivity
It takes time and costs money to process a mortgage application. If your company is going to make this investment, it’s important to make safe and fast credit decisions. A good verification solution can provide accurate information on an applicant’s income, employment and identity so underwriters can get to a decision faster. This way, your underwriting department will be able to improve its productivity.
Your company’s staff is only human. During the application process, it’s very easy to misplace files, input wrong data or overlook key information. Little mistakes can add up to significant losses to your year-end bottom line. Implementing an automated, third-party verification service can help significantly reduce the number of processing errors or duplicate applications. Getting complete and accurate data into the application upfront can get cleaner conditions from the decision engine and help you to avoid rework.
Speed up the application process
The mortgage lending process can be lengthy. Delays during the application process could potentially frustrate your prospects and cause them to seek a loan elsewhere. By streamlining your process with a data verification service, your entire staff can be more effective. With better data in hand as they process an application, your loan officers can send more complete and higher-quality applications to the underwriter. As a result, the underwriter should be able to make more confident decisions with ease and efficiency. Simpler, better and faster.
Equifax will be providing information on the latest verification tools that can help improve your mortgage lending process at MBA’s Annual Convention and Expo. Be sure to attend this event to learn how a more streamlined verification process can lead to a more efficient mortgage lending experience for all involved.
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