As is typically the case in a declining, narrower margin origination environment, mortgage lenders will look to technology to help manage costs. And there has been an explosion of fintechs looking to offer options, said Suha Zehl, chief strategy officer at consultancy BlackFin Group. But many middle and smaller lenders don’t have the in-house person to help them manage the process. BlackFin provides these services.
If a lender goes for a cookie cutter solution, “that’s what I’m going to do for every borrower, for every client that I have, then you don’t differentiate yourself,” Zehl said.
The advanced analytics tools now available will help lenders tailor solutions to their clients, said Chris Boyle, president of home loans at the Roostify technology platform. “Being able to take documents, extract data, do calculations, do other things is really good for consumers. It helps them make their buying decisions. It also helps the lender in making the credit decision, ”she said.
“The ability to use this data in a very constructive way to achieve this accomplishment is definitely something the mortgage space will see accelerate in 2022,” Boyle said.
She also credited Fannie Mae’s recent decision to factor rent payment data into the mortgage decision-making process as a path to more equitable lending and expects current technology to help meet the goals. eliminating prejudice and achieving greater equity. “The digitization process will only defend all of this. “
There are many vendors out there that do the same and lenders need to analyze which one is best for their organization and the customer they serve.
“It’s very important to analyze that and assess to determine whether Partner A is going to fit into our culture, the way we run our business or is it Partner B? Said Zehl. “They can both provide the same service, but for you to have a successful implementation and delivery, good adoption by your users and customers, finding this synergy between your organization and partners is really essential. that you select. “
But when choosing a new technology, lenders must also remember the user experience for their staff, not just for their borrowers; both should be viewed as customers of this technology, Zehl said.
“And if you launch a solution that can be phenomenal for the client / borrower and that makes the client / user life really difficult and challenging, then it’s going to impact your productivity, it’s going to impact your cycle time. average and its duration lead you to close this loan, ”she continued.