Mortgage Loan Processing Automation: A Micro White Paper
written by Ari Gross, CEO of CVISION Technologies, Inc.
Understanding The Mortgage Industry's Move Towards Automated Processing
The purpose of this study is to better understand recent trends in the mortgage process industry and its shift towards more machine-based, real-time loan processing. Whereas a few years ago, processing a mortgage might have taken days, today companies (and their clients) expect processing time that is measured in minutes.
Some of this shift can be attributed towards digital and mobile banking initiatives, where consumers are growing to expect that banking operations, including mortgage processing, take place over the Web at Internet speed, with virtually no waiting time. Certainly, when a company is in the business of lending, insuring or buying and selling mortgages some degree of diligence is necessary and real-time mortgage analysis may not always be possible.
As an industry, however, it appears that companies are increasingly headed in the direction of mortgage automation, with an expectation that all related processes, from classification and data extraction to valuation and underwriting, can all be accomplished in near real-time, while an actual user is waiting on a response. In particular, in this study we will focus on the primary factors that seem to be moving the mortgage industry towards a higher degree of automated processing.
The four primary factors that we consider are Cost Reduction, Real-time Opportunity, Processing Equilibrium, and Scalability. Read the information below to discover the benefits of automation for your mortgage process:
Your Guide to Automated Mortgage Processing
See CVISION's Trapeze for Mortgage Automation in Action - Request A Demo
Inefficiencies in any internal process often detract from a company’s bottom line. Request a Demo for CVISION's mortgage automation processing solution to experience an accelerated processing time in your organization.
Mortgage Processing Automation: Is It Worth It?
With the four motivating factors and the increasing client expectations for analyzing, assembling, underwriting, and pricing mortgage documents, mortgage process automation could be a solution worth considering. These mortgage process expectations, originally hours or even days, are being reduced to a matter of minutes in the digital age. Based on this trend, banks, insurers, and financials in the mortgage industry will need to utilize some degree of mortgage process automation in the near future in order to compete effectively.
Users of CVISION's mortgage document automation solution were able to reduce mortgage document processing time by over 96%, helping their company grow without hiring additional workers. Read white paper to see how automated invoice processing can rapidly improve your bottom line.