Lenders want to streamline employment and income verification
Mortgage lenders are prioritizing automation in the near term as they focus on making things easy for borrowers, according to a recent survey sponsored by Equifax.
The survey found that 44% of lenders said that their most urgent objective over the next 12 months is to automate more lending processes and tasks. This responds to consumers’ view of the mortgage process as complicated, confusing, or time-consuming.
Equifax also found that one in four lenders will focus on improving analytics and data intelligence in the next 24 months. Over a three-year horizon, lenders will prioritize developing new lending products.
In addition to automation, the survey found 39% of lender improvements are aimed toward enhancing operations and customer satisfaction, while 30% of organizational investments are in response to mounting competitive pressures.
"Lenders are recognizing the benefits of both cost reduction and time savings that mortgage automation solutions can offer, and they are integrating them into their organizations," said Jennifer Henry, vice president and vertical marketing leader at Equifax Mortgage Services. "When coupled with process innovation, these data-driven, automation-enabling technologies move lenders closer to delivering the digital mortgage experience that consumers are beginning to expect."
Equifax found that respondents are working to introduce new technology within their organizations given their confidence in the regulatory environment.
Two hundred executives working within banks, credit unions, community banks, and mortgage banks of all sizes participated in the survey conducted by SourceMedia.
