3 ways to embrace the digital shift in mortgage servicing
Paper-based processes, labor-intensive procedures, poor accuracy and sluggish performance. These are the main factors that contribute to the sky-high operational costs and low borrower retention rates in the mortgage servicing industry. The only way to mitigate these major pain points is by embracing the digital shift that has shaped the expectations of today’s borrowers.
Are you ready to enhance the borrower experience while reducing operational costs?
3 ways to go digital
Embracing these three strategic shifts will help your organization succeed.
1. Move from a paper-based system to a digital database
It’s cumbersome and time-consuming to manage lengthy and complex mortgage documents, especially when you import the information in bulk. This often results in poorly organized information, which is stored in multiple formats.
By leveraging intelligent capture capabilities you can process large volumes of documents accurately and quickly. This involves multi-channel capture that allows you to process various types of content into a single database. You digitize your paper documents, capture digital documents like emails and PDFs, and automatically extract, classify and validate critical information as it comes in – feeding it to your key systems.
With all relevant content available digitally, you and your team can easily retrieve data almost instantaneously when you need to communicate with your borrowers.
2. Replace labor-intensive processes with automated workflows
Conventional administrative procedures and labor-intensive verification processes often lead to duplication in data entry. Meanwhile, high incidences of errors and missing information during data transfers increase compliance risks that can cause financial penalties.
With process automation, your organization transforms manual, time-consuming processes into efficient, automated workflows. Using advanced workflow capabilities, you create digital checklists and automated validation processes to verify information as it is imported into the database.
As a result, you free staff and resources to focus on creating high-value customer interactions and producing innovative products. This leads to better team collaboration, streamlined tasks and timelines as well as efficient documentation. In addition, process automation ensures data that is entered meets the specified regulations and is stored in its entirety, leaving no room for errors.
3. Offer speedier transactions and quality performance to borrowers
Conventional paper-based processes and inefficient procedures often result in slow and frustrating service experiences. Not only does automation encourage speedier transactions, but it also allows digital data to be easily transformed and represented as vitally useful information for borrower consumption.
Look for a solution that is part of a content services platform that will integrate seamlessly with your existing system(s) of record, providing a complete view of all relevant information – regardless of what system it originated in. Integration enhances the user experience by eliminating the need to switch screens to find information. It also allows for faster document indexing and quicker content capture with minimal errors.
Besides that, the platform also enables you to have a single access point to all loan documents. With the right integration, you can tie borrowers’ account information with loss mitigation and loan management records. That way, you keep track of loan payments as well as send out reminders on missed payments.
You also provide your borrowers with online visibility into their documents and statuses as well as share accurate and timely information upon request. Your borrowers will appreciate the efficient service experience.
Make transactions easier for you and your borrowers
Borrowers’ needs and expectations have evolved in the digital age. Today, a new generation of borrowers is demanding speedier transactions and more efficient performances, and they expect you to deliver on digital expectations.
The smart move in the digital age is to adopt solutions that will keep your borrowers happy.
A fully automated mortgage servicing process will not only boost borrower retention, but it will also convince more tech-savvy borrowers to choose your organization. As opportunities to upsell and cross-sell increases, this will lead to business growth. Only by embracing the shift, can your organization gain a competitive advantage in the industry.
Now, the question is: Is your organization ready to make the shift from conventional to digital solutions?
To find out more about the digital shift and solutions in the mortgage servicing industry, download the ebook, The tech revolution in mortgage servicing.
