How Process Intelligence and Management Provides Sustainable Mortgage Solutions

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Mortgage solutions are designed to organize and improve lending lifecycles. Lending organizations feel the need to migrate from manual structures to high-end technologies, automated approval/underwriting suites, workflow-compatible processes and so on.

A research in 2013 by executives in a particular bank discovered that:

  • More than 50 percent of loan originators were planning re-evaluations of their technology to improve workflow management
  • Almost 77 percent of mortgage companies were likely to consider technology services and business process intelligence within the next year
  • Almost 98 percent of mortgaging services worked for private or government loss mitigation

A process-intelligence and management function aligns employees with company goals. The processes combining data from a collective workflow gives access to useful and relevant information. They use robust analytics for performance monitoring and forecasting, leading to formulation of key performance indicators, employee dashboards, scorecards, and on-demand reporting.

By using motivation scorecards in mortgage software solutions, enterprises can incorporate various KPIs used for aligning small operational functions with larger goals of the business. When these KPIs are combined with the scorecard, performance goals can be constantly monitored to allow analysis. It will lead to comparison with actual results.

By using dashboards, companies receive relevant information needed to drive business. Users get graphically represented data in reports so that they can solve the problems identified. Motivation dashboards can be customized to ensure that employees look into job-specific and relevant data.

With performance intelligence, business reports are linked to underlying reports for detailed data delivery. This interactive intelligence helps by exposing a particular problem instantly on the screen.

Using these lending solutions in a mortgaging software solution will cause significant increase in volume and transaction speed, enabling booking of loans and selling to borrowers on the same day.

Other benefits of process-intelligent mortgage lending:

Better customer relationships: With performance intelligence and loan management programs, lenders get a consolidated view of customer requirements and eligibility for credit.

Reduction of regulatory exposure and risk: The effort in regulatory compliance and reporting is eased as controls for default management and risk analysis help maintain secure online lending.

Increased productivity: Process intelligence can automate manual functions in all departments and products. It helps lenders save money and time in every transaction.

Manage operations: Flexible and configurable options in software components allow you to customize offers according to client needs, improve business processes, and meet organizational requirements.

As discussed earlier, the effort behind loss mitigation involves much manual work. Between 2013-14, the percentage of US mortgage services depending on paper work was predicted to reduce from 67 percent to just 20 percent. In ground reality, the facts were hardly different.

About the author: Preethi vagadia is currently a Senior Business architect with the Service operations practice at a well-known IT Industry in Bangalore. She has worked in several process improvement projects involving multi-national teams for global customers. She has over 8 years of experience in Mortgage Technology Solutions and has successfully executed several projects in Logistics management, Logistics Integration, Reverse logistics, Warranty software and Programmatic Solutions.

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