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At the height of the pandemic, LoanLogics launched IDEA OnDemand, a cloud-native doc processing digital assistant which helps mortgage companies lower the cost and drive up the speed and accuracy of in-line, real-time workflows. Feedback from newly signed clients and those experiencing the product in our try before you buy program has been overwhelmingly positive.
Even with this response, there’s still a tremendous amount of work to be done to add more automation, not people, into operations across the mortgage industry. While last year many lenders were pursuing recruitment strategies to fill open requisitions for origination support roles, perhaps this year they will choose to “automate first” instead.
After a fast and furious 2020, more lenders are finally taking a look at what worked and didn’t work in their operations and are seemingly ready to sharpen the saw, in the area of doc processing, a message LoanLogics has been preaching all year. This was confirmed by respondents in the most recent edition of Altisource’s annual industry survey, “The State of the Originations Industry.” In it, 57% of respondents said they planned to automate processing and document management within the next two or three years. This was a 7% increase over 2019.
Investor delivery also ranked high on respondents’ list of areas they anticipate making technology enhancements. Interestingly, this number jumped ten percentage points from the prior year. Last November, LoanLogics spoke on the growing need for more transparency and automation in mortgage B2B commerce on a National Mortgage News Webinar, Achieving Frictionless B2B Commerce in the Mortgage Industry. Drawing a lot of initial interest, we will be rolling out a podcast series on the same topic in February, so stay tuned for an announcement on that programming which will be hosted on RadioLogics, LoanLogics’ podcast platform.
In the same survey, “technology enhancements” not only ranked highest of six different business initiatives that could help organizations differentiate in a competitive market (at 21%) but also had the highest year over year increase (up 5% from 2019).
Additionally, given salaries and wages are a big ticket item when volumes surge, it’s no surprise that respondents saw quality assurance, processing/document management, and investor delivery as the production areas with the highest fixed expenses in 2020.
If your near term goals include adding more automation into any of these mortgage workflows give LoanLogics a shout.
We’ve been a pioneer in machine learning document processing automation, mortgage quality control technology and services that lower defects throughout the loan manufacturing and acquisition process. As a result, we help residential mortgage lenders, servicers, insurers and investors lower the cost of quality, validate compliance and improve profitability.
