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In case you missed it (ICYMI) at the tail end of 2019, LoanLogics CEO, Bill Neville, provided commentary to Rob Chrisman, widely read industry commentator and veteran, about the 2020 outlook for the mortgage industry. And just this month Bill did a detailed Q&A with the popular MBA Newslink® expanding that conversation even further.
The main message throughout both pieces is that manual processes are still far too pervasive in our industry and a major workflow evolution isn’t going to occur overnight. This is especially true for internal production processes where the amount of data now being collected is growing by leaps and bounds, but received in a myriad of formats that must be verified and validated!
In order to make a dent in the paper-based documentation that is still driving highly manual tasks, lenders, investors and servicers will need the support of automated regtech solutions to do the heavy lifting. Machine learning technologies are paving the way by improving the throughput and accuracy of mortgage document processing, especially in the past two years. LoanLogics, with our breadth of experience in processing millions of documents, has been able to train our machine learning with very large document test sets and as a result provide greater value on day one of lender deployment. As more information flows, system expertise grows.
With accurate and validated data in hand more quickly, all facets of the mortgage life cycle benefit. Borrowers are not inundated with requests for the same information twice, leading to a better experience with their lender. Decisions can be made in-line and in real-time, ultimately enabling production costs to tumble. Quality control efficiency is improved, shifting from stare and compare review to audit by exception. In fact, LoanLogics has seen audit productivity double or triple as a result of the automation delivered by our regtech solutions. And, when purified data is combined with real-time analytics, secondary market investors can confidently price and manage securities risk, as well as proactively work with sellers to reduce defects.
Mortgage lending and commerce is on the precipice of becoming world-class in its use of advanced technologies and automation. LoanLogics looks forward to contributing to this year’s exciting new industry advancements.
At the end of the decade, Bill shared his excitement for LoanLogics’ year ahead in a social media post:
“2020 is shaping up to be a very exciting year at LoanLogics! A sincere thank you to our entire team for advancing our company so well in 2019 and for positioning us so strongly for the future. We will continue to grow our business and our team in 2020!!!”
Continue to stay up to date on LoanLogics. Bookmark our News & Events page on our website to read more about the company, perspectives we have on what’s happening in the mortgage market, and where you can connect with us throughout the year.
To view the December 28, 2019 Chrisman edition featuring Bill Neville, click here.
To view the February 19, 2020 MBA Newslink article featuring Bill Neville, click here.
