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Welcome to part two of a discussion on how the pandemic has amplified the need for technology adoption in mortgage.
In last week’s blog post, part one, we discussed how many lenders were left exposed in the pandemic unequipped with automated tools to facilitate access, accuracy, and productivity remotely. Thankfully though, there’s still an opportunity to adopt and train staff on new technology to course correct now and leave them better off post pandemic.
Loan origination is one area of the mortgage life cycle that requires immediate attention. Even with some states beginning to lift restrictions, much of the country remains in a remote working environment. Production bottlenecks that existed well before the pandemic, recently discussed in the blog, “With a Digital Assistant, Can LO’s Own More of the Process(ing)?”are further exacerbated by volume from mortgage rates at a 40-year low and refi’s at a 17-year high.
IDEA OnDemand, LoanLogics latest real-time document processing solution for time sensitive, doc-centric workflows is one such tool that lenders deploy now and reap the benefits of instantly. How so?
First, IDEA OnDemand is delivered as a Software as a Service (SaaS) application and can be accessed from anywhere. Second, because it does the lion’s share of the work for document classification and data extraction, it only leaves simple exception management for human operators to perform. So, it saves an incredible amount of time. And because of how simple it is to use, work that perhaps bottlenecked in processing can now be distributed across, loan officers, processors and underwriters working remotely.
As companies deal with work from home distractions and even illness among their staff, IDEA OnDemand can alleviate productivity bottlenecks, do more with less, and help lenders continue to do business during the crisis.
Furthermore, training and adoption can be handled remotely. That’s why we included a Try Before You Buy Program when we launched LoanLogics® IDEA™ OnDemand. Because it is a cloud-native SaaS solution, a user only needs login credentials to begin their trial. Lenders who have already taken advantage of this program have been able to upload PDF documents associated with a loan and leverage the IDEA OnDemand digital assistant to automatically classify and extract data in seconds. The feedback we’ve gotten from users is fantastic. We’re being told the tool’s exception management user interface is intuitive and simple to use, with very little ramp up needed.
It was coincidence IDEA OnDemand was released during a time when our industry needed it the most. Don’t leave the future of your business up to chance. IDEA OnDemand can alleviate the production constraints amplified by the pandemic today.
To learn more about LoanLogics IDEA OnDemand visit our website or request your free trail in our Try Before You Buy Program.
I have customers interested in your newest productivity pick solution. Impressive.
Les, we look forward to working with you and your clients.