How Automation Improves Mortgage Processing Practices

Applications, credit reports, titles and more. With several steps involved in mortgage processing, it’s no wonder it can take days for loans to be approved. What if there was a simpler, faster way to move through mortgage lending steps, without sacrificing the attention to detail your borrowers are accustomed to?  

In today’s competitive lending market, automated technology is a game changer for lenders and mortgage bankers. By leveraging accelerated mortgage capture software, you can improve mortgage document management, better serving your customers. 

3 Ways Automation Leads to Better Mortgage Processing 

Ridding your organization of outdated lending strategies and mortgage processing improves overall performance while simultaneously increasing profits. When you automate mortgage document management, you remove: 

  1. Manual Data Entry – The stacks of paperwork required to process a loan grows quickly. You’ve likely spent hours on end manually entering customers’ financial information. Automation tools handle document capture and data input, removing the need for you or other staff members to take care of it yourself. Additionally, less need for human intervention lowers the risk of keying and information errors. 
  2. High Operating Costs – Automation reduces typical costs associated with mortgage processing like paper, printing and labor. Since information is digitally scanned and captured, you don’t need to invest in as many resources and training programs for staff. Accelerated mortgage capture software that integrates with existing company technology is also more cost-efficient, and reduces the need to overhaul your current system. 
  3. Long Processing Time – Borrowers are eager to get a lending decision. But with the sheer amount of information that needs to be processed and approved, manual mortgage practices can stretch the wait time. Automation reduces most approval processes down to a few minutes, allowing you to move forward with customers faster. 

Mortgage Processing Made Simple

Mortgage lenders are often faced with tight margins, risk-based decision-making and an expectation that loans will be processed and approved in a reasonable time frame. You need a solution that allows you to optimize mortgage processing, without losing a high-quality customer experience.

Say hello to ibml. 

Our intelligent capture solutions automate the information delivery required to support every step of the loan document lifecycle including origination, processing, underwriting and closing. The functional, flexible nature of ibml’s solutions benefit mortgage bankers, credit unions and originators by delivering:

  • Improved customer service
  • Streamlined federal and government compliance
  • Increased efficiency and margins 
  • Improved auditing and reporting

Your mortgage processing practices are about to get a major upgrade. To get started, contact us today.