Today’s mortgage industry CEOs are focused on digital transformation because it holds the key to competitive advantage, as well as the way to improve efficiency and lower costs. To make the leap from traditional mortgage loan origination to the digital mortgage, CEOs must drive optimization and transparency while also delivering an excellent customer experience.
As it turns out, the right document services partner can help CEOs deliver on all three of these imperatives.
Optimizing the mortgage lending process
In the early days of mortgage automation, we learned that automating a bad process only leads to bad automation. The first step in improving operations is optimizing the process that exists today. Fortunately, some of today’s best document preparation partners have already moved in that direction.
Modern doc prep platforms, like our own ConformX, integrate directly into the lender’s loan origination system and generate dynamic documents based on the specifics of the loan, providing only the documents that need to be included based upon the loan specifics.
Rules-based intelligence is used to validate the loan information, ensuring that all required fields are there and preventing generation of non-compliant documents. Lenders are well aware that eliminating rework and data correction is critical to enhancing operational efficiency. CEOs should depend on this from their doc prep partner.
Building transparency into the process
In today’s mortgage business, transparency is the key to compliance. Everything the lender does must be captured in an audit trail that can be reviewed by auditors and regulators.
Fortunately, it’s easy to create these audit trails when the entire process is electronic, which is one of the driving forces in CEOs’ desire to make the digital transformation.
Today’s doc prep platforms give the lender a great deal of control over just about every aspect of their business, including document stacking order, doc sets for alternative packages and even tolerance management between a Loan Estimate and a Closing Disclosure. Every decision a lender makes is driven by its compliance department and recorded in a compliant audit trail.
Additionally, doc prep platforms can offer built in data integrity checks that will prevent the documents from generating if anything fails to fit the lender’s compliance requirements. The nation’s best doc prep partners can even support the lender with compliance help and advice, allowing the lender to proactively align with new regulatory guidelines.
Improving the customer experience
The move to digital must improve the customer’s experience. Ultimately, everyone in the mortgage lending value chain is working to delight their customer and, from a financial services perspective, provide the consumer with a digital experience that is equal or superior to their experiences in other verticals.
For today’s consumers, this means enabling them to have an omni-channel experience. For mortgage lenders, this means giving consumers the power to eSign from any device, at any time, as well as delivering documents electronically.
These benefits are available to lenders who work with the right document partner. Choosing a vendor that understands how to reduce cycle time; use data integrity checks to enhance quality; and take costs out of the lender’s equation with automation and process optimization can help ensure a seamless consumer experience.
Call us today to find out how we can help you make the transformation to digital and to find out more about ConformX from Docutech, a platform developed with the mission of delivering the industry’s first truly dynamic document generation engine to drive the highest levels of productivity and compliance alignment.