As we enter the post-covid stage, we continue to see a strong purchase demand. The average U.S. mortgage rate also remained steady this week, with 2.81%, as per Freddie Mac report and this is adding more fuel to this fire.
With increasing demands, borrowers today are expecting instant loan approvals in a single click. Legacy loan origination systems and traditional processes that include manual intervention are creating delays in loan processing. Back office work ensuring compliance to the ever-changing regulations can be mundane and time-consuming.
Moreover, we can see an additional cost associated with the legacy loan origination process. Further, the involvement of a large workforce at various stages of the loan origination process opens it up to a widened scope of errors and frauds.
Here are key points you need to consider as you choose the right loan processing partner for your business:
Make Customer Onboarding Easy
Along with functionalities and a well-trained workforce, it is important to choose a processing partner that comes with the convenience of rapid implementation. There should be a ready setup process with which you can quickly onboard the customer and start supporting them at the earliest possible.
A partner that includes flawless automation capabilities can be an invaluable addition to your loan processing. This helps lenders manage processes in a streamlined fashion, and effectively reduces the overall cost incurred per loan.
Automation of mundane processes can efficiently execute high volumes, without human intervention at each step. This makes it easy to handle routine paperwork, manual evaluation, and verification processes, thus leaving loan officers free to engage with more customers.
Choosing a loan processing partner that offers robust support for a lenders’ regulatory compliance helps the lender in steering profitable operations through its lifecycle. Loan-level compliance testing is of prime importance to the lending process.
Choosing the right loan processing partner is a long-term investment for every lending business. Right from loan setup process till the logical closure, the right processing partner can ensure compliance at every step.
Factors like well-trained staff, advanced automation capabilities, fast processing, and regulatory compliance make loan processing easy for your business.
At PrologiQ, we have a well-trained team and continuously evolving systems and procedures to help clients in managing the complete Loan Processing work and at the same time provide up to 50% savings on associated costs. We have a set up ready right away and we can onboard new customers quickly.
Want to know more about how PrologiQ can help with your loan processing? Get in touch with us!