Three ways to drive scale and operational efficiency with mortgage automation

Scale and operational efficiency refer to a lender’s ability to utilize mortgage automation technology to do more (or less) with the same resources, without having to significantly adjust hiring or personnel practices. MarketWise Advisors, LLC., an independent third party, has conducted years of research with ICE Mortgage Technology® lenders. They found that lenders with the ability to scale effectively are those that aren’t just deploying technology but are taking advantage of the integrated capabilities within those technologies. Based on insights from these organizations, here are three ways lenders can leverage their existing resources to become more automated and efficient, regardless of volume.

1. Consider APIs

A large percentage of lenders don’t leverage APIs for automation and customization. However, those that do so experience a significant increase in productivity. Lenders who use ICE Mortgage Technology APIs to automate aspects of their workflow, on average see an 11% improvement in operational efficiency, meaning they can handle 11% more volume without any extra resources. The Encompass® by ICE Mortgage Technology® is designed to unify and streamline every aspect of your business from customer acquisition all the way to fulfillment of loans - all from an all-in-one, cloud-based, single system of record. What’s more, creating a seamless workflow within a single system allows you to more quickly react to market shifts and expand the loan options you offer to meet demand. By having an open platform, lenders can leverage APIs to innovate on top of Encompass to serve their unique business needs. Click here to learn more about how you can drive innovation with Encompass Developer Connect™.

2. Leverage networks and integrations

Hundreds of mortgage lenders and partners utilize system-to-system integrations to minimize the number of times data is touched, documents are saved and how many different systems or portals lenders need to login to and manage. You can experience further benefits and greater efficiencies by working with partners that are integrated with your technology providers. Through our holistic platform approach, lenders using Encompass can take advantage of our partner network which includes thousands of service providers that are integrated and native to their loan origination system (LOS) workflows. Click here to learn more about how you can leverage the industry’s largest partner network, in the Marketplace by ICE Mortgage Technology.

3. Tap into no-additional-cost solutions

Even if you’ve already streamlined your processes, there may still be additional optimization opportunities available through new or unused features and solutions. Kevin Strika, of First Option Mortgage shared that by sending loan files directly from his LOS to correspondent investors, his organization saved thousands of dollars and several hours per day. They let the server do all the work, with little-to-no implementation cost. Be sure to explore every release from your technology partner to see if there are new features or capabilities you can leverage. Encompass, for example, takes a SaaS-based approach to software enhancements, which allows our customers to take advantage of more frequent releases with no intervention needed from their end.  This allows our customers to focus on how to leverage the enhancements as opposed to having to re-implement every time updates become available on the platform. In addition, those lenders who offer multiple lending products should be able to manage all loan types natively from their LOS without additional cost or customization. For example, with Encompass, lenders who offer home equity products can quickly qualify, process and close a home equity loan all from the same workflow within a unified single system of record.

It's always a good time to revisit your processes and scale.

For details on solutions and features that can help you do so, download our free eBook, entitled “A lender’s guide to improving efficiency and the cost of origination.

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