So what’s all this talk about digital mortgage? Does the mortgage industry really need to implement tech?
We’d say yes. Producing a mortgage loan is complex. Thousands of mortgage product options, each with their own complex rules mean producing a compliant mortgage loan in a timely fashion has been impossible for mortgage lenders. Lender Toolkit developed a proprietary process to digitize information and automate business workflows so that mortgage lenders can efficiently deliver a perfect loan package to their consumers. Lender Toolkit’s AI Underwriter, for example, automatically collects vital information to determine whether a consumer qualifies for a loan. The information is digitized and run through algorithms to make a credit decision. Using this artificial intelligence instead of laboriously scanning hundreds of data points with human eyes means lenders can lower their costs and provide consumers with more power to negotiate their home purchase. More broadly, using artificial intelligence to make credit decisions on mortgage transactions means the United States mortgage market, a $16.6 trillion dollar market, is populated with high quality, digitally verified assets.
Not only that, but as a highly regulated and complex industry, mortgage lenders have historically overused human resources to mitigate risk. Lender Toolkit’s software solutions automate repeatable and accurate results to eliminate wasteful spending on human resources and fines. Traditional mortgage operations require an aggregated average of 1 human resource per 20 loans to complete the compliant offer, gather transactional data, render a credit decision, assemble the mortgage paperwork, and package the loan for sale to investors. Lender Toolkit’s clients are able to provide homebuyers a superior experience while more than doubling the capacity of human resource. Typical Lender Toolkit clients require an aggregated average of 1 human resource per 50 loans.
So rather than it being a question of need, what about what mortgage lenders want? Who wouldn’t want less risk, overhead and work when state-of-the-art tech can do it for them?
Find out what Lender Toolkit’s AI tools can do for you here.