Automated Underwriting - A win-win for the brokers as well as lenders!

Automating the collection and evaluation process for more closures in less time.

Be it any field, instantaneous has become an expectation. From instant purchases to real-time feedback; technology has made everything agile. In an era where everything is available at the click of a button, the fact that it will take days to review and get approval on the mortgage will not get a wow from anyone. Technology has become a must-have when it comes to commercial real estate. The results of its usage can be seen clearly through increased revenue or increased efficiency. Just for an example, with loan packages getting delivered in minutes, the brokers can immediately reach out to their extensive network of lenders and give the best rate possible to the borrower. If we look at the statistics, more than 86% of brokers and lenders are looking for platforms that offer automation. The reason is that it reduces the overall loan production cost and speeds up the production time.

Underwriting of Real Estate Deals - Need of Focused Attention

In order to deliver exceptional service, all steps in the mortgage process will have to be automated. Loan underwriting without any doubt deserves focused attention as it is a very crucial step. Automation in loan underwriting can save multiple man-hours that go wasted in simple, routine tasks. These tasks include coordinating for the missing documents, multiple formats of information sharing, basic calculations and a lot more. The activities that require actual attention and expertise such as loan evaluation, loan review, etc. get delayed. Automation and machine learning in such a scenario can drastically accelerate the underwriting time, making it faster and much more efficient. as a reference enables the underwriters to automatically identify, name and index the loan documents. The platform is intelligent enough to notify in case of any missing document. So save the time that gets wasted in following up for the missing documents or physically re-arranging and reordering documents.

Automation is the key

The process of loan evaluation is slow. It is error-prone and in this case, even a small error can turn out to be very costly. Gone are the days when underwriters used to manually enter the data into spreadsheets and calculate the financial ratios. Technology has enabled underwriters to eliminate errors and save a lot of time by performing required calculations. By making use of machine learning algorithms, underwriters can complete loan checklists in seconds. In fact, the time taken to evaluate a loan file can be reduced to more than 80 percent. Moreover, automation ensures that calculations are done instantly and correctly. They are in a standardized format, making it available for future audits as well.

Thus, deals can be done faster with technology powered underwriting platform. As the mortgage industry struggles with loan-production cost; automation is accelerating the entire mortgage process. So deliver loan packages that are ready to close in the shortest possible time. If you are looking forward to catering to the customer that wants everything instantaneous, don't forget to see how the platform works!