After record-breaking volumes in 2020 and 2021, lenders are now feeling a pinch once again. As profit margins tighten, lending professionals are seeking out solutions to increase efficiencies wherever possible. HousingWire Content Solutions Managing Editor Maleesa Smith had the chance to talk with Bob Jennings, executive of underwriting solutions for CoreLogic, who shared what lenders should prioritize in this environment.
“Now is the time for them to be retooling their IT environment,” Jennings said. “If lenders aren’t investing in data-enabled workflow solutions, they’re really missing the boat. They need to get those installed now, establish the foundation and establish the baseline for their technology going forward.”
Key areas with room for improvement concerning tech adoption and efficiency include the appraisal and title processes, according to Jennings.
“The industry has spent an enormous amount of time over the last five years focused on the front end with point of sale systems, and the back end with the closing systems,” Jennings explained. “But all of the heavy lifting occurs in between the application and the close. And when you dive into that a little further, the appraisal process and the title processes take way too many days, and they’re completely shrouded in mystery to the consumer.”
Jennings is no stranger to these parts of the mortgage journey, as he joined CoreLogic upon the company’s acquisition of ClosingCorp.
“By acquiring ClosingCorp, we’re now able to bring in significant title and close expertise to augment the Complete Collateral solution,” Jennings said. “When you bring all these together, what really excites me most about the acquisition is what we’ll be able to bring to the market beyond the order management capabilities.”
To learn more about CoreLogic’s digital mortgage solutions, click here.
The post Why now is the time for lenders to ‘retool’ their IT environment appeared first on HousingWire.