In the fast-paced world of mortgage lending, every minute counts. As technology managers or decision-makers for service vendors, the choices you make about your vendor partners can significantly impact your organization’s efficiency and bottom line. Understanding the technology and potential workflow automations your partners provide is crucial.
When mortgage lenders compare service vendors, they often include service users like processors and underwriters, as well as accounting teams, to ensure all requirements are met. However, it's not as common to see the tech team involved in the preliminary phases of decision making. This oversight can cost lenders millions in missed opportunities for efficiency gains.
Allowing your technology team to gather insights during vendor review processes can lead to significant savings. Consider Encompass (ICE Mortgage Technologies) there is a time difference between a user filling out the service menu and automating a service order (like flood) through Partner Connect. By integrating automation tools, you can streamline service ordering processes and save valuable time.
Let’s do some simple math to illustrate the impact. Imagine switching to CoreLogic and being able to automate multiple services, saving a loan processor 6 minutes per file. If you have 100 processors working on 5 files a day, that’s a collective savings of 50 hours per day. Over time, these savings add up, translating to a direct improvement in your ROI.
To maximize these benefits, it’s essential to involve someone with a deep understanding of your tech stack at the demo stage of vendor selection. This expert can discern the differences between tools like PartnerConnect and the Service Menu, and understand how to automate service ordering through WebConnect versus creating your own service bus. Their insights can ensure that you choose a partner who will enhance, rather than hinder, your operational efficiency.
Choosing the right technology partners is not just about meeting immediate needs; it's about setting your organization up for long-term success. By integrating automation tools and involving technology experts early in the decision-making process, you can save time, reduce costs, and improve your overall ROI. Don’t underestimate the value of those 6 minutes – they could add up to millions in savings for your mortgage lending business.