[ad_1]
EDISON, New Jersey, Oct 26, 2021 / PRNewswire / – Indecomm Global Services, a leading provider of digital solutions and services to the mortgage lending industry, was a bronze sponsor of this year’s MBA Annual Convention 17.-20. October 2021 in San Diego, CA. It was the first time the industry came together again in large numbers to meet in person in two full years due to the ongoing pandemic. The Indecomm team regards last week’s event as an unforgettable experience in many ways:
- Mortgage industry leaders return to the industry’s premier event to network and connect at the MBA Annual 2021.
- The economic landscape has changed a lot since the last MBA annual meeting in 2019, which took place in 2019 Austin, Texas. Dwindling home stocks combined with a projected decline in refi volume will present lenders with a double challenge in the coming year.
- Home work is now the predominant form of work for workers in all industries, including the mortgage industry.
- The “Great Resignation” has further exacerbated the demand for talent in the mortgage industry and further pushed lenders to find innovative ways to be productive and profitable.
The Indecomm executive team had a busy calendar of back-to-back meetings on each day of the convention, beginning with breakfast meetings and ending with dinner meetings. The meetings with mortgage lenders of all sizes – from megabanks to large / medium and small independent businesses – provided Indecomm with excellent perspectives on how the market has changed over the past few years from an automation perspective, as detailed below.
- Knowledge of automation solutions has increased
Mortgage lenders have aggressively embraced automation in recent years, often starting with native automation in lending (LOS) and servicing systems, supported by Robotic Process Automation (RPA) for tasks that cannot be natively automated, and expanded with intelligent ones , data-driven automation. “Knowledge and understanding of the various underlying technologies underlying these automation initiatives has improved significantly,” said Narayan Bharadwaj, Senior Vice President Automation at Indecomm. “The mortgage lenders we spoke to definitely seemed more sophisticated and curious about the types of automation frameworks, their effectiveness, accuracy, throughput rates, ROI and sustainability.” This is fantastic and a welcome step forward as the marketplace will separate the solutions that are truly effective from those where the marketing budgets exceed the budgets for core product development. - Serious regret from the buyer about RPA
Many mortgage lenders Indecomm spoke to had gone on the path of choosing and implementing an in-house RPA platform only to be stung by the lack of ROI or the frustration of dealing with the unknowns in the RPA world what even their technology partner was clueless about. Lenders, especially those who have experimented with RPA, have a very clear understanding of what to automate, how to automate, and what to expect as a result of the automation. As RPA-led automation matures, this level of knowledge is urgently needed to make RPA initiatives successful. - Internal RPA is not sustainable
Perhaps the most revealing observation from Indecomm executives is that mortgage lenders who have implemented RPA with DIY platforms are struggling. “We have spoken to a variety of lenders, particularly banks, regardless of their size, who have tried to build DIY RPA but are suffering from the aftermath of maintenance,” Bharadwaj said. “For example, a very large bank implemented RPA that started with the corporate mandate, but got stuck in the challenge of resource allocation and maintenance with the centralized RPA Competence Center (CoE). When their bots broke, they stayed together for months without one, which means that the bank’s operational capacity freed up by automation had to be brought back. It’s a nightmare of epic proportions! ”On the other end of the spectrum, a small community bank that had embarked on this path has had difficulty hiring and retaining RPA talent and is very concerned about doing it sustainably. While internal RPA can be effective in some scenarios, banks and lenders who venture into it without considering the long-term issues have a tough road ahead of them. - Decision management is clearly the next frontier in automation
The number of mortgage lenders looking to automate their decision management is staggering. Lenders expect decision management systems to automate underwriting end-to-end, but also to provide the transparency that helps lenders understand how a decision was derived. For example DecisionGenius from Indecomm™ The software offers end-to-end automation to automatically move a loan to the next milestone, while also providing lenders with complete transparency, supported by all the data and calculations required to make that decision. - Redesign of loan production
As automation solutions mature across the continuum from RPA, Intelligent Automation to Supervised Automation, mortgage lenders are rethinking the loan origination process. Lenders today have the power to automate routine tasks using RPA, drive direct processing using data, and leverage human intelligence to perform higher-order functions like exception management and other tasks that require cognitive intelligence. This new world, in which human cognitive intelligence and machine-controlled intelligence coexist, has already become a reality in many mortgage lenders. “If you compare the process maps and swim lane diagrams of the manufacturing process ten years ago with today, the interplay of RPA, API-driven automation, data-driven straight-through automation and human interaction is striking,” said Bharadwaj. Obviously, more and more lenders are aware of the possibilities of this new world and are constantly reinventing this interaction.
Did you take part in the MBA annual conference 2021? What were your observations? We want to know what you think! Visit us on social media or email your thoughts to [email protected]
About Indecomm
Founded more than 25 years ago, Indecomm Global Services is a leading provider of business services and technology to the US mortgage industry. The company is based in New Jersey with over 1,200 employees worldwide. Indecomm’s services and solutions support every phase of the mortgage life cycle with automation and software, outsourcing and project management as well as compliance and training. We focus primarily on technology solutions and work with large and medium-sized lenders, service providers, mortgage insurers and title companies to achieve one goal – to support their growth. Our longevity in the ever-changing mortgage industry is our strength. We have worked carefully on the development of tools and resources in the outsourcing and consulting space, using extensive feedback from customers and internal staff. Visit us at http://mortgage.indecomm.net.
Press contact: Krista K. Sabol
Marketing Director, Indecomm
[email protected]
540-533-0991
SOURCE Indecomm
similar links
http://www.mortgage.indecomm.net
[ad_2]
