DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/958746
72 I N D U S T R Y I N S I G H T / S T E V E C O M E R With a quarter of 2018 under our belt, it's clear that our predic- tion—that the financial service industry will continue to place a high emphasis on strategic technology investments—was right. Technology modernization and digital transformation are among the top reasons banks, credit unions, lenders, and ser- vicers are investing and updating systems. ese organizations are looking for solutions to overcome some of the same challenges the industry has faced for years, such as the need to keep pace with increased regulations, provide efficient service at a lower operational cost, and easily access the crucial information they need to make smart decisions. e default servicing industry in particular faces extraordinary challenges to meet the needs of homeowners, investors and industry regulators to increase transparency and consistency within processes and drive accountability for decisions. We're seeing emerging technology help servicers streamline, automate, and integrate operations to eliminate inefficient processes and keep up with changing regulations. INCREASED SELF-SERVICE AVENUES e need for self-service channels extends through all parts of the loan process, from origination to funding, closing, and servicing. Borrowers require more self-service avenues to not only originate a loan request but also to meet the transparency demands through the process to get timely and accurate updates. is need exists for servicing as well. Modern technology alone can provide the level of transparency required. Websites, portals, cloud-based sharing platforms, and mobile integrations are all examples of various methods by which lenders and servicers create a more fluid and transparent loan experience for their customers. e lending world is adopting these types of technologies at a rapid pace to stay ahead of the competition. BETTER INTEGRATIONS FOR DATA COLLECTION e mortgage industry relies heavily ion data. Often, information is gathered, stored, and retrieved from multiple places, creating silos that are not easily accessible from the primary line of business application one is working in when they need it. is process causes extra steps and wasted time bouncing between apps to find the right information. Many servicers are leveraging enterprise information platforms to remove information silos and connect data, regardless of where that information originates. ese information platforms work as a hub INVESTING IN THE FUTURE