Lenders Looking to Automation to Help with Rising Production Costs
According to a survey conducted by Capsilon Corp. at the 2016 Mortgage Bankers Association (MBA) Annual Convention and Expo, more than four out of five mortgage lenders plan to increase spending on automation technology to reduce loan production costs, with 86 percent expecting to spend more in 2017 versus 2016.
Most lenders surveyed (70 percent) expect production costs to continue to rise in 2017, with only seven percent expecting costs to be “somewhat lower” or “significantly lower” than 2016.
More than nine of 10 respondents reported they are somewhat or very interested in technology that automates key steps along the mortgage loan process to reduce loan production costs.
What this information tells us is lenders are not only wanting, but also needing a more automated loan production process. FICS® residential mortgage servicing software, commercial loan servicing software and loan origination software automate mundane tasks while eliminating human error.
If you’re interested in saving money and learning more about what FICS software can do to help automate your loan processes, call us at 972.458.8583 or email Info@FICS.com.
Source: Mortgage Bankers Association