Digital Labor's Impact On The Mortgage Industry
June 25, 2020
A new LoanLogics technical brief takes a deep dive into the digital labor shift that has occurred within the nation, and more importantly, within the mortgage industry. The brief explains that automated and virtual ways of doing business will enable lenders to speed up the loan origination process, control staff costs and maintain compliance.
"Understanding where processes can be changed or eliminated goes a long way in realizing the full value of technology and is crucial to its return on investment," according to the report. "Mapping this out ahead of time can help to establish organizational trust and acceptance of automation as a key component of success. Where human work can be repurposed into higher-value tasks can also increase job satisfaction."
The report follows this notion by pointing out that functionality can be customized and optimized with the number of technological tools available. It states that, in some instances, vendors are now able to work with clients to collaborate on ways to enhance the functionality of the technology being used.
The report offered advice for mortgage lenders on how to make sure that staff is comfortable with new technology. They issued a four-step process that includes assessing each individual staff member's comfort level with technology, choosing the most comfortable candidates to leverage as ambassadors, ensuring an assessment in hiring practices, and celebrating early successes, while leveraging staff input to improve your technology.
In addition, LoanLogics suggests exploring cloud computing to better streamline your workforce, while ensuring scalability, security and developmental flexibility.
"Digital labor, just like any workforce, needs to have ongoing development to expand and grow with your business," states the report. "Understanding the technology architecture, testing procedures and development cadence of your software vendors can help you assess their ability to seamlessly enhance functionality and help you expand digital lending at scale."
Though, it's not just simple cloud computing that will get the job done for lenders. The report suggests the "cloud-native" approach.
"In a 'cloud-native' application, best of breed capabilities and database technologies are provided by the hosting cloud service provider, such as Amazon, Microsoft or Google. Without this overhead, software companies and developers are freed up to produce and deploy application code in the cloud much faster and less expensively than if they also had to maintain their own IT infrastructure," according to the report. "Cloud-native solutions can also handle almost unlimited demand because they are so easily scalable, hugely beneficial for mortgage lenders when managing large swings in volume. Access to new functionality is also improved because code can be written and pushed immediately into the cloud. Lenders can then choose what functionality they need and when to operationally deploy."
Click here to explore the complete technical brief from LoanLogics.
FMJ Job Listings
- Underwriter - Mortgage Guaranty Insurance Corporation - , WI
- Sales Director - Aging Media Network - Remote, NA
- Sales & Service Rep - Jeffersontown - Undisclosed - Louisville, KY
- Underwriter III - Remote/WFH - Undisclosed - Louisville, KY
- Mortgage Originator - Reliant Credit Union - Sodus, NY
- Mortgage Loan Underwriter - State Department Federal Credit Union - Washington, DC Metro Area, VA