The mortgage market is responding to future uncertainty by restructuring their processes.
A Genpact study shows that new regulations and a challenging housing recovery environment will require mortgage providers to improve and further streamline the mortgage lending lifecycle.
Respondents who described their company’s current workflow systems as ineffective, cited factors including labor-intensive manual systems, outdated and slow technology, multiple systems and lack of integration, as well as lack of scalability, support and inadequate workflow management, which matter as lender-servicers try to remain competitive and profitable.
According to Genpact, in 2013 they plan to add technology as a way to gain more clarity on the new reality of tepid economic growth and a more restrictive regulatory environment.
The study found that while 75% of originators and servicers generally believe that their current processes and technology are effective, 91% indicate that they are still likely to re-evaluate their processes in 2013 and 90% are likely to improve their technology to enhance workflow management to be more effective in the new and more challenging lending environment.