How customizable automation can make workflows more efficient for lenders

As automation continues to have a huge impact on the real estate industry, finding the smartest ways to use it can help lenders boost their competitive advantage. HousingWire recently spoke with Erin Wilson, Senior Vice President of Client Services at DataVerify, about how automating customizable workflows can help lenders save time, allowing them to focus more on building relationships with borrowers.

HousingWire: From loan origination to closing, what are the key areas of opportunity that could give lenders a competitive advantage?

Erin Wilson: One thing that lenders almost always focus on is how to do more with less – how to automate the process as much as possible. One of the best ways to address this concern is to establish a relationship with a vendor who will look at their customers’ specific workflows. Many lenders don’t know all the areas where they can automate their processes and better configure their tools to meet their specific needs. There are thousands of lenders and each may have unique ways to lend, different investors whose guidelines they must follow, or different target markets that present unique challenges. A good associate builds informed relationships with their customers – really gets to know and understand how the customer does business. This allows the provider to optimize the products or the platform for the specific needs of the customer. A more personalized solution that incorporates automation generally leads to more efficiency and faster turnaround times, which is something borrowers really want in a lender.

HW: What about today’s market that makes customizable workflows so critical to a lender’s success?

EO: It’s a very tight market right now. Rates are rising, lenders are struggling to find borrowers, and inventory is not plentiful. Once the lender has received interest from a borrower, it is essential that they quickly have a good idea of ​​the identity of the borrower. Customizable workflows can help assess the borrower quickly so the lender doesn’t waste time working with a borrower who lacks capacity or spending more time with a borrower who should be followed up quickly throughout. along the process because of the lower risk. Fundamentally, the idea is fast and accurate – the most robust and accurate set of data needed for the borrower’s specific situation in the shortest time frame.

HW: In what ways do lenders benefit from vendors that provide good customer service?

EO: It can be difficult from a lender’s perspective to identify areas of their workflow that can be improved, often because they have been doing something one way for so long that they don’t realize that there are ways to improve the process. This is where a good relationship with a competent vendor comes in. Lenders need solutions that are easy to use and easy to learn, but they also need vendors who can suggest improvements to the configuration of those solutions. For example, at DataVerify, our Account Management and Risk Management teams work together to review our customers’ processes, creating a strong collaboration with our customers. We often observe and suggest improvements that the lender may not be aware of.

We work with our customers to identify ways to better tailor our solution to improve their process. Sometimes that means simplifying a few steps, routing input data in different ways to accommodate different types of loans, adding watchlists or specific conditions, creating standards to improve quality control, etc. . But often lenders don’t know that the solution is capable of all of these configurations, so they need their provider to be able to study their process and come up with the best option. And on top of that, the solutions must be able to be implemented quickly and easily so that lenders avoid exposing themselves to unnecessary risk or wasting valuable time.

HW: What benefits does your team bring to lenders as well as DataVerify?

EO: One of the main things that my team does very well is working with our risk management team on account reviews. It’s something we do on our end and then bring to our customers so they don’t have to initiate this process. We proactively anticipate for our customers. Our Risk Team is a group of dedicated risk experts who continuously study market trends, research ways lenders may be exposed to risk, and alert us to fraud schemes and trends. My team then reviews our clients’ processes with the risk team and works together to suggest different ways for clients to improve their workflow, implement better consistency rules, suggest disabling or enable conditions based on compliance needs and issues, and other miscellaneous configurations. We do this regularly and at no additional cost.

It’s so valuable for lenders to have a relationship with a company like DataVerify that is able to not only help them with efficiency, consistency, and risk mitigation, but often do so before the lender really has a chance. assess these concerns for himself. We want the best for our customers, so we work very hard to provide them with a top-notch solution that is truly designed to work in the best possible way for them right now and as they grow and develop. Their needs will not always be the same as what they have now. We are here to help them grow and our solutions are able to adapt to them rather than requiring them to adapt to us.

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