The Virtual Experience Top-5: Industry & Technology Trends
Virtual Experience 2020 is off to a great start, providing mortgage professionals with essential information about industry happenings, technologies, and best practices. As we all navigate through the COVID-19 situation, we’re having to adapt while keeping business in motion. We’re already seeing how technology and sound decision-making can make a difference.
Here are five key take-aways from Virtual Experience breakout sessions in the Industry & Technology Trends category:
- Push data instead of paper: Leverage technology and become data-minded throughout your back-office processes to close efficiently in challenging environments.
- Scale with the market: Implement automation and artificial intelligence across your workflow to help your existing teams scale up or down as the market changes.
- Make a plan: Create business continuity plans to help you react quickly and avoid business disruptions when unexpected events occur.
- Rethink how loans are traditionally closed: Increase efficiencies across your mortgage workflow by implementing a tasked-based workflow. By moving from traditional milestone-based processes to a task-based workflow, different members of your team can complete their tasks in parallel to reduce the overall time needed to manufacture a loan.
- Customize your workflow to meet your needs: Closely examine how you manufacture loans to identify inefficiencies, tasks to be automated, and process improvements. As a result, your team will get exactly what they need (when they need it), achieve better throughput and deliver higher quality loans.
The above insights were discussed in Virtual Experience 2020 sessions “Prepare for Market Fluctuations by Leveraging AI in Back Office Operation” and “Reimagining the Mortgage Workflow”.
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