Embracing Technology that Encourages Efficiency and Raises ROI
During these challenging and unprecedented times, lenders are dealing with limited liquidity and high-volume. And while things are changing on a daily basis, one thing is constant - the need to continue to improve efficiencies and reduce costs to improve ROI.
This requires incorporating small changes that make a big difference such as leveraging technologies that encourage efficiency and accuracy.
By leveraging the system-to-system delivery from Encompass directly to investors, lenders are able to deliver loan packages more quickly and consistently, resulting in faster processing and fewer suspense conditions. Lenders and investors save time and money by automatically extracting the important data elements that need to accompany the loan documents.
Loan delivery through a secure system enables lenders to reduce delivery times. Using Encompass Investor Connect, some lenders see a 90% reduction in delivery times, a reduction in overtime, and three to four days faster purchase times. Investors see higher consistency and loan quality – leading to less conditions and faster purchases and reviews.
You can improve the efficiency of your loan delivery process by taking a few key steps:
- Use one system: Having a single source of truth whenever possible ensures a consistent repeatable method for delivery.
- Know your investors’ requirements: Understanding investor requirements in advance enables lenders to see faster purchase, less conditions, and faster clearing and access to capital.
- Get set up: Spend a little time up-front to leverage long-term efficiency gains. A one-time set up by the Encompass admin, which just takes a few minutes, saves hours/days in the long-run.
Challenging times require even more oversight regarding ROI. Taking some immediate steps to leverage technology can improve your efficiency now and into the future.
Watch our Virtual Experience session "How to Improve ROI Through System to System Delivery" before May 31st to hear first-hand how lenders and investors are improving ROI.