Business and technology go hand-in-hand, which puts huge and unrelenting pressure on IT teams. According to one report, 62 percent of IT professionals say they’re emotionally or physically drained.
Stress and the risk of burnout can be particularly acute in the mortgage industry. IT teams had to rapidly transition systems, security and employees to remote work during the pandemic. As restrictions receded, they then had to ensure tech stacks could accommodate a massive rise in housing market activity and mortgage volume.
After two exceptionally busy years through 2020 and 2021, at the start of this year IT leaders finally thought they might have a chance to breathe. In fact, the pressure has remained high as lenders adapt to a market that’s reacting to lingering effects of the pandemic, the disruption of global events, and rising interest rates.
As 2022 draws to a close, now is the moment for IT to reassess how it supports the business and identify infrastructure changes and more efficient practices that can reduce the pressure. According to the conversations we’ve had with IT teams in the mortgage industry, here are three key challenges they hope to solve as they investigate new technologies.
1. Reducing the administrative burden
Whenever we talk to our clients, we hear a familiar refrain. IT teams today are providing users with modern, feature-rich solutions that don’t require tons of resources to implement, manage, and maintain. Increasingly, this means that they want technology that’s delivered through the cloud.
Due to the sensitive nature of data in the lending industry, TRUE was initially conceived as a product that lived inside each organization’s IT network, behind its own firewalls, hosted on-prem or in a private cloud. However, as security concerns about cloud technology have been overcome, a rising number of mortgage providers want vendors to take responsibility for system maintenance, availability and performance.
In response to what today’s IT teams increasingly expect, TRUE continues to cloud-enable its technology to meet this growing need. This enables mortgage providers to take advantage of sophisticated technology without adding to the burden on IT. Cloud-hosting will make it easier for IT teams to introduce AI and machine learning models specifically designed for the lending industry, which would be too costly and time-consuming to develop in-house.
IT is busy enough as it is. With TRUE, mortgage providers can access the productivity and accuracy gains of leading-edge AI with negligible impact on IT teams and resources.
2. Choosing tech that actually makes life easier for users
Changing IT systems and associated work processes can be disruptive. Our clients are always concerned that investments they make in technology will be well-received by end users. They know that high adoption is essential for strong ROI.
Unfortunately, most investments in loan origination systems (LOSs) have largely failed to meet these criteria. According to one industry expert, the majority of lenders are dissatisfied with their LOS because it is yet to deliver the promised ROI and the level of expected automation.
Automation, especially data automation, is an area where TRUE shines bright. Our AI reliably automates essential but time-intensive docs-to-data conversion and verification tasks. The quality of data extracted is exceptionally high – TRUE accuracy rates consistently exceed 99 percent. Harnessing this data in LOSs allows lenders to unlock the full potential of their investments: applications are processed faster, risk is reduced, and time-to-close falls dramatically.
As volume in the industry decreases, IT teams have a moment to reassess their tech stacks and optimize for business and user adoption goals. Above all else, our clients wish to make smart investments in technology that enable them to accomplish more, without adding cost, while lightening each worker’s load.
Many technology providers talk a big game but fail to deliver on their promises. With 95 percent accuracy rates out-of-the-box — and rates exceeding 99 percent within just a few months of training — TRUE streamlines mortgage manufacturing processes, increasing adoption and accelerating ROI.
3. Ensuring sensitive data stays protected
There is no greater concern among IT teams than data security – and you can triple that for lending businesses that handle highly sensitive personal and financial data. With breaches costing the average U.S. company $9.44 million, this is something IT needs to get right. Data privacy and network security is a continuously moving target, and for IT teams it comes with a high cost and fear of failure.
TRUE increases data security in multiple ways:
- First, we have always maintained the highest standards in the delivery of our software. When our solutions are hosted on-prem or in a private cloud, our security standards match those of our client. As we introduce external cloud services in 2023, lenders will benefit from the proven security standards of the leading cloud providers.
- Second, moving data extraction and verification tasks to TRUE greatly reduces the opportunities for data to be compromised. Threats come from internal bad actors as well as external hackers. By automating highly manual tasks, TRUE limits the exposure of sensitive data to fewer people.
- Third, with TRUE’s lightning-fast processing capabilities, lenders no longer need to resort to outsourcing and its associated uncertainties about what happens to data that moves off their own systems – where it is being sent, who has access, and how it is stored.
- Fourth, a little noticed weakness among other AI and automation vendors is how data is accessed for technical support. Although borrower’s information is kept secure within a lender’s systems when everything is working normally, some vendors require data to be transmitted outside the network for support queries. That’s not the case with TRUE: we maintain consistent data security standards at all times and everything stays inside your own network.
IT teams, including our own, devote a lot of working hours (and worry!) to security. The integrity of borrowers’ data is their number one priority, which is why TRUE is built to comply with the highest security and compliance standards.
Helping IT increase productivity, strengthen security, and deliver ROI
Powered by AI that is custom built and trained for lenders, TRUE helps mortgage providers reduce labor costs, accelerate throughput, improve data integrity, eliminate duplicative work, identify new opportunities, and otherwise solve the major challenges they face every day. We enable mortgage professionals to accomplish more, making adoption easier and accelerating ROI.
TRUE’s enterprise-grade solutions make life easier for IT teams by simplifying administrative processes and delivering the highest grade of security out-of-the-box.
TRUE’s solutions for the mortgage industry include:
- Trapeze, which automates the docs-to-data process and gives workers access to significantly more data in a lot less time
- VerifAI, which helps lenders review loan portfolios quickly, ensuring that everything is squared away before they’re sold on the secondary market
Are you ready to try the lending industry’s leading AI powered data automation solution?
To experience our AI-powered technology, try TRUE for free today.