Adopting technology in mortgage and consumer lending has never been more important
– Venkatesh Venkatasubramanian
DALY CITY, CA, USA, Aug 21, 2021 /EINPresswire.com/ – Creditbeans recently spoke with DotUP CEO Venkatesh Venkatasubramanian about the current outlook for the market and how credit counselors and Mortgage brokers can focus on efficiency and remain nimble in the midst of market shifts.
The past two years in the mortgage industry have certainly been unique. Volatility and dramatic changes in market activity have forced participants throughout the mortgage life cycle to adopt more nimble business practices. The mortgage industry has always been driven by face-to-face meetings – the bond between broker and client simply cannot be duplicated by software. However, the past year and a half, in the midst of the COVID-19 pandemic, has served to highlight the vital role that technology now plays in making our businesses not only more efficient and accessible, but, in some cases, even in sustaining companies afloat.
The pandemic is likely to accelerate the adoption of digital capabilities across the industry. Many consumers will use digital tools and virtual experiences that they would otherwise have avoided. Lenders will feel comfortable with a remote workforce and begin to use collaborative tools that make interactions with clients and colleagues more fluid. For these reasons, actions should be taken with an eye to the future. Don’t just think about how a solution solves a short-term problem. Instead, think strategically about how solutions might fit into your organization over the long term.
We can expect technology to generate ever faster and more efficient channels of communication between lenders and intermediaries. This will be driven by industry integrations, in part supported by Open Banking technology, allowing real-time case tracking and giving BDMs more time to process complex cases.
And we’re seeing revolutionary improvements in the way our market uses technology. DotUP is a compelling example of helping mortgages go faster by using API technology to connect brokers and advisors directly to lenders. Our technology solutions ensure less re-entry, data seamlessly transmitted to lenders in the US and Canada, and a better and faster mortgage application process for everyone. By automatically completing up to 90% of a policy decision and 60% of a complete mortgage application, DotUP claims to be able to save around 20 minutes per application and reduce unnecessary work for borrowers and mortgage brokers.
Not only in the mortgage industry, we are also seeing a huge increase in the consumer credit industry. The good news is that the average FICO score in the United States and Canada has actually increased over the past year, according to a recent FICO report. This seems to be a promising indicator that more and more Canadians and Americans are improving their chances of qualifying for the best loan rates, the best credit cards, and more favorable terms on their mortgages. The average credit score has trended upward over the past decade, but technology has played a huge role in helping consumers track their credit scores and make sound decisions about their financial well-being.
Credit scores are calculated by credit bureaus such as Equifax and TransUnion, and are based on credit usage and payment history. These factors are distilled into a number between 300 and 900, which is used by lenders and credit providers to determine creditworthiness. DotUP has developed AI technology and machine learning algorithm for its clients to enable better financial practice. We provide solutions for credit coaching and repair companies to provide their clients with three key functionalities. The first is Credit Score Comparison, which allows users to see where their own scores are compared to the rest of Canada. The second notification feature provides important credit updates, such as new credit application alerts and missed payment warnings, as well as messages to notify users when they are making good financial decisions. Finally, the AI ââtool provides helpful tips for Canadians to improve their credit score.
We are seeing an increase in user subscriptions to manage their finances and technology is helping them keep their bills under control.
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