Today, the industry faces a number of challenges that weigh on profits, from competition for market share and higher customer expectations to regulatory changes, slower growth, and rising loan servicing costs. Mortgage lenders and servicers are eager to find technology advances that address these challenges without sacrificing quality or service.
Digital labor is one such advance, offering the opportunity for mortgage organizations to radically reduce operational costs, while at the same time, providing a better experience for borrowers. And KPMG LLP is among the leaders in defining how the mortgage industry will be transformed by digital labor.
Since the 1980s, mortgage lenders and servicers have outsourced back-office and other routine tasks to domestic or offshore outsourcers as a cost-saving strategy. While outsourcing has helped reduce costs to a certain extent, it has not led to a level of operational efficiency that can be maintained long-term.
Labor costs in many top non-U.S. outsourcing locations are accelerating, while digital labor is getting better, faster, and cheaper. Automation minimizes the scalability challenges associated with a human workforce. It also delivers much greater levels of quality assurance through full population testing with errors quickly identified for rapid investigation and resolution.
Read this article to learn about several benefits mortgage lenders and servicers can achieve by automating the right tasks.