Indecomm Global Services, a New Jersey-based mortgage automation and services provider, aims to court more lenders through its new automation-enabled origination solution, GeniusWorks, which is intended to cut the cost of middle-office origination functions: set-up, processing and underwriting.
GeniusWorks operates in conjunction with Indecomm’s suite of automation solution softwares to take loan files at set-up and return them to the lender to meet requirements in closing a mortgage. It’s meant to streamline all workflow, processes, decisions and tasks at middle-office origination so lenders can save time and money when processing loans, according to Indecomm.
“Our models predict that lenders will achieve a meaningful 30% reduction in cost-per-loan at the middle office and a 50% reduction in the number of lender touches per loan,” according to a statement from Narayan Bharadwaj, Indecomm’s senior vice president of automation.
“This efficiency allows lenders to operate profitably even during periods of economic uncertainties and without the constant yo-yo of having to manage their capacity up or down.”
The middle-office origination functions still haven’t been digitized in the mortgage origination process. Even before the pandemic, mortgage tech companies turned to point-of-sale (POS) systems to make applying for a mortgage easier and faster online, increasing efficiency for front-office origination functions. The pandemic then spurred a digitization of loan closings including e-Close and e-Sign functions, but processing and underwriting still required manual work.
Indecomm’s roll out of GeniusWorks follows its launch of DecisionGenius, a mortgage automation solution for the mortgage middle office that assesses the income, credit, assets and collateral of a borrower. Users are able to see all the information needed to make an underwriting decision in one place, according to a new release Indecomm issued in March.
As 2022 proves to be a challenging year for the housing market, lenders are looking to take advantage of potential downtime by improving their internal processes. HousingWire recently spoke with James Deitch, CEO of Teraverde, about the changes lenders can make to their business models in order to remain profitable.
Presented by: Teraverde
GeniusWorks can apply DecisionGenius and IncomeGenius, an automated income calculation software, for tasks and touchpoints that require decision management capabilities, such as complex income calculations or underwriting analyses, the firm said.
Indecomm, founded more than 25 years ago, has more than 200 mortgage industry customers, including large and mid-sized lenders, servicers and mortgage insurers, according to its website. The company is focused on an automation-first approach to developing products and services that leverage robotic process automation, supervised automation and machine learning.
According to Indecomm, the firm saw 32% revenue growth from the 2019-2020 fiscal year, a three-fold increase over the previous year, driven by automation and technology solutions for mortgage operations.