Genpact Limited, a global lender in business process management and technology services, recently sponsored a survey that found mortgage providers will be forced to improve and hasten the mortgage lending lifecycle process as a result of new regulations and challenges from the housing recovery.
The survey was conducted to establish the key challenges currently within the mortgage industry and determine the priorities moving forward. More than 300 mortgage origination and servicing companies took part in the study.
The changes in regulations, evolution of technology and improvements in processes continue to impact the mortgage industry, research revealed.
More than 75% of originators and servicers believe that the way they currently work is effective. However, 91% stated that they will likely reassess their processes over the next year, and 90% said they are likely to improve their technology to increase workflow management.
For the less than 25% who believe their current workflow is not conducive to the new and challenging lending environment, they listed a number of reasons why this is. The originators cited labor-intensive manual systems, outdated technology and lack of integration as the leading setbacks in their current productivity.
“Our research shows these professionals have significant interest in utilizing business process and technology management services for their company's workflow as well as to support their overflow capacity during peaks in business. With this in mind, mortgage lenders and servicers must reassess processes to better navigate the current environment of a sluggish housing market and a challenging regulatory environment," said Matt Woods, president of Genpact Mortgage Services.