A Modern Mortgage Lending Experience 

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Hometrack is redefining the mortgage journey for lenders, brokers, and borrowers. Digitisation and automation are the key to faster, safer, cost-effective risk decisions that give everyone full agility and control.

Modern, cloud-based digital technology is a must-have for financial institutions seeking to enhance the customer experience, improve operational effectiveness, streamline internal communications and allow access to data across the enterprise.For years, the only option was to develop such technology in-house. While this approach offers some benefits, such as greater control over implementation and customizations, there are a host of hidden costs.

The good news is that banks and credit unions now have a second option: the ability to buy technology and implement it quickly, cost effectively and more efficiently than they could on their own. By taking a “buy” approach, FIs can go to market with new technology quickly, typically within 12 months.

While this strategy can save time, money and resources, it isn’t as simple as hitting a “buy now”button. How your FI implements its buy strategy is critical to ensuring you make the most of your investment and achieve your goals within the timeframes and budgets allotted to the project. This seven-step road map can help:

The COVID-19 pandemic highlighted previously unaddressed issues in the mortgage landscape and put pressure on lenders to quickly update their systems to meet the challenge.More recently, in response to interest rate uncertainty we’ve seen record amounts of mortgage products being removed from the market in the UK, more than during the pandemic. Digital transformation is no longer a ‘nice to have’, but a necessity to better respond to changes in demand and adapt to an evolving market. With many lenders now looking to, or having already started to, digitally transform their lending operations, it’s time to discuss the ways in which they can de-risk the re-platforming process.

“The current climate proves once again why lenders need to ensure they have built in agility across core technology stacks to facilitate rapid responses to market changes,” said Will Stevns, Partner, Customer Led Transformation in Banking, PwC.

Choosing the right digital mortgage vendor can feel daunting. Mortgage lenders must consider not only their own business needs, but also federal regulations that impact how they manage and access their borrowers’ data. In an increasingly tech-heavy mortgage environment, lenders are navigating new digital solutions to fix old problems. But with these exciting new breakthroughs comes the possibility of data compromises, disjointed products, and compliance problems.

How can lenders successfully vet vendors? What are some indicators that a mortgage vendor is well-positioned to deliver operational efficiencies while adhering to appropriate compliance standards? We’ve put together a list to help lenders better research potential vendors.