The paper says over 25% of the Mortgage Industry is looking to upgrade their existing loan origination systems. Changing loan origination systems often (to include functionality for processing the current loan products) is simply a way to address the symptom of decreasing automation levels, increased operational costs, lower sales revenues, and decreasing customer satisfaction.
The white paper details the causes of revenue losses for mortgage companies and suggests ways and means of overcoming the shortcomings of current IT systems. It goes on to answer some of the questions that the mortgage industry is often faced with: Do loan agents have the knowledge required to decide which product to offer to the customer based on the commission earned? Why is customer satisfaction decreasing?
It concludes that mortgage companies looking to improve their loan origination processes should look at the emerging Business Rules Management System (BRMS) space. The BRMS technology is built to absorb change â allowing mortgage companies to change the âpricing rulesâ and âeligibility rulesâ in loan products, and commissionsâ contracts.
âUsing QuickRules BRMS, customers have achieved high levels of automation in the Mortgage Industry helping them cut their processing costs significantly. Especially, in these difficult times for the mortgage industry, we are able to provide an effective solution for mortgage companies to tighten lending norms easily, introduce newer innovative products as per the customerâs needs, do pricing and more -- all of these are done at a very affordable price, allowing organizations to survive. In addition, we are able to complete these implementations typically within 90 days allowing organizations to conserve much needed capital for business purposes,â said Srinivas Reddy, Head of Mortgage Practice, YASU Technologies.