Automate Mortgage Loan Origination and Servicing with OpCon

Even as the current state of the housing market slows down lending activity, each time a lender starts the mortgage origination process or takes an action to service an existing loan, they face a highly manual, paper-based, labor-intensive experience. As a result, these processes come with a high risk of human error. On top of that risk, the time-intensive nature of these processes ultimately makes them very costly for banks and credit unions. The longer employees sink significant amounts of time into these manual operations, the longer they’re kept from doing the strategic, innovative work that their business needs to grow and evolve in an increasingly competitive industry that’s also facing a lot of uncertainty at the moment.

Fortunately, organizations don’t have to choose between delivering the mortgage experiences their members and customers want and prioritizing strategic initiatives that’ll help them achieve key business goals. With a workload automation solution like OpCon, banks and credit unions can continue to deliver outstanding loan origination and servicing experiences while giving their mortgage teams the time back needed to focus on more strategic work.

How you can use OpCon to supercharge your mortgage team

Every day, lenders have to send payments and statements, collect monthly taxes, deal with delinquencies, and more. This work takes a lot of time and manual effort. Plus, the expectations of members and customers are the highest they’ve ever been for the online experiences tied to these processes. When someone makes their mortgage payment online in their member portal, they expect that payment to be reflected—in real time—in their bank account. That means they expect every system on the business’ end that needs to complete its respective part of this process to do so immediately. Unfortunately, these systems work differently and don’t always communicate well with each other.

So, if you’re still enabling those kinds of processes manually, you’re undoubtedly spending a significant amount of time trying to keep all of those systems in sync in order to deliver that near-real-time experience for your members. With thousands of accounts to manage, you’re bound to make mistakes now and then, resulting in errors, inconsistencies, and delays that can negatively impact your member and customer experience.

An automation solution like OpCon can mitigate those inconsistencies and delays tied to manually collecting and processing so much member and customer data. Specifically, you can use OpCon to automate your data flow, so you can:

• Reflect payments and balances quickly and accurately across all of your systems
• Compare borrower information against employment databases and reduce instances of fraud
• Set up auto-decisioning for simpler deals like HELOCs, so your mortgage team has the time needed to focus on more complex transactions that’ll yield even bigger wins for your business
• And much more

Once a loan is closed, lending teams usually have to take on the task of manually transferring that loan and borrower information to their core processing system because most steps in the loan origination and approval process live in their LOS. With OpCon, you can eliminate the manual steps involved in moving and validating data across your numerous systems and platforms. As a result, your lenders can reduce or completely eliminate data entry errors, make sure your data is accurate, and improve data tracking and reporting.

OpCon clients are transforming their mortgage processes for the better

When your borrowers submit documents in an online portal, they expect them to be processed quickly. You can use OpCon to automate notifications and alerts, so you’re able to stay on top of each step involved in processing their applications. When you’re not missing a beat, you’ll be able to make a decision and close your loans more efficiently. Ultimately, by receiving automated alerts when an applicant provides new information, your lending team can accelerate its processing times.

Achieva Credit Union knows this from experience. By using OpCon to automate critical daily and monthly mortgage processes—and leveraging a direct application programming interface (API) between its mortgage LOS and core processing systems—the Credit Union now experiences daily processing that’s up to 60 times faster and monthly processing that’s up to 24 times faster. With those accelerated processing times, the Credit Union can now better meet the needs of its members and deliver that near-real-time experience that their members expect from them.

Prepare your mortgage team to serve the market we're all eagerly awaiting

When your lenders aren’t manually facilitating all of your mortgage lending and servicing processes, they get essential time back—time they can spend on initiatives that will further elevate your member experience. By letting OpCon take care of your most laborious, error-prone, and time-intensive work, you’ll be able to provide a near-real-time experience to your members and customers, which can strengthen their loyalty to your business and boost their interest in future lending opportunities with your institution, even if they have to wait out the overwhelming realities posed by the current housing market before they can get there. When they’re ready, you will be, too.