inflooens, is a world-class SaaS aimed at transforming the complex mortgage origination process that exists today via cutting edge technology lead innovation.
How are Fintech Startups bringing Innovation in Financial Services. Professionals need opportunities to connect at common forums, and the same goes for people in the Mortgage Industry.
This has never been more true before, as we have struggled in being isolated for the better part of the last year. Conferences provide a great platform for industry peers to meet and share ideas, network, find solutions to industry issues, and gain new information from different parts of the country or the world. One such event for the Mortgage Industry is the Mortgage Banker’s Association Commercial Real Estate Finance Conference (MBA CREF). This year it was held as a 2-day online event on 3rd and 4th February 2021. It was also interesting to see the conference combined with the MBA's annual Commercial/Multifamily Housing Servicing and Technology Conference. Useful information for Mortgage Loan Officers Inclusive Lending Image 1: Financial Inclusion is Good for the Economy Image Source: Suburbs over Cities Mortgage Industry and Technology Image 2: Fintech Market Statistics.
Roadmap for a Sustainable Mortgage Loan Origination System. Investment in a Mortgage Loan Origination System is a huge commitment for any lending institution.
While Fintech Startups have provided Loan Origination Systems that help in increasing lender productivity and responsiveness, these systems need careful planning for successful implementation and sustenance. To know more about how Loan Origination Systems benefit the Mortgage Industry, check out our blog on the topic. Some studies suggest that 35% of all Loan Origination System implementations fail while 65% exceed their budgets. This is more a commentary on the lack of preparation and well-thought-out roadmap rather than the technology itself. Mortgage Automation Platform – Best Use Cases for Mortgage Lenders. Does your Mortgage CRM have these tools? Mortgage CRM is the best way to get your client’s attention.
It helps mortgage consultants or loan officers attract and retain customers. In a world where customers demand quick service, Mortgage CRM allows follow-up within minutes instead of days. With so much competition in the Mortgage CRM space, we are here to help you ask the most relevant question to your platform provider. Do you have the Best Loan Origination System? With the quick deployment of COVID vaccination programs, markets are hopeful of accelerated economic recovery in the coming days.
Taking this scenario into account, Fannie Mae expects purchase mortgage originations to rise to $1.8 trillion in 2021. With experts expecting a strong year for the mortgage market, mortgage lenders need to have the best Loan Origination System in place. Image 1: Housing Forecast in 2021 Image Source: 5 ways Fintech Startups are Preventing Loan Defaults. Lending is a risky business.
Whether your business is large or small, managing cash flow is a challenging task. When Mortgage lending companies are giving a loan to any customer, they are taking on a huge risk. Even though loan applicants undergo thorough eligibility checks, there is a chance that the lender might not be able to recover the money if the customer faces unemployment and/or loss of income. According to the Mortgage Bankers Association's (MBA) National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 7.65 percent of all loans outstanding at the end of the third quarter of 2020.
Nonetheless, the 90-day and over delinquency rate continued to grow and reached its highest level since the second quarter of 2010. Figure 1: Mortgage Delinquency Rates Image Source: Further, due to the current pandemic situation, there is an increase in job losses resulting in reduced revenues. Conclusion. Introduction to inflooens Best Mortgage Loan Origination System.
COVID-19 and the Mortgage Forbearance Story. Owing to the economic crunch due to the COVID-19 pandemic, as of June 2020, about 5 million US homeowners have applied for forbearance.
There is some apprehension among borrowers about foreclosure and eviction in this situation. There is also concern about the lack of information about mortgage forbearance, its complexities, and options available. Read along as we discuss the impact of COVID-19 on Mortgage Forbearance and relief options. Managing your mortgage payments and balancing finances has been a stressful business for many families in this pandemic.
Technology Trends causing Mortgage Industry Disruption. Till a few years ago, it would’ve been far-fetched to think about AI/ML, Blockchain, Big Data being associated with money lending.
With advances in technology and wide-spread acceptance, there have been innovations that have caused disruptions in the mortgage industry. Thanks to emerging technologies, processes are becoming faster, more accessible, customer-centric. This trend is not limited to new-startups and Fintech companies, but is also finding its way into top lending firms. In this blog we look at some of the most important tech trends that have changed the face of the industry. 1. APIs are the backbone of all interactions taking place on an application product. Image source - 2. Customers these days demand technology and have a significant online footprint. 3. Mortgage industry has slowly started to realize the potential of AI/ML in increasing the efficiency of labor intensive and time-consuming tasks involving piles of paperwork. Mortgage Loan Team Optimization Platform.