ATLANTA, Aug. 29, 2018 /PRNewswire/ -- Automation is
the most common near-term priority for mortgage lenders according
to a recent survey conducted by SourceMedia and sponsored by
Equifax (NYSE: EFX), which also notes one in four lenders will
focus on improving analytics and data intelligence in the next 24
months.
The survey included 200 executives working within banks, credit
unions, community banks, and mortgage banks of all sizes to
identify the most common pain points faced in their mortgage
lending processes, and their goals over the next 12-24 months.
In addition to automation, the survey found 39 percent of lender
improvements are aimed toward enhancing operations and customer
satisfaction, while 30 percent of organizational investments are in
response to mounting competitive pressures.
See "Building for the Digital Mortgage" infographic
"Lenders are recognizing the benefits of both cost reduction and
time savings that mortgage automation solutions can offer and they
are integrating them into their organizations," said Jennifer Henry, Vice President, Vertical
Marketing Leader, Equifax Mortgage Services. "When coupled with
process innovation, these data-driven, automation-enabling
technologies move lenders closer to delivering the digital mortgage
experience that consumers are beginning to expect."
Equifax customer, AmeriSave Mortgage Corporation, finds this to
be true as it automates income and employment verification for 80
percent of approximately 25,000 loan applications (worth more than
$6.5 billion cumulatively) through
The Work Number®.
"By freeing up our processors from handling income and
employment verifications on a majority of loan files, they are able
to apply that time saved toward other loan processing functions,
which speeds up the entire process," said Magesh Sarma, Chief Strategy Officer for
AmeriSave. "The result has been better turn times for our entire
pipeline – 30 percent faster year-over-year – and a better service
experience for our borrowers."
Survey respondents note confidence in the regulatory environment
as a major reason to introduce new solutions within their
organizations.
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About Equifax
Equifax is a global information
solutions company that uses trusted unique data, innovative
analytics, technology and industry expertise to power organizations
and individuals around the world by transforming knowledge into
insights that help make more informed business and personal
decisions.
Headquartered in Atlanta, Ga., Equifax operates or has
investments in 24 countries in North America, Central
and South America, Europe and the Asia
Pacific region. It is a member of Standard & Poor's
(S&P) 500® Index, and its common stock is traded on the New
York Stock Exchange (NYSE) under the symbol EFX. Equifax employs
approximately 10,800 employees worldwide.
FOR MORE INFORMATION
1550 Peachtree Street, NE
Atlanta, Georgia 30309
Wyatt Jefferies
Sr. Director, Public Relations
404.885.8907
wyatt.jefferies@equifax.com
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SOURCE Equifax Inc.