As they say, “Never miss out on an opportunity like a good recession” . With the recession hitting the biggest economies across the globe, we cannot help but wonder, how would this possibly impact the mortgage industry?
Well, the answer is quite straight forward. In most cases, lenders may become more motivated, interest rates may drop and there may be lesser competition amongst buyers. The combination of lower interest rates and potentially lower housing prices can turn not so easily affordable dreams come true for people, which were otherwise out of reach before the recession.
With the AI space evolving exponentially over the last few decades, not only has the end-to-end Loan Origination Cycle become faster and less cumbersome for the lenders but the TAT for funding of loans has also reduced, leading to happier customers. But it’s easier said than done. Most lenders, even today, spend considerable time in manually verifying and validating the documents required for mortgage loan applications. Incorrect data can slow down the overall underwriting process and create unnecessary questions between the lender and the applicant. Streamlining these manual tasks can further shorten the processing times and enforce standardization and compliance, which will not only improve margins and productivity but also lead to better customer satisfaction.
This is where Digilytics’ RevEL works its magic to not only automate the task of identifying documents but also intelligently checking for the quality of the pack submitted by the borrower. Backed up by our exceptionally intelligent Validations Engine, we aim towards improving margins by ensuring a faster compilation of data and results required for decision making, performing which otherwise, underwriters spend hours of manual effort on a single application. Our 4C checks, “Completeness, Correctness, Consistency and Compliance” are the key ingredients of our Validations Engine.
Cherry on the cake is our Application Health Chart, which is an easy to consume, visual dashboard giving you a quick glimpse of the overall health of your application in the most favourable and intuitive way possible. It not only gives insight on which areas of your application need attention but also recommend the next set of steps to fix the flaw.
Additionally, our Affordability Dashboards help you identify the sensitive areas of the borrower’s application by highlighting any sort of ambiguity or inconsistency like gambling habits, abrupt credits/debits etc. (if any), by carefully extracting and analysing the data from bank statements which can further assist in escalating the affordability calculations required for funding a loan application.
We also offer an analyser for payslips that helps you to visualize the discrepancies across different samples and also provide insights on top of the extracted data.
If you are inquisitive to know more about the capabilities of our Validations Engine and dashboards or enquire about how Digilytics AI can help make your Loan Origination journey effortless, reach out to us at email@example.com
Author: Ayushi Tomar, Product Manager
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