Mortgages
The Challenges
Slow and inefficient processes Mortgage application processes take days and even months, rather than hours, due to their highly complex nature, from pre-approval to receiving the actual loan. With so many moving parts, inefficiencies build up, slowing down the loan cycle even further.
Unpredictable economic conditions For mortgage lenders, an unpredictable economy means your customers’ ability to make their payments on time also becomes unpredictable. If you don’t have the right tools in place, it can be a struggle to proactively manage customer accounts before default.
Limited growth opportunities Ideally, you want to keep your risk as low as possible while reaching the highest number of potential customers. By determining creditworthiness with data from credit bureaus alone, you may never connect with qualified customers that have thin credit files, giving up a low-risk channel for growth.
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