You know the trend. In fact, you experience it first-hand: the mortgage loan origination process is increasingly becoming paperless. In my last blog post, we identified another trend: interconnectivity among the mortgage platforms we use every day. Now, almost all systems can interact with each other in a way that saves you time and increases productivity.
Another trend that coincides with the evolution of the paperless mortgage loan origination process: automation. Stay with me, I know what you’re thinking.
In fact, I remember when I first heard “Automated Underwriting” in monotone, my mind instantly went to robotic dancing. But automation is much more than random flashbacks or just having systems interact with each other via a technical integration. Automation is a result of evolving operational innovation.
That’s where the shift comes in. In order to evolve — keep up with compliance, improve the customer and user experience and increase efficiencies while remaining competitive — we must not only react to market urges, but strategically assess our workflow, identify opportunities for growth and strength, and come up with innovative, automated ways to address these issues.
That’s what VirPack did. A document management and delivery system looking for an automated way for mortgage lenders to send loan documents to private mortgage insurance companies, VirPack decided to consult with MGIC to build a solution to service this need. MGIC responded, and is the first private mortgage insurance (MI) company to integrate with VirPack, and integrate intelligently.
Imagine if you could bundle the appropriate loan documents, re-label them and automatically and easily deliver them to the private mortgage insurance company you work with. MGIC’s integration with VirPack allows for this streamlined automation. That beats manually preparing and sorting what could be hundreds of documents and attempting to deliver them in the proper format. Our mutual customers agreed, and now they enjoy the benefits of increased efficiency and reduced costs. And that’s a great example of how operational innovation in the mortgage loan industry can lead to automation.
The technology solutions MGIC provides are customizable to fit your unique and ever-evolving needs helping you improve your automation — through operational innovation – in our pursuit of paperless loan origination.
What are some ways you and your company automated the loan origination process? What did you think of when you first heard “Automated Underwriting”?Tags: Automation, Integration, Loan Origination, Partner Network, VirPack