The logic of lending: Finding the key to unlock workflow efficiency

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In today’s digital landscape, lenders need logical technology options. So many lenders are scrambling to find and implement technology solutions that just do not make sense. Lenders should not be implementing new solutions just for technology’s sake. Rather, they should carefully be searching for solutions that are a good fit for them and their needs.

Many times, implementing a certain solution could improve workflow in one area, but create a slowdown in another. Also, implementing too many different solutions can be expensive and end up taking more time and effort than it is worth. Lenders must be looking for the right partner with the right solution that is able to make their lives easier.


Using Suitability Logic to Select the Right Tool

When lenders think about logical technology solutions, naturally decisioning logic should come to mind. Today, everyone is looking for ways to automate the lending process, and the logic behind that automation is important. Lenders must be sure that the logic can think like they would, since having automation that makes the wrong decisions would be counterintuitive.

Suitability logic is one example of how automation is able to think like the lender. Suitability looks at the available data for a given property (tax, title, flood, etc.) and decides, based on the lender’s guidelines, what course of action would be most suitable for that loan. This tool helps lenders save time and money while ensuring efficiency and accuracy.

Suitability logic is essentially the step that comes before the first valuation or other report is ordered. Often lenders go in blind, not knowing how much information is available or which solutions would be best for a property. Suitability takes the guesswork out of the equation for lenders. Suitability logic makes intelligent decisions based on the available data to ensure that lenders are always taking the best approach to a given property.

Being able to leverage this property data intelligence helps lenders make the most logical decision the first time. When a lender makes a guess about which report to order and they happen to guess wrong, not only do they waste cycles staring and comparing at a report they cannot use, they have to go back and start over. At that point, they have wasted time and money on work that must be redone. Suitability logic helps lenders to save that time and money, as the work gets done right the first time.

Integrating Multiple Vendors

Another area where lenders often end up wasting a lot of time is integration. A lender might be spending too much time integrating solution after solution, when all they are doing is creating a more difficult work environment. All the technology solutions in the world will not be helpful if they are siloed and cannot work together.

The logical approach would be to integrate one solution that brings multiple vendors together. This not only simplifies the lender’s workload, but simplifies their vendor management, as well. Being able to have all the property or borrower data they need in one place helps lenders streamline their workload and become more efficient, saving time and money. These logical solutions, like FirstClose’s property data intelligence platform, simplify the workload as well as vendor management for lenders.

It is not always about how many solutions you’ve integrated, but the quality of the solutions you’ve integrated. Often times, implementing one solution that combines multiple vendors is more logical than trying to make a host of different solutions work together. When lenders make logical decisions about their technology solutions, they will see true efficiency gains, as well as time and cost savings.