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We all know the US mortgage industry is very volatile. Purchase originations are set to reach $1.72 trillion in 2022, up 4% from 2021, according to the MBA’s April economic forecast. And as predicted, refinance originations are forecast to fall 64%.
With this volatile market, how can community bank lenders be ready for what comes next in the mortgage industry? Consumers are demanding seamless, fast and digital experiences – a servicing model which is particularly pressed by digital-native consumers. In fact, in the US, 63% of all mortgages are now originated by fintechs rather than banks, according to Reuters.
Consumers want to work with lenders who cover the full range of their home-buying needs. They are looking for online and self-help capabilities as well as faster loan originations. Simultaneously, they need lenders who will handle essential mortgage services, such as ordering appraisals or property titles, which consumers are less concerned about.
In this webinar, learn how you can streamline the entire borrower experience from application to close, with the help of an open platform with mortgage services. By using APIs to connect internal banking systems with a world of third-party products and information, financial institutions break down informational silos and acquire greater visibility across customers. The result is a deeper level of insight, driving more targeted consumer engagement.
Watch this webinar on demand as Finastra and MGIC (Mortgage Guaranty Insurance Corporation) discuss:
- What is an open platform and how can APIs enhance the experience for both borrowers and lenders
- How mortgage services such as flood and credit can be connected to give borrowers a unified journey
- How to be ready for the purchase market with your own online application
- What are the efficiencies mortgage processors gain that will benefit the lenders