To compete with FinTechs, mortgage lenders must re-evaluate their processes from end-to-end. The objective is to become a digital-first organization. Automation can help to unlock new markets, new areas for revenue streams, and new areas for growth. AI can also unlock new opportunities to enhance the customer journey.
Therefore, the entire process requires focus from the first customer interaction to back-office processes such as loan approval, underwriting, and loan closing. Begin with a goal of meeting customer demands and then use AI and automation to streamline operations.