52% titles, or surveys 44% to applicants 65% closer...
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Let Canon Solutions America help you meet growing consumer expectations for responsive, orderly service with business process systems that can help reduce human error and boost loan processing efficiency. Our business process solutions leverage imaging and tracking technology, automated task alerts, and performance-monitoring capabilities to help keep your mortgage applications on track throughout the loan processing cycle as a complement to existing loan origination systems for improved customer service, shortened cycle times, and reduced costly oversights. Source: Canon Loan Processing Study, SourceMedia Research/American Banker, March 2016 45% Data Entry 44% Relationships Across Other Lending Departments 43% Disaster Recovery 42% Version Control of Documentation 39% Paper Handling 77% Customer Experience 72% Efficient Processes 70% Regulatory Compliance 66% Data Accuracy 59% Meeting Expiration Dates 58% Rapid Loan Processing Cycle Time 58% Security of Sensitive Documents 58% Employee Experience/ Productivity 54% Loan Processing Costs 48% Management Oversight of the Loan Process With the complexity of the mortgage application process, the significant manual components, and the need for skilled staff, mortgage companies must organize their workflows using business process systems that help keep them competitive. Where loan originators are willing to acknowledge substandard performance, good technology and processes are frequently identified as the solution to improve performance. LOAN PROCESSING PRIORITIES RESPONDENTS WHO DESCRIBED EACH ITEM AS A HIGH OR CRITICAL PRIORITY TARGET FOR IMPROVEMENT LOAN PROCESSING TECHNOLOGY HELPS INCREASE CUSTOMER SATISFACTION AND EFFICIENCY FAILURE TO FOLLOW UP WITH UNDERWRITING 29% MISSED RATE LOCK EXPIRATION DATES 24% FAILURE TO FOLLOW UP WITH CLOSING DEPARTMENT 23% MISSED DOCUMENTATION EXPIRATION DATES 29% FAILURE TO FOLLOW UP WITH BORROW 34% INACCURATE BORROWER DOCUMENTATION 48% MISSING BORROWER DOCUMENTATION 50% LOAN PROCESSING INCIDENTS RESPONDENTS WITH LESS THAN $1 BILLION OF ASSETS REPORTING 10 OR MORE INCIDENTS A MONTH IN EACH CATEGORY In addition to impacts on corporate reputation and customer satisfaction, the consequences of weaknesses in loan processing systems can be measured in direct costs generated by a range of typical errors. THE DIRECT COSTS OF INEFFICIENT PROCESSING TECHNOLOGY LAGS 29% CYCLE TIME 52% EMPLOYEE PERFORMANCE 28% COMPLIANCE 59% CUSTOMER EXPERIENCE 23% DOCUMENT SECURITY 13% TOP LOAN PROCESSING PAIN POINTS RESPONDENTS WHO DESCRIBED EACH ITEM AS A TOP PAIN POINT 49% of respondents say document review involves at least some manual work at their firms 97% Requesting Appraisals and Title Reports Reviewing Documents of mortgage industry executives surveyed said that document review at their firms is all or mostly manual Verifying Data Contact third parties to obtain property appraisals and titles 66% Submit mortgage loan application files for underwriting approval 64% Review applications forms, disclosures, and supporting loan documents 76% Verify that application information and data is complete and accurate 66% Submit approved mortgage loan files to mortgage loan closer/underwriter 65% Create and send approval and denial letters to applicants 44% Informed supervisor of discrepancies in appraisals, titles, or surveys 52% LOAN PROCESSING BOTTLENECKS RESPONDENTS WHO DESCRIBED EACH TASK AS A MODERATE OR HIGH BOTTLENECK FIRM REPUTATION PERFORMANCE CUSTOMER SATISFACTION The mortgage loan processing cycle has a heavy manual component of work in every stage. A recent study by SourceMedia Research/American Banker identified the challenges posed by so much paper and so many manual tasks. These can interfere with the loan process, causing a negative impact on customer satisfaction, firm reputation, and performance. In an era of heightened customer expectations for convenient digital solutions and fast responses, the mortgage loan process remains highly paper-based and manual. MORTGAGE LOAN PROCESSING OVERCOME THE CHALLENGES IN Canon is a registered trademark of Canon Inc. in the United States and elsewhere. All other referenced product names and marks are trademarks of their respective owners and are hereby acknowledged. © 2017 Canon Solutions America, Inc. All rights reserved. 9/17-357-1846 1-844-5-CANON Contact a Canon Solutions America representative today to learn how we can help streamline your mortgage loan processes.
Transcript of 52% titles, or surveys 44% to applicants 65% closer...
Let Canon Solutions America help you meet growing consumer expectations for responsive, orderly service with business process systems that can help reduce human error and boost loan processing efficiency.
Our business process solutions leverage imaging and tracking technology, automated task alerts, and performance-monitoring capabilities to help keep your mortgage applications on track throughout the loan processing cycle as a complement to existing loan origination systems for improved customer service, shortened cycle times, and reduced costly oversights.
Source: Canon Loan Processing Study, SourceMedia Research/American Banker, March 2016
45%Data Entry
44%Relationships Across Other Lending Departments
43%Disaster Recovery
42%Version Control of Documentation
39%Paper Handling
77%Customer Experience
72%Efficient Processes
70%Regulatory Compliance
66%Data Accuracy
59%Meeting Expiration Dates
58%Rapid Loan Processing Cycle Time
58%Security of Sensitive Documents
58%Employee Experience/Productivity
54%Loan ProcessingCosts
48%Management Oversight of the Loan Process
With the complexity of the mortgage application process, the significant manual components, and the need for skilled staff, mortgage companies must organize their workflows using business process systems that help keep them competitive.
Where loan originators are willing to acknowledge substandard performance, good technology and processes are frequently identified as the solution to improve performance.
LOAN PROCESSING PRIORITIESRESPONDENTS WHO DESCRIBED EACH ITEM AS A HIGH OR CRITICAL PRIORITY TARGET FOR IMPROVEMENT
LOAN PROCESSING TECHNOLOGY
HELPS INCREASE CUSTOMER
SATISFACTION AND EFFICIENCY
FAILURE TO FOLLOW UP WITH UNDERWRITING
29%
MISSED RATE LOCK EXPIRATION DATES
24%
FAILURE TO FOLLOW UP WITH CLOSING
DEPARTMENT
23%
MISSED DOCUMENTATION EXPIRATION DATES
29%
FAILURE TO FOLLOW UP WITH BORROW
34%
INACCURATE BORROWER DOCUMENTATION
48%
MISSING BORROWER DOCUMENTATION
50%
LOAN PROCESSING INCIDENTSRESPONDENTS WITH LESS THAN $1 BILLION OF ASSETS REPORTING
10 OR MORE INCIDENTS A MONTH IN EACH CATEGORY
In addition to impacts on corporate reputation and customer satisfaction, the consequences of weaknesses
in loan processing systems can be measured in direct costs generated by a range of typical errors.
THE DIRECT COSTS OF INEFFICIENT PROCESSING
TECHNOLOGY LAGS
29% CYCLETIME
52%EMPLOYEE
PERFORMANCE
28%COMPLIANCE 59%
CUSTOMER EXPERIENCE
23%DOCUMENT
SECURITY
13%TOP LOAN PROCESSING PAIN POINTS
RESPONDENTS WHO DESCRIBED EACH ITEM AS A TOP PAIN POINT
49%
of respondents say document review involves at least some
manual work at their firms
97%
Requesting Appraisals and Title Reports
Reviewing Documents
of mortgage industry executives surveyed said
that document review at their firms is all or mostly manual
Verifying Data
Contact third parties to obtain property appraisals and titles 66%
Submit mortgage loan application files for underwriting approval 64%
Review applications forms, disclosures, and supporting loan documents 76%
Verify that application information and data is complete and accurate 66%
Submit approved mortgage loan files to mortgage loan closer/underwriter 65%
Create and send approval and denial letters to applicants 44%
Informed supervisor of discrepancies in appraisals, titles, or surveys 52%
LOAN PROCESSING BOTTLENECKSRESPONDENTS WHO DESCRIBED EACH TASK AS A MODERATE OR HIGH BOTTLENECK
FIRM REPUTATIONPERFORMANCE
CUSTOMER SATISFACTION
The mortgage loan processing cycle has a heavy manual component of work in every stage. A recent study by SourceMedia Research/American Banker identified the challenges posed by so much paper and so many manual tasks. These can interfere with the loan process, causing a negative impact on customer satisfaction, firm reputation, and performance.
In an era of heightened customer expectations for convenient digital solutions and fast responses, the mortgage loan process remains highly paper-based and manual.
MORTGAGE LOAN PROCESSINGOVERCOME THE CHALLENGES IN
Canon is a registered trademark of Canon Inc. in the United States and elsewhere. All other referenced product names and marks are trademarks of their respective owners and are hereby acknowledged. © 2017 Canon Solutions America, Inc. All rights reserved. 9/17-357-1846
1-844-5-CANONContact a Canon Solutions America
representative today to learn how we can help streamline your mortgage loan processes.
