‘Zero Cost Technology’ – A Lender’s Best Friend
In the recent years, digital lending and e-closings have proved to be a powerful force in the mortgage industry. Borrowers, right from millennial to those in older demographics, have become tech savvy and look out for lenders who offer easier means of engagement, right from documents collection till loan disbursal and even servicing. Several mortgage companies have introduced technological innovations to offer a faster and streamlined mortgage experience to borrowers. However, there are lenders who are still hesitant to use technology due to prohibitive upfront costs involved in buying or developing appropriate technology.
Digitizing your mortgage workflow can be an expensive affair
As a lender, digitizing your mortgage workflow can be an expensive affair and it will take a while till you reap returns on your investment. You must make a crucial decision of buy vs build.
When you decide to buy a technology solution, identifying, purchasing and implementing the apt technology can be a tricky and cumbersome process. Apart from this, there are high chances of getting your technology choice wrong. After all, none of the vendors highlight their technology’s weakness.
In case you decide to build your own technology solution, you have the added responsibility to communicate the exact requirements and wait till the software is built to your specifications. Moreover, the responsibility of updating the application lies with you. This makes building your own system highly expensive and cumbersome. Whether buying or building the apt technology option, there are high chances that you will lose time as well as money, in the long run.
Solving the ‘make’ or ‘buy’ challenge
After closely analyzing the various challenges that lenders, especially SMEs face, Visionet Systems a leader with over 20 years of expertise in the mortgage domain, is offering an innovative ‘Zero Cost Technology’ solution. This is a ‘pay-per-use’ technology model, where lenders can avail the latest digital technology to combat the technology challenges that they face. The industry leading technology is made available to the lenders without them bearing any upfront cost and annual maintenance charges (AMCs).
The technology provided by Visionet Systems is pre-customized to suit your requirements. You can be assured that Visionet’s domain experts have already thought through your company’s operations. You can expect a seamless digital workflow that results in greater productivity and excellent accuracy, and so you can experience enhanced productivity from the very first day.
Implementing zero-cost technology as a part of your company’s solution ensures the following advantages.
- Zero initial cost, no maintenance costs and no minimum volume commitment
- Your business benefits right from the very first day in terms of enhanced productivity
- ROI can be measured from day one
- Visionet Systems takes the sole responsibility of the technology and entire service involved, thereby enabling you to concentrate on the growth of your business
- As far as technology is concerned, lenders are not exposed to any risk and Visionet takes care of the complete workflow delivery
Alok Bansal, Managing Director of Visionet Systems in his interview with HousingWire states “Speeding up loan processing without sacrificing quality and accuracy and managing all the back-office volumes with a variable priced team can help you significantly in driving better margins for your business.” Read his interview here. The best way to make this happen is to use zero-cost technology. More than 50 mortgage companies out of the top 200 have chosen Visionet to reduce their operational and technology expense.
In the last couple of years, the mortgage industry has undergone a significant change. Digital technology will continue to provide borrowers as well as lenders with a better mortgage experience. Consumers are looking for faster response time along with accurate and streamlined processes. Lenders on the other hand have found it necessary to reduce their expenses and protect their margins.. Digital lending platforms have changed the way lenders and consumers interact.
Leveraging ‘Zero Cost Technology’ assures better borrower experience, quicker, simpler and streamlined mortgage process, digital compliance and significant cost savings, thereby making it a lender’s best friend.