The process of loan-origination has undergone major changers throughout the years. Several of these changes have relied on the adoption of technology and driven by regulatory requirements, rising consumer demand and a need for becoming more efficient. Since more steps in the process of mortgage become automated, even one stage needs not to get overlooked like asset search and verification. It has been stated that loan originators as well as processors have increasingly found that the existing mediums to verify the borrower assets creates many challenges.

First one is the need to find and present paper documents is nearly unacceptable according to today’s consumers. Second is the mortgage agencies are spending tens of millions of dollars every year on this resource-intensive process. The last is the fraud prevention which has become imperative given the sins of the past.

Now the question is that how a mortgage professional tackle these individual challenges in order to better serve the borrowers and the government-sponsored enterprises. This is something that can be done with the help of Asset Verification of the organization.

Selecting A Tech Solution For The Solution

At the point when you are measuring solutions for the purpose of streamlining the Asset Verification, then the mortgage agencies should be mindful enough to incorporate automation alone isn’t enough. There are some solutions which boost up the process on the front end via screen scraping or data aggregation. However, these solutions usually need borrowers for providing their online banking credentials, like those which banks and other financial institutions warn the customers against. Additionally, the data which is gathered by these Asset Verification solutions can be at the risk for being breached and is usually utilized by the aggregators for the other marketing purposes which are not completely understood yet by the borrower.

Instead of continuing to the managing this process of Asset Verification manually or with the solutions which only solve the part of the problem, mortgage companies must apply the solutions which are capable enough of systematically verifying the liquid asset information for both the securitization phases as well as organization phase of a loan life cycle.

With many other types of fraud which are being done out there, collaborative data sharing is something that makes it possible for the financial institutions for pinpointing the areas of risk and better understand the borrower’s capacity in this matter. This medium, which is combined with the automation, is already giving banks the visibility which they require in order to mitigate fraud in the other areas as well.

Now it’s quite evident that with the help of using the right technology for modernizing this phase of the origination process, not will just companies see the immediate merits, but they will also create a trickle-down the effect benefiting the borrowers. With help of accurate information and automation at their fingertips, the originators can complete this process more efficiently and easily, which will result in decreasing the loss of revenue which the companies currently experience at the point of loan capital is tied up.