• Newly announced integrations between mortgage technology provider Ellie Mae and employment verification company The Work Number intend to speed up the underwriting process.
• Another integration with credit reporting service Informative Research is scheduled to help lenders reduce human error.
• The streamlined system is proactively geared at improving overall lending efficiency and client experience.
• Digitization of the mortgage process has been accelerated due to the pandemic, pushing firms to innovate and automate.
• The integrations will also facilitate quicker loan processing times. As faster is often the word of the day in real estate, this could give lenders using Ellie Mae an edge.
• It’s expected, however, that integration will lead to job cuts given the reduced need for human involvement.
Expedited Lending: A Dance of Digitization
Enter, The Work Number and Informative Research
Harnessing Tech for Faster and Error-free Mortgage Approvals
The integration of Ellie Mae with The Work Number and Informative Research is the upshot of an overdue date between technology and the mortgage process. Like a speed dating event for lenders, the new system is all about eliminating awkward silences. Or in this case, sluggish underwriting times and error-filled paperwork.
Here’s the funny part: the IT guy who forgot to mute on a conference call could now, inadvertently, be the one hastening your loan approval. That’s the power of digitisation unfolding in the mortgage sector, thanks to species like Ellie Mae. The company has opened its arms to embrace not just one, but two integrations at once—The Work Number and Informative Research. Talk about being popular!
But, as the bright light of technology shines on mortgage underwriting, it also casts some shadows. Not the spooky kind, however. The new integrations mean a leaner, meaner mortgage process – which could, unfortunately, equate to fewer flesh-and-blood jobs. So, while borrowers exchange high fives over faster loan processing, somewhere a underwriter might be swapping their pen for a pink slip.
Yet, the progression towards technology is like watching a child grow. It’s alarming yet fascinating and, at the end of the day, inevitable. So, whether it’s a tap dance or tango, the mortgage industry seems set to continue its dance with digitisation. For better or for worse, faster or slower, the beat goes on. And, while the curtain may be closing for some traditional roles, a new stage is being set for innovation and efficiency. So, let’s put on our dancing shoes and see where this rhythm leads.
Original article: https://www.inman.com/2024/01/17/ai-mortgage-tech-provider-gateless-beefs-up-integrations/