Altisource’s “The State of the Originations Industry” Report Gives Insight Into Lenders’ Challenges and Strategies
The purpose of the report is to help lenders optimize their operational and marketing strategies by giving them a look at elements shaping the industry today and how other originators are planning to increase growth and efficiency this year. As expected, some responses given by mortgage origination professionals were influenced by the pandemic. Others focused on topics that affect the industry every year, like technology, customer service and outsourcing.
Here are examples of significant statistics revealed in the report:
- 27% chose “regulatory constraints” as the biggest challenge in today’s mortgage market
- 21% cited “technology enhancements,” like automation and e-closing options, as the most important factors for differentiating organizations in a competitive market
- 38% felt their organizations need to focus on the “customer experience” more
- 41% said “increasing outsourcing for core services” is the biggest operational efficiency lenders are considering in today’s market
- 29% picked “home equity” loans as the most promising market opportunity
- 84% predicted “growing costs will drive out smaller lenders or they will be acquired”
“Based on the survey results, now is the time to utilize technology, improve customer experience and, most of all, implement outsourcing to help your company stand apart,” said
Read the full report to get more insights into the challenges and opportunities facing the origination market today. To download it, click here.
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Source: Altisource Portfolio Solutions S.A.