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You’ve done the research, vetted the vendors, and found the perfect workflow automation solution that will transform your existing business processes into a centralized automated structure of operational efficiency. Why haven’t you signed the contract and started implementation?

The key to a successful transfer of mortgage servicing rights (MSR) is a smooth transition of the portfolio from one servicer to another. It’s a big feat, but not an impossible task. Automated workflow is an important tool to help decrease the risk, for both the customer and the servicer, of costly missed steps in the transfer process.

Automation is not a new concept. Technology has been automating manual processes in our generation for decades. The washing machine replaced the washboard, revolutionizing how we do our laundry. Online banking made it possible to access our accounts and pay bills anytime day or night.

As CEOs, we are accountable for the success or failure of our organizations. It’s a challenge that we chose to take on and don’t take lightly. Our heads are continually filled with questions about our latest margins, new technologies or cyber threat risks we need to look at, if we're running our business efficiently, and are we meeting the expectations of our customers?  Unfortunately, those questions don’t stop when our heads hit the pillow.

Efficiency is the measure of how well an action or group of actions are performed with the optimal amount of resources. How does your organization currently measure up?  Have you noticed longer cycle times, bottlenecks, or gaps within your processes across your organization? Have you discovered gaps that have exposed you to risk and loss of revenue?

We encounter obstacles each day, whether it’s the slow car driving in the fast lane or the person in front of you at the grocery checkout with 30 items in the express lane—obstacles are everywhere. How to implement automated workflow within your organization shouldn’t be one of them.

Accountants have a countdown to Tax Day. Schools have a countdown to summer. Retailers have a countdown to Christmas. The mortgage industry has an important countdown of its own that’s rapidly approaching. Will you be ready to start evaluating borrowers for the Flex Modification program on October 1st?

Let’s face it, change is inevitable. Sometimes it happens a little faster than we would like. However, organizations must change too or… let’s not think about that. It’s a challenge for development teams to keep pace with change and growing expectations from the business. 

Organizational nirvana: that feeling you get when you open the door to that one closet in your home. It’s okay—go ahead and laugh.  We all have one. The door opens and this time, instead of dodging falling items, you can see what’s there and actually find what you are looking for without fear of bodily harm. 

Through Google searches and an increasing presence of online accounts, today’s consumer has an abundance of information available at their fingertips. Having information readily available when customers want it, empowers them to be self-sufficient. With 71% of consumers wanting the ability to solve their own customer service issues, self-service technology enables the customer interaction that shapes their experience in a way that works for them.

The term “workflow” isn’t new to the world of software. It’s used to describe how organizations are streamlining their business processes with automation to eliminate manual tasks and gaps. So what’s the big deal and why is implementing a workflow automation application so important?

The latest buzzword in our industry, RegTech, brings more opportunity to expand your technology strategy. Yes, technology costs money but…. coupled with efficiency through workflow you can further operationalize your organization, more effectively leverage data and reduce your costs.  The latter is achieved by reducing cycle times and manual workarounds, in addition to minimizing risk of fines and enforcement action.  As more RegTech firms enter the mortgage landscape, it will be important to take advantage of solutions that can help to modernize existing compliance efforts and improve your ability to manage data.  Firms should evaluate a hybrid approach that embraces new technology by coupling it with workflow automation to accelerate operational proficiencies.  It’s time to move beyond simply capturing data to using data to drive operational efficiency and regulatory compliance.