If you have worked in lending for even just the past year, you have already experienced its cyclical nature. Take mortgage lending, for example. Less than a year ago, the main problem facing mortgage originators was how to process high volumes of applications while still observing regulatory compliance and conformance to underwriting policies. More recently, lenders saw higher rates lead to a dramatic downturn in new originations and refinancing but an uptick in home equity lending.
The “wavelength” of these boom-and-bust cycles can be quite short, which poses a challenge for lenders who must quickly pivot from ramping up originations to reducing loan inception resources and back again. There can also be an uptick in non-performing assets, which must be addressed through restructures, refinancing, and sometimes even charge offs or foreclosures.
Changing and adapting the traditional back-end systems used for lending operations can be difficult and expensive. So what can the head of lending operations and the technology teams that support them do to solve these challenges?
Download the report to find out the five questions to ask when choosing a technology to modernize your lending processes.