PROGRESS in Lending surveyed its 90,000 plus readers and they were split evenly over how best to use technology to get an edge. In total, 50% of respondents said the best use of technology is to automate the existing mortgage process; the other 50% said technology should be used to reinvent the mortgage process.
Why the split? Shouldn’t technology be used to truly reinvent an antiquated process vs. just automating the same-old, same-old? The fact is that most lenders believe they can have it both ways. They believe that adding technology both automates the existing process and enables them to reinvent themselves all at the same time.
For example, less than one year after announcing an expanded partnership in support of their correspondent channel, Ellie Mae partnered with PennyMac to quickly transition 100% of their seller community to their cloud-based platform. This move expanded PennyMac’s long standing relationship with Ellie Mae to consolidate its consumer direct, broker direct and correspondent businesses on a single platform. The speed and effectiveness of the delivery and implementation enabled PennyMac to ensure their continued leadership in the correspondent segment while providing “best in class” customer service and a modern user experience for operational efficiencies and savings across the organization.
“Delivering innovation to benefit our customers through a truly unique experience is what makes Ellie Mae a valuable partner to us,” said Doug Jones, PennyMac Corp.’s President. “Our speed to market and common vision enabled us to pioneer Ellie Mae’s next generation Digital Lending Platform. In less than a year, we’re live, giving us a cutting-edge opportunity to support all channels…driving lender technology, supporting industry growth, and most importantly, adding value for our customers.”
So, PennyMac would say that they used new technology to both fix their existing process and reinvent how they do business going forward.
*Respond to the new weekly survey HERE.