In the annual Altisource® Originations Report, the report features the results and analysis of recent in-depth survey findings compiled by Echo Research, an independent market research firm. It was conducted online among 200 professionals in the U.S. mortgage industry between August 17 and August 29, 2020. The purpose of this report is to help lenders optimize their operational and marketing strategies by giving them a look at the elements shaping the mortgage industry today. It also reveals how other originators plan to increase growth and efficiency this year.
Some key notes or revelations from their report included:
"Competition has always been a significant challenge for mortgage lenders, especially in today’s economic insecurity. That’s why having a viable market strategy in place is more essential than ever. When asked to choose the most important factors that can differentiate their organizations in a competitive mortgage market, approximately one in five of the survey respondents cited “technology enhancements” (21%), “customer service” (20%) and “competitive pricing” (19%). Yet, while technology rated high and increased year over year, “artificial intelligence” (AI), which was ranked highest in 2019, plummeted significantly (down 13%)."
"More than one in three (38%) of the professionals surveyed felt their organizations need to focus on the “customer experience” significantly more than other factors to make mortgage products more attractive to customers. “Lower total loan costs” was a distant second (23%), but it was almost even with “fully digitized closings” at 22% and “faster closings” at 18%. This chart, as well as others in this report, indicate just how imperative it is to provide excellent service to customers. Best-in-class customer service and experiences help set mortgage companies apart from competitors."
"There are several substantial benefits to incorporating tech-based automated solutions to the origination process. This year “improve security and compliance” tied with “improve customer experience” at 25%. Both were higher than in 2019, especially “customer experience,” which jumped up 8%. “Faster turn times/streamline operations” was second at 17% with “accuracy” just below it (15%) and “cost savings” following closely at 14%. Automation of previously manual tasks and using AI as a decision-making tool help lenders review, process and approve greater numbers of loan applications at a faster speed, bringing benefits to both lenders and borrowers, especially as costs have risen."
Their full report is attached below: