Next Generation Mortgage Servicing
The mortgage servicing industry is plagued by several challenges — intricate processes, voluminous data from various sources, massive and error-prone spreadsheets, low borrower retention (less than 33%), low operational efficiency, among others. The industry is still grappling with the fluctuations of the New Normal economy, unable to analyse delinquency and default swings. Yet, many have realised the benefits of digitalisation - reduced costs, lower risks, and enhanced customer experience. This PoV outlines the automation and analytics opportunities across the mortgage servicing industry.