Lenders have, for a while now, embraced the use of real-time data in the loan application and origination process. Notably, through verification of income and employment when evaluating borrowers or real-time updates to appraisal, flood and title services, time-to-close has been streamlined significantly. Lenders are increasingly making use of real-time, loan-level data within operations to monitor production more accurately within their branch networks.
Having systems in place with real-time data capabilities is just the first step, however. The challenge that many lenders are struggling with now is one of “data overload.” Like the proverbial example of “drinking from a firehose,” the sheer amount of data available is making it difficult for staff to parse, evaluate and execute when faced with continuously updating, real-time data sets.
Read more on: Progress in Lending Association
June 29, 2023