The mortgage industry is witnessing a transformation that is bound to change its operational capacity forever. As digitization secures its grip on several major facets of the mortgage industry, managing closings in far greater quantity without any errors is on the forefront. As discussed in the previous article of our series, vendor management involves multiple manual processes which can be automated through a vendor management solution. Now, let’s look at the holistic impact of how role of digital vendor management in the mortgage industry.
Let’s answer this question in our 3 part article series of how automation enables a faster closing process and simplifies the concept of vendor Cloud Computing has been in existence for decades but its implementation in the mortgage lending sphere is recent. AtClose realizes the importance of cloud computing. Especially in industries such as mortgage lending where dealing with data becomes a lot easier with the power of cloud. Hence, digital vendor management solutions are at times developed on Amazon Web Services (AWS) Cloud to leverage the following advantages:
Cloud based software is the future of data-intensive Cloud based software is the future of data-intensive businesses, In 2024, cloud IT infrastructure spending is expected to reach 110.5 billion U.S. dollars.
- A seamless collaborative platform that enables cohesion
A Cloud-based software has the ability to enable collaboration activities that are easier to process and effective in terms of business impact. Digital vendor management provides exactly this – a sublime platform to carry out collaboration between multiple vendors involved in the closing process. Data sharing, instant communication and effective integrations are seamlessly carried out by such a solution through AWS Cloud
- Achieve high scalability with a Cloud-based solution
Cloud technology allows tremendous levels scalability. The technology can be relied upon to work in optimal conditions regardless of the number of users and the processes being carried out. Cloud-based solutions, in general, are highly adaptable and can be customized according to customer needs.
- Data-driven processes to make data intrusive decisions
Digital vendor management solutions are built on an open architecture system design and are driven on the open data concept. This allows lenders to gain crucial insights through data and predict future trends. In fact, a data-driven approach can also be adopted by lenders when they are working with vendors to make better decisions as previously discussed in the first article of this series. Moreover, the data can be used in a wide range of ways in the form of visually immersive reports through which exclusive business insights can be obtained and analyzed.
Vendor Management in the context of mortgage lending services refers to the effective utilization of vendors during the process of closing so that optimal operational efficiency can be obtained. Manual vendor management however is not an easy task and has multiple challenges attached to it. With the advancement of digitization in the mortgage service industry, it is now possible to overcome these challenges and maintain excellent services that can control operational costs, drive service excellence, and mitigate risks involved.
If you are interested in finding out how AtClose can elevate your closing experience with digital vendor management, get in touch with us here. This is the second article of the series that highlights how vendor management through automation can lead towards a faster and efficient closing.