"Our perspective is that the holders of risk are the beneficiaries of lower costs and reduced risk, but it takes the whole ecosystem to participate. One thing about the Fannie Mae survey is the shift in business priorities from cost cutting to streamlining. Cost cutting and streamlining are related, but cost cutting carries a negative connotation does it mean cutting service, quality or jobs? For years, there was resistance and even regulatory hesitation."
"Our perspective is that you can retain your labor force and vendors while making them more efficient. From our experience, there's just an allergy to the theme of AI is going to take my job and rule the world.' But if you didn't have to copy and paste into spreadsheets all day, or fill out the same reports constantly, you'd be more fulfilled and we could deliver more efficiently. That applies across origination, underwriting, processing and servicing."
Lenders face pressure from higher inflation, rising rates and record-high costs, prompting a shift from pure cost cutting to process streamlining. Holders of risk benefit from lower costs and reduced risk, but the entire ecosystem must participate to achieve gains. Streamlining can improve efficiency while retaining labor forces and vendors by eliminating repetitive, manual tasks. AI-driven automation and better data management can reduce repetitive work like spreadsheet copying and report filling, increasing employee fulfillment and operational efficiency across origination, underwriting, processing and servicing. Evaluation is central to determining impacts on processes and quality.
Read at www.housingwire.com
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