“Turn to automation when profit margins are tight.” It’s a message the industry is hearing loud and clear as rates stay high and lenders can no longer depend on a steady flow of refis. In light of this, HousingWire CEO Clayton Collins recently sat down with Paul Doman, CEO at Accurate Group, to discuss mortgage lender profitability, as well as the modernization of title and appraisal processes and where there is opportunity for automation. 

“The lack of profitability with current volume is an opportunity for lenders to rethink their back office processes, and try to automate as much as possible so that they can speed up the process and take cost out in this rising rate environment,” Doman said. “We think there are opportunities across multiple lenders to take costs and gain efficiency and speed.”

More specifically, Doman sees appraisal and title as key areas ripe for automation. 

“Many lenders are still managing those processes with a manual approach,” he said. “Those manual approaches bring cost overhead that can be streamlined, particularly if they can automate and integrate with their current suppliers. Integrations do multiple things: They take data entry out, they take the errors associated with data entry out and eliminate manual tasks that add a ton of overhead expense.”

However, as anyone in the industry well knows, there are still roadblocks to modernizing appraisal and title processes. Doman highlighted both the affordability and availability of technology, as well as compliance issues. That said, Doman said he is optimistic going forward, given the recent changes from the GSEs regarding desktop appraisals. At Accurate Group specifically, the team is committed to actively modernizing the processes across title and appraisal.

“Our platform ultimately helps lenders prove efficiency, accuracy and profitability,” Doman said. “And by streamlining processes, we also create a better consumer experience and our fundamental goals to help lenders really enhance helps the consumer experience and create customers for life.”

To learn more about Accurate Group, visit accurategroup.com.