It has become broadly accepted that automation is essential to a well-run mortgage operation. Despite the persuasiveness of the idea and the distinctly positive media coverage given to technology, some mortgage lenders have yet to automate even the most basic functions. There remain large gaps between general perceptions and industry actions.
For all intents and purposes, every servicer has access to automation. According to our Mortech 96 survey, 98% of servicers have automated the basic servicing functions. Given that service bureaus began offering technology services more than 20 years ago and that servicing lends itself well to automation, we would expect universal automation among servicers.