How Cloud-Based Solutions Strengthen the Digital Mortgage Process

Powering the world with knowledge

For borrowers and lenders alike, the last two years have been a time of change. There has been a shift in the technology adoption for a more streamlined, less paper-intensive, automated process, with the goal of a faster and easier customer experience. According to a recent McKinsey study, customers crave speed: satisfaction drops by roughly 15 percentage points if the lender takes more than ten days to provide a decision on the application. ¹ These technological advancements in web-based and mobile technology, largely driven by the pandemic, will benefit the mortgage industry in the long run.

The move toward a more digital and automated mortgage experience, has led to cloud-based solutions becoming more popular. Cloud-based technology can help the mortgage industry make knowledgeable decisions faster and more efficiently. Lenders already leveraging cloud technology benefit from a more instinctive way to streamline processes and quickly adjust to the ever-changing mortgage market demands in the digital world. Whether you’re a loan officer, processor, or underwriter, we can help you simplify processes, meet consumers online and improve the experience — no matter where you serve. 

Below, we provide the key benefits of cloud technology and how they can help you embrace new realities and meet borrowers where they are - digitally.

The benefits of the cloud

The top reasons and benefits why we believe lenders should take advantage of cloud technology. 

Skip to a section to learn more about each benefit: 

• Real-time insights for rapid innovation

• Built-in security

• Seamless data fabric for smarter decisions

Real-time Insights for rapid innovation & results

The mortgage industry is rapidly changing and evolving. The cloud-based data fabric allows lenders to ingest, store, and process a multitude of different data formats. With the ability to process a continuously growing volume of structured and unstructured data, The Equifax Cloud enables mortgage professionals to rapidly innovate. The rapid innovation from cloud technology supports a more self-service capability for borrowers and the delivery channel between borrowers and lenders. These real-time insights allow lenders to operate with a unified environment of insights to deliver a secure and seamless digital mortgage experience to borrowers at a rapid pace.

Built-in Security

In the mortgage industry, lenders work with personal information from their borrowers and customers daily. With the cloud, lenders are able to collect purposeful data that is secure and built into the system. This confirms that the data is being used in the right place, way, and time. Equifax understands the  importance of built-in security controls for sensitive data and systems. The Equifax Cloud provides technology and patching that are highly automated. With our continuous upgrades and software releases, mortgage lenders like yourself can be more confident that you are taking advantage of the latest hardware and best-in-class security. 

Seamless data fabric

Data in the cloud-based environment can become a seamless, globally distributed data fabric. This enables mortgage professionals  to combine data in new ways and provide new insights, resulting in lenders and underwriters making smarter decisions. In 2022, lenders have more access to a multitude of data points and data assets than ever before.

The data fabric provides operational efficiencies and time savings for mortgage lenders. By removing data not shared between business divisions, mortgage lenders can eliminate the risk of replication resulting from reconfiguring data sets. This allows resources to focus more of their time on revenue-generating tasks. In many instances, consumers have to provide their underwriter with pay stubs or proof of employment, which can delay the process and be paper-intensive. Leveraging the data fabric provides lenders with a faster, paperless process, resulting in a better experience for borrowers.

Driving a better digital mortgage experience

With cloud-based solutions, lenders have the opportunity to make smarter, more informed decisions- while ensuring sensitive data is in a safe environment, in a quicker and easier way. The ability to adapt and scale quickly and seamlessly, translates to the borrower which provides a better digital mortgage experience.

The Equifax Cloud is a unique operating environment that allows us to provide you increased performance, uptime, data management, and security. Learn more about the cloud and our mortgage solutions.

¹ Source: 5 trends reshaping the US Home mortgage industry - McKinsey & Company