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You are here: Home / Mississippi Gulf Coast Real Estate Blog / 2016: A look into the crystal ball for mortgages next year

2016: A look into the crystal ball for mortgages next year

December 30, 2015 by admin Leave a Comment

December 28, 2015
Brena Swanson
meeting room

2016: A look into the crystal ball for mortgages next year. Once again, digital is key

Next year brings a heightened focus on the impact of the digital progress in the mortgage world, with lenders more than ever needing to adjust their business in order to thrive.

Last year, Kelly Adkisson, a managing director with Accenture Credit Services, explained that the mortgage industry was starting to shift more online as the role of the loan officer started to adapt.

Now heading into 2016, the industry will be required to go a step further in implementing technology into the mortgage process.

Here are Adkisson’s five predictions for the industry in 2016

1. Pivot to customer centricity

We’ll see a continued shift in focus to a ‘customer first’ mentality with investments in digital capabilities – such as interactive, analytics and e-closing – to provide a better customer experience.

2. Invest in mobile

Banks will step up investments in mobile as consumers become more comfortable banking by phone. While the online channel remains dominant, Millennial customers will continue to drive increased mobile usage.

3. Optimize sales

As competition remains fierce, banks will need to leverage internal and external data, combined with more sophisticated analytics, to optimize both the physical and digital sales funnel. Identifying higher quality leads and enabling a dialogue aligned to customer needs will be key.

4. Integrate data

Lenders will look to integrate with independent third party data sources to provide automated verification of borrowers’ income, employment and other data early in the application process. This will mean fewer hassles for borrowers and reduce lenders’ exposure to fraud.

5. Achieve economies of scale

Seeking economies of scale as originations decline, lenders will use smart technology such as robotic process automation software to minimize costs per loan and get closer to straight-through-processing.

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Beth Mandal, Broker

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Mandal Preferred, Inc.

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Biloxi, MS 39531

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Beth Mandal, Broker

logoWelcome to Mississippi Gulf Coast Real Estate and Mandal Preferred, Inc., REALTORS©. A full-service real estate brokerage specializing in Beach Condos for Sale in Biloxi.  Decades of experience in all real estate transactions including waterfront listings, luxury residential homes, land and commercial investments.  Servicing the Ms Gulf Coast in the cities of  Gulfport, Biloxi, Long Beach, Pass Christian, and Ocean Springs, MS. … Meet The Team

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