How Location Intelligence helps Accelerate the Mortgage Application Time to Decision
Most lenders will agree that improving mortgage decision turnaround is one of the most critical ways they can improve their mortgage process. One of the biggest issues with processing mortgage loan applications and improving time to decision is the address of the property itself.
The address of a property is susceptible to all kinds of errors — human error in data entry, address misinterpretation, or even changes at municipality level — which creates a high probability of address mismatches.
The answer is to incorporate location intelligence into the workflow process as early as possible, which allows downstream processing to be handled more efficiently throughout the organization.
- Real-time Address Suggest ensures consistency in address entry and avoids data entry errors.
- Regular Address Cleansing ensures that address anomalies and address changes at the municipal or postal level are appropriately dealt with, before the address is entered into the mortgage application.
- Validation ensures the property exists and is a legitimate candidate for a mortgage, reducing the opportunity for fraud.
Location Intelligence can contribute to the improved efficiencies that lead to a faster time to decision, while also pinpointing more information about the assets, helping reduce risk to lenders and insurers.