General World News

Automation helps lenders respond to rising mortgage rates

Higher inflation, post-pandemic economic recovery and a reduction in Federal Reserve stimulus incentives are key economic factors expected to put upward pressure on interest rates as we move into 2022 — increasing the already stiff competition among mortgage lenders.

Furthermore, a more competitive mortgage lending environment will only magnify the importance for lenders to have an efficient loan application and approval process. Some fintech companies have already made inroads against incumbent banks by automating underwriting processes, but now, as the fight for market share intensifies, automation will become mission-critical for maintaining profitability.

Shrinking market ahead

Lenders are already feeling rate-related pressure, and it’s details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com