Characterizing 2020 as “challenging” is a massive understatement. Lenders have had to overcome social distancing, remote workforces and rising unemployment due to COVID-19. And at the same time, historically low rates have led to record volumes that have put real stress on lenders’ capacity.

It’s always been about decreasing costs and getting more efficient if you want to compete in this business – and the easiest way to do that is with automation.

Want to Stay Competitive? Embrace Automation in Lending

Recently, David Fulford, vice president, strategic technology integration, and Kevin Kauffman, vice president, business partner integration, sat down with National Mortgage News to talk about the importance of automation and the role it’s playing. They were joined by Dom Marchetti, Guaranteed Rate chief technology officer, and Piper Beveridge, ICE Mortgage Technology, vice president who shared stories about how automated solutions are helping to create more efficient processes and leading to impressive cost savings and cycle time reductions – but maybe most importantly, delivering the flexibility and improved experience that borrowers are demanding.

One thing is clear. Lenders that have embraced automation are better suited to compete in the face of today’s challenges.

My group is laser-focused on a shared goal of enabling the next-generation origination process. A process that provides opportunity for Freddie Mac to develop solutions that helps it better manage risk and help you create a better borrower experience while realizing greater operating efficiencies.

So, how can you embrace automation? What’s the first step if you haven’t started? What’s the next step if your efforts have been put on hold while navigating COVID-19 challenges? Freddie Mac can help.

There are solutions available to you right now, like automated collateral evaluation (ACE) appraisal waivers and asset and income modeler (AIM) capacity assessment that can help you shave days and dollars from your process. And we’ll continue to develop and test solutions that help automate processes, so you and your borrowers reap the benefits.

No matter the size of your business, there are ways you can embrace technology to better compete today and to position yourself for success in the future. Let us show you how – contact your Freddie Mac representative or the Customer Support Contact Center (800-FREDDIE).