Everyone working in the commercial real estate lending industry already knows that CRE servicing is a complex and time-consuming process. But with advancements in technology, it’s becoming easier to streamline the process and increase your efficiency. As a software company, we are naturally biased! But the undisputed best way to achieve servicing nirvana is through technology automation.
What exactly is CRE Mortgage Servicing Automation?
Automation refers to the use of technology to streamline the various tasks involved in servicing a commercial real estate mortgage loan. Put another way, think of the servicing ‘stuff’ you do on a day-to-day basis that is tedious, monotonous and slows you down. This may include tasks such as loan modifications, amortization schedules, or management approvals. The aim is to simplify and speed up the process, reduce manual labor, and increase efficiency.
What are the benefits of Commercial Real Estate Mortgage Servicing Automation?
We’re glad you asked! There are countless benefits to using technology for servicing automation. To sum it up as succinctly as possible, these are the 4 biggest results a Servicer would achieve with improved automation:
- Increased Efficiency: Automating various tasks involved in the loan process reduces the time and manual labor required to complete the process. This results in faster loan processing times, which can be beneficial for both lenders and borrowers.
- Improved Accuracy: Automated systems are less prone to errors compared to manual processes. This reduces the risk of human error, ensuring that all loan information is accurate and up-to-date.
- Better Risk Management: Automated systems provide a more comprehensive view of a loan’s risk profile, allowing Servicers to make better informed decisions and manage risk more effectively.
- Increased Transparency: Automated systems provide real-time visibility into the loan process, making it easier to track the status of a loan and ensure that all parties are aware of its progress.
- Cost Savings: By reducing manual labor and increasing efficiency, servicing technology automation can result in significant cost savings for lenders.
Commercial real estate mortgage servicing automation is an effective way to streamline the loan process, increase efficiency, and reduce costs. With its many benefits, it’s no surprise that more and more organizatios are turning to technology to automate their CRE mortgage servicing operations. Whether you are servicing 1 loan or 1,000, commercial real estate mortgage servicing automation can help give you and your organization that lift you’re looking for.