The pre-qualification and pre-approval stages of the loan origination process can often be stressful and time consuming for smaller mortgage lenders.
You may not always have the manpower and revenue you need to quickly and efficiently qualify prospective borrowers. This can mean that you fall behind your larger competitors.
Moreover, you may also run into issues with the data you have on an applicant due to gaps in their financial histories, adversely impacting the accuracy and timeliness of the process.
By partnering with a property data provider, you’ll gain access to a cost-effective route to speeding-up and streamlining your current processes. Find out how real estate data can serve you below.
Property Data: Your Secret Weapon
In order to see if a borrower is a fit for one of your lending programs, you need to have access to comprehensive information. Undertaking an extensive background check can be a time-consuming endeavor that can take away from other tasks and put you at a disadvantage in comparison to competitors with more staff and more sophisticated processes. As such, ensuring you have easy access to comprehensive, up-to-date data is key to faster processing times and accurate assessments.
One of the best offerings currently on the market for mortgage lenders is a property data package. At ATTOM Data Solutions, we aggregate extensive real estate data, including mortgage, public record property, owner, foreclosure, and neighborhood data, to ensure you have all of the information you need to quickly and faultlessly vet prospective property buyers and calculate estimated equity.
Traditionally, during the pre-qualification and pre-approval stages you must assess eligibility based on an applicant’s current income, assets, and debts.
However, comprehensive real estate data can provide you with a more detailed picture of a would-be borrower, helping you to aggregate prominent risk factors they may well be overlooked with an analysis of someone’s financial history alone.
Cool Rejected Applicants’ Anger with Data-Driven Decisions
As a house hunter, the stakes are high – purchasing a home is an emotional process for many people and prospective buyers rely on you to help demystify the array of mortgage options and rates currently available to them.
As such, it can be especially gut wrenching for a prospective buyer when they are denied a mortgage, no matter where they are in the process – even as early as the pre-qualification stage.
Providing data to illustrate why they have been denied a loan can help take the emotional sting out of being turned down for a mortgage – and can ease anger and frustration.
Here’s One Sure-Fire Way to Save Yourself Time and Revenue at the Pre-Qualification and Pre-Approval Stages
However, access to actionable property data is worth little if it can’t easily be integrated with your current systems. Automating the pre-qualification and pre-approval processes can help enhance and speed-up both – saving you hours and wasted revenue on manual processing. Moreover, the faster processing times achieved with automation can greatly improve your satisfaction ratings among applicants – who expect quick service.
In order to streamline your pre-qualification and pre-approval processes through automation, you can use our lender-grade automated valuation model, which automatically populates relevant property data at the relevant points in the decisioning flow.
Discover ATTOM’s Property Data API Delivery
Our property data API is the ideal solution for mortgage lenders looking for the timely delivery of premium property data. Covering more than 155 million U.S. properties and 99% of the U.S. population, our property data API is one of the most comprehensive real estate and property data sets on the market.
We currently outrank each of our leading competitors in depth, scope, and accuracy of information – enabling you to undertake a deep dive into the history of your applicants and trust the data you find.
Partner with One of America’s Leading Property Data Providers
As a lender, utilizing property data at the pre-qualification and pre-approval stages of the loan origination process can help you identify which mortgage options and rates a prospective home buyer qualifies for sooner and with greater accuracy. With ATTOM, you can also access impressive integration capabilities, enabling you to seamlessly enhance your current processes.
Curious to find out more about our property data and how we can help you as a mortgage lender? Get in touch with our expert team to discuss your needs.