Mortgage industry or the housing finance industry refers to a process wherein an individual can refinance his residential property in order to acquire funds. The past trends of the U.S mortgage industry invited hefty investments from the top-notch companies from 2001 to 2005. With the spurt of mortgage bankers and their superfluity even towards the non-standard borrowers made borrowing easy and led to the current market slump which may persist for long. Therefore, it becomes imperative for enterprises to seek for efficient solutions and services which will strengthen their presence.
Challenges
The worsening conditions of the industry has led to lower profit margins, which in turn has resulted in tighter qualifying standards for mortgage. The declining scale of operations resulting from the seriously challenging market conditions makes it imperative for the industry players to adhere to cost-effective solutions for their business processes. An effective contact center providing appropriate services to its clients has become the need of the hour.
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| Shrinking Volumes and growing competition |
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| Due to the slump in the re-financing market, the mortgage volumes have declined by 20% in 2006 as compared to that of 2005. Total residential mortgage production in 2006 was $2.46 trillion, but will drop by 14 percent in 2007 to $2.1 trillion. The recent trend of acquisitions and sale of business units have put a question mark on the sustainability of many mortgage bankers. In order to increase market penetration and secure customer relationships, an enterprise requires a strong contact center solution. |
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| Pressure on Price |
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| As mortgage offerings are commodities driven by governing bodies’ decisions, the only scope for profits lies in cost – cutting and risk management. Also, the increase in Federal Reserve interest rates has led to lower margins across all sectors of loan origination. So, in order to maintain market share, lenders are struggling in price wars. An appropriate contact center solution providing comprehensive data analysis will help an enterprise to refine strategies and formulate policies. |
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| Technology |
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| As companies find it difficult to right-size their capacities in order to compete in the slower and tougher market conditions, the only choice left is to opt for integrated applications providing seamless technology extending solutions right from origination through processing to closing. Thus, there is an urgent demand for superior tailor-made solutions that are in harmony with an enterprise’s requirements. |
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Opportunities
In order to target first-time and move-up buyers and follow up on the current line of customers, mortgagers need a strong verification and collection system. These processes further have to be divided into manageable tasks. A right contact center solution can
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- Facilitate agents to look up meaningful and organized data and to analyze behavioral patterns for prospects to cross-sell and up-sell with the help of customized CRM developed on the basis of customer-specific compliance details.
- Lower the total service costs with the use of standard telephony equipment. Reduce total cost of ownership with an all-in-one solution pre-integrating CRM, database, reporting & analytics, and voice recorder, in addition to outbound and inbound components.
- Train and supervise workforce effectively with real-time remote and local monitoring, via barging, snooping, conferencing, and voice recording. Enables authentication via three-way interaction between the customer, agent and the loan officer or the verifier.
- Enabling customers to resolve issues and settle claims via multiple channels. Superior self-service for routine queries and assisted service for complex issues.
- Analyzing real-time and historical geo-demographical data for better market penetration.
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Solution
DACX Ameyo perfectly delivers to the mortgage industry's current demand for credible end-user interactions across all channels, optimum efficiency of operations and processes, efficient data monitoring, minimizing total cost of ownership, all of which furthers into higher revenues and increasing profit margins. DACX Ameyo suitably fits with the comprehensive industry business processes ranging from business purchase services to collection outsourcing.
Drishti's award-winning outbound and inbound solutions offer predictive dialing, ACD, IVR, Voice recording, CRM, database, reporting and unified messaging capabilities. This integrated platform embedding multimedia capabilities such as E-mail, SMS, chat, FAX and voice capabilities, allows you to trace new prospects across different channels.
Strong inbound capabilities provide high quality services to customers with customized call flows, skill-based routing, sound queue management and minimizing interaction time. Features like multiple dialing modes, scripting, call-back scheduling, voice recordings and many others enable you to capitalize on revenue generating prospects
Real-time monitoring and reporting, provides pragmatic performance analysis and better insight in to the future course of action and strategies.
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We chose DACX over 20 other solutions because of its high Answering Machine Detection and flexible CRM. We are delighted by Drishti's response time in meeting our changing requirements. With this kind of support and deliver ability we are confident of growing rapidly with Drishti. 
