The industry of lending is changing rapidly due to rising expectations from borrowers, greater compliance needs and more competition causing lenders to modernize their technology at the fastest rates. Traditional systems are no longer enough to allow a lender to grow and function at scale.
To meet the challenges facing lenders, Awesome Technologies Inc. (ATI) will continue to expand its strategic partnership with MeridianLink, one of the premier digital lending platforms in the industry.
The goal of this ATI and MeridianLink partnership is to let lenders unify their operations to create greater efficiencies and provide a consistent borrower experience for each stage of the loan process.
The result is a far more connected and collaborative lending ecosystem. It was never possible without combining the knowledge and experience from ATI’s strong history of 14 years in mortgage technology and the strength of MeridianLink’s technology and services.
Overview of ATI and MeridianLink Partnership
Awesome Technologies, Inc. (ATI) is known as a leading provider of technology solutions for the lending and mortgage industry. It is already trusted by 500 above lenders as it has processed more than 400 million automated actions on more than 4 million unique loans since its initial general availability in 2012.
With an emphasis on CRM, workflow automation and digital transformation, ATI supports lenders to help them run their businesses more efficiently and increase their ability to scale. The company has more than 10 software solutions actively used by mortgage lenders across the country.
MeridianLink provides a detailed lending platform that allows lenders to manage the complete loan process from origination, through decisioning and borrower engagement. Its cloud-based platform allows lenders to process loans faster while still retaining compliance and operational oversight. For over 25 years, MeridianLink has been dedicated to making lending fair and accessible Meridianlink platform software solutions for all consumers and communities. For more information, go to www.meridianlink.com.
The joint venture between MeridianLink and ATI will also help to further reduce the fragmentation within lending technology, enabling lenders to utilize a single integrated system instead of multiple independent systems.
So lenders can more easily move from one platform to another and have a seamless flow of data and information across multiple platforms. There is less duplication of effort, better visibility, and faster decision-making.
Industry estimates indicate lenders using integrated platforms may create a savings in operational inefficiencies of around 35% and may also improve the loan processing time by almost 25%.
This partnership was created to create a solution that will deliver the above expected impact.
How ATI Enhances MeridianLink Capabilities?
MeridianLink has a solid lending platform. However, ATI is integral in helping to extend Meridian’s capabilities to function with lenders’ actual day-to-day operational needs.
ATI is all about customizing, integrating, and optimizing MeridianLink to provide not just a platform, but rather a fully functional system that is in complete alignment with each lender’s workflow.
- Advanced Workflow Automation
ATI makes MeridianLink more effective by creating intelligent mortgage workflow automations aiming to automate many of the repetitive tasks involved with making a loan. This leads to less manual intervention and creates a more structured, rules-based process for each step in the loan-making process. Ultimately, it will minimize delays and produce greater consistency among lenders’ operations.
- Seamless System Integrations
By far the most significant obstacle lenders encounter in their business operations is the difficulty associated with connecting to multiple systems. Through its seamless integration capabilities, ATI has solved this issue by providing a direct connection between MeridianLink and other critical systems to allow real-time data synchronization. Hence, it eliminates the need for manual entry and reduces the likelihood of error.
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Custom CRM Alignment
ATI’s mortgage CRM software may be customized with MeridianLink to provide complete transparency about the borrower’s experience from lead generation all the way through to post-closing communication. Lenders will have access to every interaction that occurs in one location, enhancing efficiencies and the overall experience for borrowers.
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Data Structuring and Reporting
To help lenders manage their data for reporting and analysis, ATI will assist lenders with structuring their data in MeridianLink. With organized, uniform data, lenders can gain increased understanding of their pipelines, their conversion ratios, and their operational constraints, permitting leadership teams of lenders to base more accurate decisions upon actual data.
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Ongoing Optimization and Support
Technology implementation is a continuous process. Therefore, ATI will work continuously with lenders to optimize their operations by continuing to make MeridianLink evolve with the lender’s growing business needs through the following:
- Enhancing and refining workflows
- Improving automation logic
- Making adjustments to systems as needed to accommodate any regulatory changes
Lenders can boost their system performance and expansion capabilities through specialized ATI’s Meridian automation services which ATI provides as a solution for their operational needs.
Key Benefits of MeridianLink Integration
The connection between ATI and MeridianLink platform for lenders can be recognized in improved operational efficiency, compliance and customer experience.
1. Faster Loan Processing
Automation & integrated systems make it quicker to process loans. Tasks that used to take hours now take minutes. Lenders that use an integrated system have decreased their loan cycle time by up to 30 per cent, which helps them issue loans faster and create increased customer satisfaction.
2. Reduced Operational Costs
Manual processes are more expensive compared to automated processes. By streamlining workflow and eliminating redundant processes/steps, lenders can operate at a lower cost per loan while maintaining high levels of service to customers. This efficient operation enables lenders to manage higher volumes of loans without adding staff.
3. Improved Data Accuracy
One of the leading causes of errors or mistakes in lending is due to inaccurate or inconsistent data. By integrating with other systems, data can be provided once through a single entry and be used throughout for multiple systems which will reduce the number of errors. Accurate data will correlate to much better reporting for compliance, and ultimately to improve the speed and quality of decisions made.
4. Enhanced Compliance and Risk Management
Lending has very complicated and constantly changing rules, laws, and regulations. Using an integrated system with built-in compliance checks helps lenders guarantee that each loan meets all of the required compliance standards. Audit trails and automated alerts reduce the likelihood of lender errors and/or penalties. It enhances the lender’s confidence during an audit.
5. Better Borrower Experience
Today’s Borrowers have high expectations with regards to speed, transparency, and communication throughout the loan process. With an integrated system lenders are able to provide faster, real-time updates to borrowers, faster loan approvals, and have a much more seamless experience for borrowers throughout the loan process. All of these help lenders experience an increase in referrals and retention.
6. Scalable Growth
As lending organizations continue to grow they will need to have their technology be scalable to match that growth. Both ATI and MeridianLink have combined capabilities to help organizations to manage their increasing loan volumes without experiencing operational bottlenecks. To position yourself for long-term success in a competitive marketplace, it is very important to have the ability to be scalable as your company increases in size.
The Bigger Picture: A Shift Toward System-Driven Lending
The change from using only manual/individual effort, going back to before the technology era, to utilizing a lending (loan) system driven model instead represents one of the biggest evolutionary steps within the lending industry.
In the past, lenders relied on individual efforts to manage every aspect of all of their lending processes (e.g., workflow management, database management, compliance), which resulted in inconsistent processes, delayed processing times, and did not allow scalability for growth.
Today, through technology (e.g., using lending systems like MeridianLink and applying the expertise of ATI to provide a structured environment with automated processes, a single source of data, and real-time access to information to make business decisions), the lending industry has changed completely.
The new paradigm based on MeridianLink platform solutions for loan automation is not just to create efficiencies through process improvement but it is also about creating a stronger/ more flexible business model at the same time.
By adopting a system driven approach, lenders will be in a better position to respond to changes in their marketplace, changes in regulations, and the increased expectations of their customers.
Real-World Impact: What This Means for Lenders?
The expanded ATI-MeridianLink partnership provides practical and measurable benefits for lenders. Loan officers can devote more time to creating relationships, as they spend less time on administrative tasks.
Operations teams can have greater visibility into pipeline performance. Leadership can make faster decisions based on data. Borrowers will experience faster and smoother loan journeys. These benefits can greatly impact competitiveness in a market where timeliness and accuracy are critical.
Looking Ahead: The Future of Lending Technology
The need for integrated, scalable technology will continue to grow as the landscape of lending continues to change and evolve.
As many as 70% of lenders surveyed are planning to make investments in automation and integration over the next few years to stay competitive.
Lenders can benefit from the combined capabilities of the ATI and MeridianLink partnership as they can get access to tools and knowledge to assist them in modernizing their operations.
By collaborating on the ROI of their operation, lenders are creating an opportunity to move beyond just being digital and focus on achieving operational efficiency through integration, automation, and ongoing improvement.
Wrapping Up
Expanding ATI and MeridianLink partnership is a major source of advancement in the ongoing development of technology used by lenders.
By combining a strong lending platform with extensive technology knowledge, the ATI and MeridianLink partnership will enable lenders to improve their operations while reducing costs through better service to the borrower.
In a competitive marketplace where decreased costs, more accurate processing, and increased scalability are all critical factors, integrated solutions such as those provided by ATI and MeridianLink are no longer optional, but fundamental to supporting future growth.
Lenders who adopt Meridian integration services will not only be able to adapt to the changing nature of their industry, but will also help take the lead in delivering faster, smarter and more interconnected lending solutions.
About MeridianLink
MeridianLink® (NYSE: MLNK) is the provider of modern digital solutions that allow banks, credit unions, and consumer reporting agencies to grow their businesses much more efficiently. Its cloud-based platform enables lenders to offer lending, open accounts, conduct background checks, and verify information using a single unified data system referred to as MeridianLink® One.
By using this “connected” approach, financial institutions can discover new ways to: grow their business; scale their operations; and remain compliant with regulations; from banks with thousands of members to small credit unions with only one or two members.
The MeridianLink platform solutions for loan automation also improves the overall experience of their employees and customers by speeding up and streamlining processes.
MeridianLink® has over 25 years of experience focused on improving access to and the efficiency of lending to consumers, small business and the communities that support them.
About Awesome Technologies Inc.
Awesome Technologies Inc. (ATI) has established itself as a leader in loan origination system (LOS) modernization by delivering advanced platform solutions to lenders for more than ten years.
The company headquartered in Dallas, Texas as a leading financial technology (Fintech) provider helps over 500 independent mortgage banks (IMBs) and banks and credit unions throughout the United States. It provides trusted partnership to lenders who want to adapt to new mortgage systems or optimize their current technological resources.
ATI delivers complete mortgage industry services which include all aspects of LOS implementation through training, development, custom software development, BytePro, Optimo, Encompass, system integration, automation, API, SDK, RPA, CRM and digital transformation tools.
ATI enables financial institutions to modernize their lending operations through its combination of industry knowledge and advanced technology solutions which decrease manual work and generate long-term profitability.
Founded by Nuruddin Punjwani in 2012, the main purpose of ATI is to improve operational productivity while maintaining compliance with new regulations and enabling the mortgage lending system to achieve greater business expansion.
Our Key Products and Services at a Glance:
Services:
- Encompass Implementation/LOS Optimization/Customization/Integration/SDK/API/Consulting/Training
- BytePro Integration/Automation
- MeridianLink Integration/Automation
- Custom Mortgage Development
- Mortgage Software Development
- Commercial Lending Software
Products:
- E-compensate
- ETL Data Warehousing
- CRM
- BullseyeEZ
Contacts:
Awesome Technologies Inc.
4400 State Highway 121 Ste 374,
Lewisville, TX 75056
(877-284-4968)
info@awesometechinc.com
