Addressing Mortgage Occupancy Verification and Other Gaps in Digital Transformation

Ma-Keba Frye  |  November 6, 2020   |  ID Verification  


Since the onset of the pandemic, mortgage lenders have had to overcome some of the biggest challenges the industry has faced since the 2008 financial crisis. Not only has COVID-19 disrupted operations and caused demand for loans to skyrocket, but it’s also left us with an uncertain near-term and long-term economic outlook. Lenders that can rapidly automate mortgage occupancy verification and other processes amidst these extreme conditions will be uniquely positioned to maximize their growth potential. 

Investments in process automation provide long-term value

As the COVID-19 pandemic progressed, it came with an increase in loan applications and a sudden shift to remote interactions. From mortgage applications to basic bank transactions, the increase in consumer adoption of digital channels is likely here to stay. To keep pace with this demand and improve overall efficiency, banks like Amerihome and Allied Mortgage Group leveraged AI and RPA to auto-classify documents, auto-extract data, reduce human error, and update the loan origination system. 


Learn how a national mortgage lender simplified the proof of occupancy process >


Automated data extraction is becoming integral to the world we live in, and banks are starting to see the technology’s benefits on both the loan process’ front and back ends. According to the online lender,, 82 percent of its potential borrowers don’t speak with loan officers during the application process, eliminating long phone wait times experienced with traditional lenders. 

As for the back end, high-volume lenders are seeing the benefits of automating their processes as well. A prime example is Freedom Mortgage, which sought a scalable solution to ensure compliance of borrower occupancy verification for FHA loans. The lender’s EVP of Call Center Operations, Marcus Bontrager, credited Urjanet’s mortgage proof of occupancy solution with helping the company automate the FHA post-loan occupancy verification process. According to Bontrager:

“We partnered with Urjanet to provide a seamless experience for our customer base to get that utility bill. Very simple, very easy, very mobile-friendly. And that allowed us to scale.”

Digitization can increase customer satisfaction

As the digital transformation continues, multiple trends like automation, voice interfaces, and hyper-personalization are reshaping how consumers interact with mortgage lenders. According to a 2018 study conducted by PwC, lenders who offer high-quality digital tools like affordability calculators, saving and planning tools, and automated application/document submission have higher customer satisfaction. 

Lenders who offer high-quality digital tools have higher customer satisfaction.

Digital solutions offer customers more value and help alleviate the burden of manual tasks and data entry. Targeted digitization investments that address any manual and tedious steps in the mortgage lending process can improve customer satisfaction and overall competitiveness.

Technology improves remote workforce productivity and business continuity 

Low rates have caused mortgage lending activity to surge in 2020. According to the Mortgage Bankers Association, new home purchases and refinancing are expected to reach $2.65 trillion this year, the highest in 14 years. This increase in lending volume, coupled with a switch to a remote workforce, creates a unique challenge for mortgage lenders. Banks and lenders have turned to digital channels such as video and online applications, as well as electronic verification, to maintain business continuity and productivity. 

Investing in tools like automated document collection for mortgage occupancy verification can enable staff to access data anytime, anywhere. Employing technology to replace tedious, repetitive tasks frees up individuals to perform higher-level functions and focus on improving customer satisfaction. This additional staff time would be much better spent on working to satisfy demand increases and transitioning to remote workflows.  In the long run, this will enable greater productivity and business continuity.

Streamline mortgage occupancy verification with Urjanet

The pandemic didn’t create the need for digital solutions, but it did accelerate the digital shift, prompting businesses to rapidly modernize their operations. Moving forward, leading mortgage lenders should continue to incorporate tools that digitize onboarding and mortgage occupancy verification to maintain a competitive advantage and improve the bottom line.

Urjanet can help lenders get digital access to customer utility accounts to modernize proof of occupancy and other verification processes. If you’re ready to leave your antiquated mortgage occupancy verification in the past where it belongs, schedule a call with one of our experts.



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About Ma-Keba Frye

Ma-Keba Frye is a Content Marketing Associate at Urjanet, assisting with content development and execution. When she's not writing, she enjoys reading, listening to music, and volunteering.

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