DecisionPoint from WFG Enterprise Solutions enhances lenders’ pipeline management to increase efficiency and conversion rates

An estimated 50% of transactions don’t close, which means time spent by lenders on those transactions could be better spent elsewhere. DecisionPoint, an automated title decisioning tool from WFG Lender Services, aims to improve that conversion rate.

DecisionPoint analyzes property encumbrances and applicant circumstances to immediately project a reliable title clearance timeframe and a detailed pre-title report summarizing the findings. The tool enables lenders to focus their origination efforts on the loans with clear title, immediately dig into loans that require some form of remediation and avoid spending valuable time on transactions that won’t close.

The most valuable feature of DecisionPoint is its ability to enhance pipeline management for lenders, allowing them to spend their time more effectively. Using DecisionPoint, lenders can proactively and immediately identity obstacles that could slow down the origination process, increasing conversion rates and ultimately resulting in improved borrower satisfaction.

DecisionPoint takes the guesswork out of title in that lenders no longer need to wonder how long it will take to get a title cleared. When a successful result is obtained, the tool quickly delivers a pre-title report.

The faster title is cleared, the more quickly a loan can be cleared to close, but not all title transactions are simple.

DecisionPoint identifies title defects at the collateral level and provides those potential title faults immediately, up front. This allows lenders to assign poorly graded transactions to their more skilled processors, freeing them to move “clear” loans through their workflow in a more efficient manner. This system helps lenders work cost-effectively and reduce dropout rates without compromising value.

With the ability to provide immediate decisioning for the vast majority of U.S. properties and immediate title clearance for about 30% of processed transactions, DecisionPoint improves lender capacity and enhances efficiency by allowing them to assign the right employee to the right transaction at the right time.

Because DecisionPoint identifies early whether a file needs work to clear title, lenders can obtain critical information from borrowers during their initial engagement, generate a loan estimate and obtain borrower consent, reducing loan application dropout rates.

And thanks to lenders’ ability to move loans through the origination process faster, borrowers are able to take advantage of the best interest rate and close their loan within a matter of days, not months.

Borrowers are often concerned that refinancing their mortgage takes too long. Lenders who use DecisionPoint are able to accelerate the title process so that it shouldn’t take two months for them to close that loan within all regulatory guidelines, for submission to the GSEs or any other secondary market participant.

“Faster closings help you capture more business and enhance operational efficiency,” said WFG Lender Services SVP Dan Bailey. “If DecisionPoint is successful in increasing loan conversions by a margin of 10-15%, that’s a huge win for the industry and the homeowner.”