regulations. This can enable loans to be more easily
priced and delivered in the secondary market and
help avoid fines due to noncompliance.
n n n
By effectively and thoughtfully embracing technology, originators can maximize their value to today’s
borrowers and referral partners. In addition, these technologies accelerate the mortgage process, identify
problems earlier and increase certainty of closing.
Processing and closing a mortgage using these
capabilities leads to a faster, simpler and more transparent process.
The integration of technology into the mortgage
industry is here to stay, simply because it makes the
whole process better, more profitable and more
not replace it. n
such as credit, income, assets and property information
from verified third parties — significantly reduces
the borrower’s effort in assembling documentation,
while also improving the quality, timeliness and reli-
ability of the data. The latest technology platforms
also allow originators to conduct business from
anywhere, on any device, with ease and efficiency.
Technology also has improved information flow
during the entire loan process. Video and nonvideo
chat, threaded discussions, co-browsing and an emerging class of augmented reality applications, are facilitating and enhancing communication between all
parties, as well as effectively monitoring the loan at
every stage of the process.
Originators who use these technologies along with
their customer relationship management (CRM) software can more effectively manage client relationships
and monitor their customers’ loan requirements and
progress. At the same time, borrowers are empowered
with a one-stop location to track the loan through its
This transparency allows all parties to know exactly
where a transaction is in the process, and have predictability and visibility into loan status and closing dates.
After closing, these technologies become a convenient
and familiar way to continue enhancing customer and
Even mainstream consumer technologies are finding
You must comply
a place in the mortgage world. Amazon’s intelligent
personal digital assistant, Alexa, is being used by some
originators to improve customer service by offering
instant and continual access to information about their
current pipeline. Alexa can streamline day-to-day busi-
ness operations with voice-activated capabilities
that provide pipeline status, integrated communica-
tions, scheduling and much more.
With technology driving the entire loan process, it
becomes imperative that it properly addresses compliance. Much of the business-to-business software
on the market today is designed to make the lives of
mortgage professionals easier, yet many are reluctant
to adopt the technology because of compliance concerns. The truth is that compliance and technology
are perfect partners.
Instead of fearing that technology endangers compliance, originators should embrace the reality that
technology can actually help lenders abide by regulations and stay compliant without adversely affecting
the loan process or the borrower’s experience.
Today’s technology can continually review loans
to ensure they are compliant with the latest investor
and insurer guidelines, as well as state and federal
<< Brave continued from Page 132 “Even mainstream consumer technologies
are finding a place in the mortgage world.”