is COM i N G
Blockchain, AI and other tech
advances promise to make the old
ways of doing business extinct
By Robert Greenberg
Chief marketing officer, Patch of Land
Photo illustration by Paula Douglass
The paper mortgage isn’t dead quite yet, but it is heading toward life
support as advances in digital technology drive change across all industries, including mortgage origination. It took a long time to get to this point,
and no one is looking to resuscitate the paper process. Mortgage originators have been talking about mortgage automation and technology for
20 years without completely closing the deal.
The speed of change appears to be quickening, however, even for an
industry that has traditionally lagged behind others on technological
advancements. The mortgage industry has Amazon, social media, the
Great Recession and tech-savvy millennials to thank for the rapid pace of
innovation over the last decade.