Technology is extremely complex today and the compliance requirements are so high that more and more providers are offering pre-configured software to avoid customizing code. There are good reasons to avoid a custom implementation when possible, but there are also reasons that software providers must remain flexible if they hope to meet the changing needs of today’s mortgage lenders.
As production expenses per loan rise to the highest level ever and lenders continue to strive to not only digitize but streamline their operations, dynamic document packages are increasingly important.
The reasons lenders should consider moving toward using dynamically generated electronic documents and away from static forms and scanned documents continues to grow. However, the core reasons are the ability to efficiently create dynamic document packages for any loan origination product to optimize operations, improve compliance and deliver the best customer experience.
Recently published data reflects declining originations, however; is a different story beginning to emerge? For example, the Monitor Report recently published by Black Knight Financial Services, showed that overall mortgage originations took a dive by nearly 35 percent in the first quarter of 2017. The report also disclosed other statistics of potential concern, including the fact that refinance originations dropped by 45 percent (a 20 percent drop from last year) and the amount in first-lien mortgages originated decreased by 9 percent to settle at the lowest point since the end of 2014.
While At first glance, this data paints a bleak picture of the present state of housing, let’s look at some positive trends.
Digital Mortgages, Customer Experience Innovations and Mobile Platforms Are Changing the Face of Mortgage Lending
The mortgage industry recently gathered in Chicago for the Mortgage Bankers Association’s 2017 Technology in Mortgage Conference. This annual event brings together the brightest and most innovative companies in the industry as they wrestle with the issues that face mortgage lenders across the country.