Last month, leading female mortgage professionals from the country’s top mortgage lenders, GSEs, as well as technology and service providers participated in the inaugural NEXTTM Mortgage Technology Conference for Women in Dallas. NEXT challenges traditional mortgage industry conferences by being the only tech-focused event for women executives who are serious about driving optimal business outcomes.
One of the key areas of focus for the Mortgage industry in 2017 that is carrying into 2018 and beyond is the importance on delivering a better overall borrower experience. Lending success in the future will greatly depend upon the ability to deliver a streamlined and digital experience to the customer – one that enables the borrowers to feel more knowledgeable and empowered in the process. That’s what building a more powerful lending enterprise will mean in the year ahead.
How much is one billion?
One billion seconds would take 31.7 years to pass. A stack of one billion-dollar bills would stretch nearly 68 miles into the sky.
And for us at Docutech, one billion is the number of mortgage lending documents ConformX, our dynamic document generation engine, has generated since launching in 2004.
Historically, financial services organizations tend to invest in new technologies at a more conservative rate than firms in other industries. There are good reasons for that, because mortgage banking, like all financial services, has risk mitigation at its core. Adopting every new technology that comes down the pike is not a good way to manage risk in the enterprise. Depending on the size, infrastructure and resources of a particular lender, the decision to adopt new technology solutions can vary and impact the overall perception of financial services industry technology advancement.
The rise of mobile was one of the hottest trends in 2017 and it has carried over into every transaction the consumer engages in. With mobile now making up two-thirds of a consumer’s digital media time, the chances of interacting with a borrower through their mobile device is much more likely than through their desktop computer.
Recent research from the Consumer Financial Protection Bureau (CFPB) shows that many borrowers regard closing on a home as a stressful and intimidating experience.
Denver, Colo. was invaded by leaders from the mortgage space, all eager to learn more about what’s to come in 2018 and get a firsthand look at the latest technology innovations aimed at simplifying and optimizing processes and improving the borrower experience. Along with a trade show floor full of new product and service offerings, MBA Annual 2017 offered attendees the opportunity to sit in on an array of sessions tackling key topics such as HMDA, digital mortgage and regulatory changes not to mention a motivating session on leadership led by five-time NFL MVP Peyton Manning.
Because mortgage transactions have significantly larger loan balances than other types of transactions, they are very attractive to fraudsters who are seeking an illicit payday. There are many schemes fraudsters use to steal money from mortgage lenders and their investors. These range from valuation-based schemes, where criminals attempt to mislead the institution as to the exact value of the property, to setting up straw borrowers with fake credit reports.
In the lending process, the customer’s experience is largely driven by the many documents a borrower must fill out, review and sign. Today’s consumers expect and demand a loan process that is quick, easy to understand and accessible in any format – online, mobile or hard paper.
