The experts at Docutech have recently identified a number of the most important trends currently at work in the mortgage industry. We have been looking to the future to see what mortgage professionals can expect. Our findings were recently published in an eBook entitled Lending Technology: Three Key 2018 Trends Shaping the Future.
The experts at Docutech have been performing an in-depth examination of the recent trends in mortgage lending and what they spell for the future. Based on our analysis, we have put together a brand-new eBook, Lending Technology: Three Key 2018 Trends Shaping the Future.
Innovation and evolution within the mortgage industry continue to reach new heights as consumer demand and reliance on digital technology become commonplace across every industry. As a result, lenders are investing in technology offerings that not only help them remain competitive by improving the experience of their customers, but also simplify and streamline processes and decrease costs.
TRID 2.0 News
As the hard deadline with the new 2018 TRID rules approaches, a number of updates were made last month that will impact lenders going forward and help them remain in full compliance.
We are less than two weeks away from the mandatory compliance date for TRID 2.0. As of October 1, 2018, the CFPB will expect every lender to be in full compliance with the new amendments.
This means that lenders need to make certain that they are ready to make the transition to the updated rules. With the right preparation, you can be certain that this change will occur in a smooth and orderly fashion.
At Docutech, we have been working on the changes for the last year and can assure our partners that we are ready and assist them with their final TRID 2.0 preparations and testing.
Docutech’s integrations with leading technology providers in the mortgage and consumer lending industry are key to helping us deliver end-to-end solutions that enable lenders to streamline loan origination, reduce costs, and optimize the experience for the borrower. In our monthly Industry Spotlight blog series, we highlight key relationships that help us move the industry forward by delivering the most streamlined, accurate, compliant and innovative document experience possible.
Executing on a complete digital mortgage strategy has been much like completing a giant puzzle. As puzzle pieces like technology infrastructure, regulatory standards, consumer demand, and the need to cut origination cost have aligned, the digital mortgage picture has become more complete.
Summer typically sees fewer compliance updates, and this summer is no different. That said, we did see some changes in California and from the nation’s largest secondary market investor.
All of these changes were detailed on our compliance blog. Subscribe to learn about all of the industry’s compliance news before anyone else.
The evolution towards true end-to-end digital mortgages becoming a reality is gaining increasing momentum with new recommendations from the U.S. Department of the Treasury. Mortgage technology has evolved over the past two decades to include automated underwriting tools, digital document generation, eSignatures, eVaults, and mobile and online loan point-of-sale platforms. The Treasury recommendations address the critical need for more investor acceptance of eNotes for true broad-based use of digital mortgages.
While lenders have embraced much of the innovations paving the way to eMortgages, there have been roadblocks – often in the form of outdated regulations and technologies, as well as lack of support from investors that drive much of the mortgage industry’s secondary market.
