Motor City revved up a different type of engine last week as lenders and vendors roared into Detroit to debate, explore, and test out the latest innovations driving the mortgage industry at the 2018 Mortgage Bankers Association’s Technology Solutions Conference and Expo. Across the many sessions and meetings, three major themes dominated the show: customer experience, digital mortgage, and data security
Any lender seeking a new technology partner has to wade through a river of nearly useless buzzwords. The cloud. AI. eMortgage. Blockchain. End-to-End.
They all have strong business cases, but too many companies just throw the words out there hoping to get their voice heard amongst companies seeking the newest offerings. Without substance, though, these bits of jargon mean nothing.
Three Ways a Strong Doc Platform Keeps Compliance Costs Under Control
Despite the Senate taking an axe to parts of Dodd-Frank last month in a proposal that would impact small and mid-sized banks along with changes to the SAFE Act, TRID disclosures and PACE loans, lenders still struggle with the rapidly rising costs of compliance.
What does a healthy loan portfolio look like? Much like financial advisors counsel investors to diversify their personal investments, banks and credit unions must follow the same advice. Relying too heavily on one loan product puts the institution at risk and leaves valuable growth opportunities for someone else to grab.
http://blog.docutech.com/enhancing-the-mortgage-process-with-edocumentsSpring is around the corner, and for many homeowners, it’s time to shake off the winter doldrums and freshen up the home. Often, this means tackling a major remodeling project – possibly a new bathroom, updated kitchen or that dream landscaping project. As the economy remains strong, the appetite for remodeling is growing quickly. The Joint Center for Housing Studies of Harvard University’s Leading Indicator of Remodeling Activity (LIRA) projects that homeowner spending on improvements and repairs will approach $340 billion in 2018, an increase of 7.5 percent from estimated 2017 spending.
Part Two of a Series on HELOC Lending
As we explored in the previous blog of the series, tappable equity among homeowners is currently at an all-time high. In fact, according to TransUnion, nearly 65 percent of current homeowners are eligible for a home equity line of credit (HELOC), presenting a lucrative business opportunity for lenders looking to expand their service offerings.
For many years, one of the primary benefits touted by advocates of electronic mortgage lending was the concept of moving to a paperless loan process. However, with the Consumer Financial Protection Bureau’s (CFPB) TILA/RESPA Integrated Disclosure (TRID) rules that went into effect in 2015, eliminating paper – and its respective costs – is still a challenge for lenders making the move to digital.
Part One of a Series on HELOC Lending
What is the most significant generator of wealth for Americans right now? According to the Federal Reserve’s Survey of Consumer Finances, it’s the increasing appreciation of their homes and real estate. The survey found that the median net worth of home owners increased 15 percent since the previous report in 2013, largely due to the rebound in housing values across the country. On the other hand, renters saw their net worth decline five percent in the same period.
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.
