Advances in digital technology have been driving change in customer acquisition and experience in virtually every sector of the economy. The mortgage industry has benefited from these changes by improving the loan origination process through a variety of different methods. However, in the current market scenario with decreasing profits, increasing loan origination costs and the … Continue reading Gaining market share while cutting costs: Is technology alone the right answer?
Recent news of sustained economic recovery, lower levels of unemployment, with solid wage growth & a limited supply of homes for sale are just some of the key reasons placing positive pressure on the mortgage market. Meanwhile, it has been a tumultuous journey for title insurance industry with many title companies reporting an increase in … Continue reading Mortgage market conditions are changing. Are Title Agencies getting left behind?
When it comes to buying a home, the next generation of home buyers are more acquainted with the digital process, and therefore most lenders believe that they expect and are happier with a more ‘self-serve’, no-touch mortgage processing experience. However, it is interesting to note that, at times, the ‘digital’ generation still requires a lender … Continue reading The Next Generation Mortgage Process Is Much More Than ‘Self-Serve’ Technology
The Mortgage Market Composite Index decreased 2.6% this week, while the refinance share of mortgage activity is at its lowest level in the last ten years. The Mortgage industry has seen a big drop in numbers at a fundamental level as loan applications and related-activity have dropped, with an increase in interest rate. A measure … Continue reading An Upbeat Scenario despite Some Negative Trends in the Mortgage Industry
With the arrival of digital banking and mortgage solutions, and improved technology, the processes required to close a loan are becoming increasingly efficient. Without these technological innovations, the likelihood of achieving shorter time frame on all types of loans is highly unlikely. And the numbers speak for themselves. Since the beginning of 2018, the number … Continue reading Does Technology Alone Help You Acquire Satisfied Mortgage Borrowers?
Post the financial crisis and the whole mortgage-backed securities debacle, lenders had been seeing more and more regulations being introduced requiring even more compliance efforts. Lenders were finding it undoubtedly hard to fight off the mounting costs brought on to enhance quality and regulatory checks and improve loan quality. With regulations around TRID, HMDA, class … Continue reading Mortgage Loan Quality: Is Compliance your Focus? Times have changed!
By Eric Wilson As an executive that has been both on the lender/servicer and the vendor side of the table during the course of my career, I’m amazed at how often the concept of customer service comes up during the sales process. Among the benefits that we always see returned on our RFP’s is some … Continue reading The New Customer Service is Customized Service