With all the buzz around implementations using technology and a digital loan process, some say the role of the loan originator (LO) may be diminished, if not eliminated.
Recent studies have shown that, although many homebuyers want access to a digital process that is online, they still want the comfort and certainty of having a human being available for assistance when needed. That human being is the LO.
So, for now, the LO remains in loan originations.
US Bank just announced their system for doing just that. They’ve introduced their proprietary system that will integrate a digital loan application and processing while providing access to real live loan originators.
This hybrid allows their borrowers the convenience of self-service with the comfort of online support. The best of both worlds!
Sign Up For Free Newsletters Today!
Technology can and will streamline and simplify operations. That makes your staff more efficient and productive and will ultimately reduce costs.
However, technology alone won’t to the trick. You still need good products, at competitive rates, with good old fashion customer service, and a personal touch available, when needed.
LoanLogics can help with the technology. You’ll need to provide the customer service and support to your customers.
Michael L. Vitali – Independent Consultant to the Mortgage Industry
Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance.
Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
Michael L. Vitali – Independent Consultant to the Mortgage Industry
Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance.
Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
0
0
With all the buzz around implementations using technology and a digital loan process, some say the role of the loan originator (LO) may be diminished, if not eliminated.
