With the increase of FinTech, technology to support financial service operations, comes RegTech, the technology to address and monitor regulatory compliance. Today, we have the makings of digital mortgages, consisting of online applications, verifications, approvals and closing; the paperless, virtual mortgage. FinTech companies and processes were created to enhance the consumer experience while improving their communication and engagement with financial…
It’s estimated that in 2016, almost $20 million in wire transfers, like down payments and settlement funds, from bona fide real estate sale transactions were diverted to criminal’s bank accounts. This was accomplished by manipulating legitimate email accounts. How much more may have been lost from other types of mortgage fraud? Although mortgage fraud is reportedly down, as the real…
Companies and consumers are increasing their use of voice-activated virtual assistants. Most companies today have interactive call answering systems that will guide a caller to their desired destination or provide static data. Banks offer services for their customers to call in and get account balance information, stop payment on checks, check for charges and payments made on credit cards, and…
We knew it would happen sooner or later and so it has. The Millennial generation, the single largest group of current consumers, is finally looking to buy a home. In fact, in the past 12 months, Millennials have topped the list of home buyers. It’s time for this generation to make its mark on the housing industry and take its…
If you’ve been following my blog, you know that I believe mortgage loans will be a little tougher to come by in 2018. I know, I’m not the only one. Lenders need to find new and better ways to attract consumers and acquire their business. Much of the talk has centered on what is needed to service the new generation…
With rates rising, refinances declining, and fewer homes on the market for sale, it is no surprise that mortgage lending is tight. Although the outlook for the 2018 purchase mortgage market seems good, overall business will be off from prior years with the same lenders all vying for their piece of a smaller pie. To compensate, lenders are loosening their…
