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Innovation is the new buzz word in mortgage lending. The talk at this year’s MBA conference in Boston was all about technology and what can be done to streamline operations, reduce costs and improve loan quality.
What a difference a year makes. Last year at this time we were just entering into the new TRID era. All eyes and ears were focused on what effects the new rules would have on lending. The fears of major home closing delays, confusion, and less lending turned out to be largely unfounded.
As usual the industry, through its continued hard work and dedication to get the job done, found the ways to comply with TRID and still service the needs of homeowners and buyers, on time. Well done, take a bow.
So, it’s once again time to turn our attention to producing business. To concentrate for a while on what can be done to originate more loans, process and close them more efficiently, and make some money in the process. Hey, ain’t that what’s it’s all about?
TRID is not forgotten. Mainly because it did cost the industry time and money and some of its effects still linger. However, it also opened our eyes to the need for more technology in the mortgage lending process. We can’t keep throwing people at the problems. It’s time to step back and take a look at what can be automated and/or outsourced, so lenders can concentrate on lending; what they do best.
Even though TRID may be in the rearview mirror, it’s important to take a look once in a while. TRID 2.0 is on the horizon. That may again require programming and operational changes. Be informed to get prepared. Take a good look at how such changes can best be handled through the enhanced use of technology.
They used to say, “Think outside the box”, they now call that “Innovation”.
Be innovative, my friends…
