Quicken Loans, one of the mortgage industry’s leading lenders, and a pioneer in the use of technology may soon consider the use of electronic property valuations instead of standard manual appraisals. Why? Last week, a federal district court hit Quicken with a guilty verdict resulting in fines and penalties of almost $11 million in a class action suit brought by…
Advancements in technology have led many to question the continued role of the Loan Originator in the home financing process. Could it be that the appraiser is the one at risk? With databases constantly being fed information about property values, market conditions, area employment trends, and other information pertinent to determining property values, will we continue to need a physical…
Who is Morty and why might he or she put the traditional mortgage originator out of business? First, Morty is not a he or she, it is an online mortgage resource system meant to match consumers with the best products and rates available, while walking them through the loan process. Morty is the brainchild of mortgage professional, Brian Faux. He,…
It’s an old song, sung by performers like Elvis, Willie Nelson, and Al Green. They talk about what goes around, comes around, and sooner or later “you’re gonna pay” in love and in life. Things ain’t so different in business. If you do right by your customers, then they’ll do right by you. If you cut corners, look for shortcuts,…
I don’t think so. I’ll bet (if I were a betting man) that if we carefully analyzed the process to originate a new loan, we would find the cost to originate a loan has actually declined. What with online applications and the technology for consumer communication, information gathering and verifications, and automated loan approvals, less time is spent creating a…
“We’re creating software robots to mimic what humans do [in mortgage lending]”, said Mark Davison, a partner at ISG, a technology research and advisory firm specializing in Robotic Process Automation (RPA). Mortgage lending is just now moving into the digital age and it appears it may leap right into robotic processing and maybe artificial intelligence. Are you ready for this?…
