Who hasn’t experienced this situation? You go to assemble a piece of furniture armed with a dozen screwdrivers, wrenches and hammers and you discover the job requires the one Allen wrench size you do not own! What does this have to do with technology and the mortgage industry? Imagine the same situation when it comes to solving tough questions concerning…
Retail lenders and industry vendors alike will tell you they are investing in improving the customer experience to capture and retain new business. A result of a competitive market, choosing which lender to go with has become less about price and more about the experience borrowers have engaging with a lender’s brand. To deliver, retail lenders are focused on: Online…
Modern businesses are fueled by data. Data drives the decision making in every facet of the business cycle. But, data is not always accessible or easy to attain. In the mortgage industry, data is often ‘locked’ away in scanned paper documents or PDF documents. The data exists, but not in a form that is useful. Think of a diamond embedded…
In the first two parts of this series, I discussed the impact of a “purchase market” and “digital” on the fraud. Today, the last in the series, I want to outline some extra’s you can do to protect yourself and your borrowers. What can you do? You need to also ensure that any party with which you do business is…
Yesterday, I discussed the impact of today’s “purchase market” on fraud. Today, I want to explore the impact of digital. Because… It’s a digital world. A few months ago, we learned that one of the nation’s three credit repositories, Equifax, had been hacked. This hack provided the cyber thieves with valuable personal information on about 145 million consumers. The thieves…
It should come as no surprise to anyone in mortgage lending that the industry has been a little late in the adoption of new technologies to help streamline our business. Some of this may be because in the past several years, during the refi boom, business literally came walking through the door. It was all lenders could do to keep up…
