"When so many loans get transferred, a lot of loans fall through the cracks," one observer notes.
It can be difficult to have enough staff to handle an exchange of mortgage servicing rights, though companies are exploring different solutions
NEW METRICS: "My entire incentive program is based on compliance and delivering on technology and not on budget at all," one manager says. "That's very different than the way it was in the past."
The heightened regulatory environment for servicers has also prompted a wave of process improvements.
San Francisco-based Sindeo is trying to bring the mortgage brokerage business into the future, creating a new online service that focuses on helping consumers navigate the often confusing mortgage process from start to finish.
A loan officer who uses a mobile device can provide clients with concierge-level service, said Abhinav Asthana, a product manager at Wipro Gallagher Solutions.
Most millennials do almost all of their other business on a portable device, so they want to have this same functionality when buying a home.
Kelly M. Adkisson is a managing director with Accenture Credit Services.
To take advantage of changing customer demographics and preferences, lenders must capitalize on digital technology. At the same time, digital technology should work in conjunction with, not as a replacement for, the loan officer.
Ellie Mae's new CEO Jonathan Corr said the company will stop supporting the self-hosted version of its origination system at the end of 2016.
Users of Ellie Mae's self-hosted loan origination system will soon have to make a choice: migrate to the software-as-a-service version of Encompass or switch technology providers altogether.
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