The big game changer in the mortgage industry is the "unquantifiable and increasing regulatory risk," said Tom Sanzone, Black Knight Financial Services' CEO at a press conference Monday at the Mortgage Bankers Association's Annual Convention in San Diego.
Here are some other takeaways from the press conference:
• Sanzone said getting ready for the TILA/RESPA Integrated Disclosures "was a great accomplishment for us, two years in the making."
• The company spent nearly 1 million hours working on TRID.
• Because of the regulatory changes, the mortgage industry has gone from customization to standardization of processes and products, Sanzone said.
• BKFS is looking to be an end-to-end solution for the industry and it is working on creating a common look and feel across all of its products.
• Dan Sogorka, president of BKFS' RealEC Technologies division, said, "What we're eliminating is friction in the process."
