There are ways that lenders can speed the adoption of Internet-based lending, widely viewed as the least expensive origination channel, according to Emmanuel Obiorah, Bank of America's online channel executive for consumer real estate.Mr. Obiorah made his statements at Thomson's fourth annual Mortgage EC Conference in Las Vegas. “To improve adoption you have to streamline the process,” he told the audience. The one-click refinance that BofA is working on is an example, he said. In addition, he urged lenders to get specialty products that appeal to ethnic borrowers online, make the transition from online to off-line operations smooth, and hire bilingual employees to complement foreign language websites.
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