What's the Next Tech Wave?

Meanwhile, panelists at the Mortgage EC Conference in Las Vegas discussed what they see as the next wave of mortgage technology.A spokesman from Nexstar Financial Corp. said paperless loan folders, Web services, and rules-based processing are the new buzzwords in mortgage technology for 2005. A representative of Fannie Mae's electronic business division offered another perspective. "There's increased emphasis on the back end of the process, workflow, and the need to eliminate re-keying," said Andreas Suma, senior manager for technology sales and consulting in Fannie's eBusiness division. "Also, new engines based on individual lender rules that go across the enterprise are what lenders are looking for." Another panelist said 25% of lenders are in the market for a new loan origination system, a situation that was deemed likely to advance new technologies like service-oriented architecture, the Mortgage Industry Standards Maintenance Organization, and the realization of a complete electronic mortgage.