This certainly was a transitional year for the mortgage industry. There was a lot of new regulation, for one, and there’s more to come. The lenders that have survived are ready to move forward. So, what should be their next step? E-mortgages, of course.
I write a lot about the e-mortgage. But I think it’s important to get the message out about things you feel passionate about that can really help the industry. When you talk about keeping up with new regulation, increasing transparency, data quality, offering the borrower a better experience, it all comes back to e-mortgages. That’s the answer, plain and simple.
I know some say there’s too much technology involved to get an e-mortgage going. I don’t have the time, say lenders. Borrowers won’t do it anyway, others say. I say, Wrong, Wrong, Wrong.
E-mortgages don’t require a lot of new technology. There are ways lenders can get the benefits of moving toward a full e-mortgage incrementally. And borrowers are e-signing everyday. They’re not the problem, the problem is that lenders are resistant to change. If the mortgage crisis sends just one message to lenders, it should at least be that you have to re-think your process. Business as usual doesn’t work.
I know I’m an e-mortgage cheerleader. But I’m not alone. There are others in my squad that have been out there long before me. I hope you’ll cheer with us. Let’s fix the mortgage space.
