Mortgage technology

Wells Fargo Home Lending is tapping eOriginal to launch an electronic note program, marking a step forward for the mortgage industry's push toward a more digital process.

As the mortgage industry confronts tight margins, shifting market share and regulatory uncertainty, a new leader emerges at the Mortgage Bankers Association.

One report found that 95% of homebuyers searched websites before buying a home, and that number jumps to 99% among millennials. In short, almost everyone starts shopping online, and a vast majority are going to Zillow.

Washington Mutual successor WMIH Corp. has completed its pending 1-for-12 reverse stock split and its common shares will soon begin trading under the Mr. Cooper name it inherited from Nationstar Mortgage.

Some lenders are tapping artificial intelligence and machine learning to improve operational efficiency and enhance the borrower experience, but complexities do exist in implementing the technology.

Consumer demand for “ease of information and ease of interaction” is driving the digital mortgage era, says John Schleck, senior vice president at Bank of America.

LoanDepot is using scale and technology to its advantage by evaluating borrower demands through surveys and real-time assessments of customer profiles, says Chief Technology Officer Dominick Marchetti.

Bank of America is taking what consumers are accustomed to on the banking side and applying that to its lending division to offer a consistent digital experience, says John Schleck, the bank’s senior vice president.

Dominick Marchetti, chief technology officer at loanDepot, explains how the digital mortgage era is being driven by borrowers seeking a more dominant role in the process.