The case for the fully digital mortgage


Change can be a frightening concept for many in the mortgage and real estate industry, and with good reason. Ours is a business that draws enormous regulatory scrutiny. Our mistakes can have consequences that impact the entire American economy.


The business risks we do take are dissected, challenged and questioned. Transitioning away from something that “works,” or at the least, doesn’t provoke negative consequences, can take a lot of courage. We are risk-averse by design and history has not always rewarded the pioneers seeking to advance our business.


And yet, I call today upon our industry to work even harder to make the digital mortgage a reality. To be sure, there are risks to changing the way we originate, record and transfer mortgage loans. We’re not talking about the cosmetic. The digital mortgage could alter the very foundation of the mortgage loan. But the benefits—to consumers, regulators, investors and lenders alike—far, far outweigh those risks. The undeniable trend Candidly, we’re behind many (if not most) other industries when it comes to reaping the rewards of the technological revolution that has swept our world in the 21st century.


We can originate student or auto loans in minutes on an iPad. We can find our dream homes and make an offer on our smart phones. Our cars are starting to drive themselves, and tablet screens are replacing shopping malls for virtually every consumer good available.


To continue reading click here!







#IndustryNews

Featured Posts
Recent Posts
Archive
Search By Tags
No tags yet.

Tami L Barber

NMLS #1030737

(423) 943-9269

Encore Lending Group LLC

NMLS #1249911

206 Wesley St, Johnson City TN 37601

  • w-facebook
  • LinkedIn - White Circle
  • Instagram - White Circle

The information contained in this site has been prepared by an independent third party and is distributed for educational purposes only. This is designed to give helpful tips on the mortgage process and is not intended to give legal advice. Information is considered reliable but not guaranteed. This is not a prequalification, preapproval, loan approval or commitment to lend.