Whether in our personal or business lives, we all have many tasks we need to accomplish every day. Getting tasks done quickly and efficiently is important, so we look for easy ways to achieve them and therefore tend to follow the path of least resistance (or avoid the path of most resistance).
Technology is generally viewed as providing ways to accomplish certain tasks quickly and efficiently. For instance, purchasing a book from a website is probably easier and faster than traveling to an actual bookstore. But when technology is implemented poorly it can be a frustrating and a time-consuming experience.
The mortgage business has always been form and paper intensive, sometimes averaging over 100 pages per loan and everyone knows what a 1003 or HUD1 is. However, according to Tim Anderson, director of e-services for DocMagic and MISMO member, the mortgage business has started to see a more rapid adoption of technology in recent years. Increasingly, mortgage-related technology allows parties in the mortgage process to communicate and exchange information over the internet in faster more efficient ways compared to printing and mailing all of the forms and documents, which would have been common just a few years ago. In fact 82% of lenders experienced an increase in e-disclosures and 32% saw an increase in e-closings during the past year.[i]
At MGIC, the future of mortgage lending means the expanded use of technology, because we understand that customers want to interact with us in the easiest and most efficient manner possible. For example, we were the first to integrate with key loan origination system providers to allow the user to order mortgage insurance rate quotes, MI apps and even send documents directly from within their LOS system. From the user perspective, being able to perform these transactions from within their own system is more efficient than having to log in to a web page and perform the transactions manually. The net effect for customers using these integrated solutions is a big increase in productivity and user satisfaction!
What is the next technology frontier in the mortgage lending world? With the proliferation of mobile devices and wearable tech, it will be interesting to see how the mortgage business evolves in the future: perhaps all loans will be originated and closed during coffee breaks at Starbucks!
At MGIC our direction is clear: we’ll continue to create interfaces that help our customers interact with us more efficiently and hope that over the long run they will think of us as the path of least resistance!
[i] Will New Regulations Finally Make the E-Mortgage a Reality (2014)
How is your company embracing technology in the mortgage industry? Please share in the comments.Tags: Integration, Interconnectivity, Mortgage Industry, Technology