As a mortgage originator, I need technology that stays out of my way. I need technology that works. I need access to my content 24/7 from any device with security and privacy. I need data portability. I need convenience.
I suspect many of my colleagues have made this observation already but there is a noticeable lack of “technology best practices” being curated by and for mortgage professionals right now. The information remains elusive and distant. Those originators that have learned how to collect, process, and synthesize ideas are winning a game where the other players are still grasping at the rules.
When technology discussions do take place, they generally happen further up the food chain … i.e. MISMO initiatives to support proprietary data formats (Fannie Mae AUS standards). Unfortunately, this is the type of conversation that proliferates throughout the mortgage tech landscape. I understand I’m making a sweeping generalization. There are notable exceptions. However, one quick search on Google for “mortgage technology” + origination vs. “mortgage technology” + servicing demonstrates that a chasm exists. MTS is geared for the people in the trenches, working one loan at a time, building a practice.
The only constant is change.
I’ve originated mortgage loans since 1993. I shudder when I think about the ‘good old days’ … sitting at a borrower’s kitchen table taking a loan application by hand. The loan process was unreliable and unpredictable. Loan approval was never a certainty. Mortgage credit reports took days, sometimes weeks to complete.
It’s funny but I think my best technology tool back in ’94 was an Egg McMuffin. Hand-delivered with a loan file the Egg McMuffin could shorten an underwriting decision process from days to hours.
Throughout my 17+ year journey, emerging technologies have impacted and changed my origination workflow. Communication technologies like the fax machine, America Online (AOL), and Local Area Networks (LANs). Mobile technologies like the Palm Pilot, Wi-fi, & Apple’s iOS. There are literally hundreds of ways technology has shaped how I work today. Of course, in recent years the pace has quickened.
The challenge then and now, remains deciding which technologies to implement and how to best utilize them so that you can provide more value than your competition in both the eyes of the consumer and your trusted partners. In the coming weeks, we’ll explore how “front-line” originators are doing just that.
These are the four main topics for discussion at Mortgage Tech Summit.
- Origination Strategies
- Enhancing Workflow Productivity
Check out Mortgage Tech Summit for more information. The framework for the event is built. We’ll be adding more speakers, session descriptions, & most importantly registration information shortly.
Register early and save. Let’s have some fun. We know this event is popping up out of nowhere. We know there isn’t much time. Don’t worry … Be happy and watch the blog for updates.
Mark your calendar, June 9th, 2011 – PPA Event Center in Denver, Colorado. ~ JB