This past week, I had the privilege of participating in a webinar with National Mortgage News on, “Leveraging Technology in a Purchase Mortgage Market.” For those that know me, this is the kind of topic I geek out about.

I’m a software engineer at heart. What gets me out of bed every morning and keeps me motivated is the opportunity to create technology that solves problems. This is also what has probably kept me in the mortgage industry for so long – when one problem is solved, another one seems to be right behind it.

“Complex” is an understatement when describing the mortgage manufacturing process. There are so many moving pieces to the process, and when you layer on ever-changing regulatory requirements and the variability of the economy at large, the mortgage industry provides ample and continuing opportunities for improvement. The mortgage industry is really on the cusp of transforming itself through the strategic implementation of technology…and it’s not all on the front end.

For a techie like myself, the mortgage industry is a gold mine. Each time I have the opportunity to do a deep investigative dive at one of LBA Ware’s clients, I invariably come away with a list of ideas for how to improve aspects of their operations.

The drumbeat of data has been growing louder over the past few years, and now, we’re really starting to hear lenders voice the need for solutions to address data management, security, record retention and a whole other host of data-related concerns.

It’s certainly not sexy; it’s not eClosings or eNotes and it doesn’t necessarily have a direct effect on the consumer experience, but addressing the data conundrum does a lot of other really great things for lenders:

  • It shores up a huge area of regulatory risk,
  • It sets lenders up to digitize more aspects of their operations, and
  • It enables lenders to shift their focus on to more value add functions.

As the industry continues its shift from a re-fi to a purchase market, lenders must squeeze every drop of efficiency out of their processes to stay competitive. The thought of spending money in a period of declining volume seems counterintuitive, but now is exactly the time to invest in solutions that can offer significant ROI by allowing you to do more with less.

Technology transforms. It optimizes. It improves. It is the future of the mortgage industry. To paraphrase an old standard, “It’s a new dawn, it’s a new day, it’s a new life (for the mortgage industry)…and I’m feelin’ good.”