Residential Lending is Evolving – Are You Keeping Up?

2020-12-15T15:04:56+00:00June 18th, 2018|

In the immediate mortgage-crisis aftermath, most consumers believed getting a mortgage was hard. And it was. But something changed. The past four years spawned multi-billion-dollar ad campaigns from mega lenders reassuring consumers that getting a mortgage is simple now - thanks to technology. (Spoiler alert: it’s not.) The perception may have changed, but mortgages aren’t “easy,” and the true transformation from an analog to a digital mortgage process is still in its infancy. When we ask clients what they’re looking for from their technology solutions, most, but not all, lead with, “We want to do things like we always have, only faster, cheaper and in a less-cumbersome way.” So why is this taking so long? Compliance, until relatively recently, was an all-consuming, moving target diverting attention and resources away from innovation. The boom-and-bust mentality of the mortgage business — “We’re too busy doing refis to upgrade our systems; refis have