eClosings and eMortgages: Implementation and Adoption

eClosings and eMortgages: Implementation and Adoption

We’ve talked about the hypothetical “perfect” eClosing process and all of the benefits it can entail. But the eMortgage landscape is far from perfect at this point in its evolution. We’ve covered some of the most common implementation compromises already — paper Notes to avoid the complexity of a full electronic vault with MERS eRegistry transactions (or for FHA loans, because FHA does not yet accept eNotes, though they do accept other documents in electronic format), paper Security Instrument and other recordable documents in counties that don’t yet support eRecording, and paper Notarized documents where eNotarization presents an obstacle...

Automating Toward the Future: "Human Spackle Syndrome"

Automating Toward the Future: "Human Spackle Syndrome"

As the mortgage industry continued to build new technologies to keep pace with new compliance requirements, something interesting began happen. Every year, there were more new rules and regulations took place affecting lenders—not just from the CFPB, but from other federal and state agencies, even city and county ordinances involving how properties were to be maintained and conveyed. In the wake of the housing crisis, lenders first had to contend with a soaring number of buybacks and repurchase requests from investors and the GSEs...

THE ERA OF NEW TECHNOLOGIES: Excerpt from Lebowitz: Technology Past, Present, and Future

THE ERA OF NEW TECHNOLOGIES: Excerpt from Lebowitz: Technology Past, Present, and Future

The mortgage industry is about to exit its Victorian era of technology use. Regulators have corseted the industry into making small-ball, prudish technology decisions. A quick assessment of the condition of technology use signals the need for a new, antithetical regime of business investment. The current technology use is uninspiring...