Mortgage Technology Is Not a Finish Line

Video Transcript

Lionel Urban: One of the things that I think a lot of financial institutions struggle with is they look at technology as a finish line. I have a project I implemented and I’m finished. And really that’s not the case. You know, the best technology platforms out there are really a service that are constantly refined.

Reporting is constantly refined, workflows are automated, communications are automated as far as letting people know via text or an e-mail when something’s happened. And so making sure all the parties are alerted and it’s transparent really becomes important, and a lot of that is not just the technology backbone, but how is it configured and how is it supported So users are progressing through the system in parallel instead of sequential, and you know, that’s a fancy way of saying in the old days, one person touched a loan until they handed it off the next person and they would work on that loan and the checkers checking the checker, checking the checker.

Now with today’s systems, there’s a process where it’s parallel workflow. Things are happening at the same time. Different specialists are working on that loan.

And once it’s been completed the work, one person checks it and signs off on it. There is a seamless process where all these different components of a home loan are getting done simultaneously.

And that gives you the service levels where loans are closing in 10 to 15 days instead of 30 to 60 days.

Source: Video