Expect Increasing Demand for Data in Mortgage Lending
Austin Kilgore, managing editor for National Mortgage News and Mortgage Technology, released a series of stories at the end of last year previewing the biggest trends in 2015 for mortgage. In his article, “2015 Technology Outlook: Data, Data and More Data”, Kilgore discusses the ongoing push for more robust loan data in 2015 as market participants continue to adopt new regulatory requirements and take advantage of recent developments in paperless processing and self-service capabilities.
Kilgore closes the article using a quote from our own Jeff Knott, assistant vice president of product management and vice chairman of the Electronic Signature and Records Association. Knott says:
“The industry has to be careful that it’s still incorporating information from trusted parties, versus returning to a reliance on self-reported information when it comes to making an underwriting decision.”
“Sometimes, the self-service applications may give the appearance of having information that’s secure and trustworthy because it’s going into the system in a machine-readable format,” he added. “But what’s being missed is the source itself, which introduces the doubt of the authenticity if you’re not getting it from an undisputed source.”
Like previous years, 2015 will bring with it new regulations and the the way in which the mortgage industry does business will continue to evolve. To continue to get the latest industry insights, be sure to follow our blog.