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Bye-bye regulation, the mortgage industry found a new focus: technology innovation

The hot topic at MBA Annual 2016
There was a clear difference in the atmosphere at the Mortgage Bankers Association’s annual convention and expo in Boston this year. A quick look at this year's headlines compared to last year's headlines shows the dichotomy between the two. The industry was so stifled by TRID last year that the burden carried over into the mood of the conference. This year, however, produced a different, better story.
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Don't move on too quick, TRID isn't over yet

Not enough TRID at MBA Annual? Here’s what you need
Last year, TRID was everywhere. You couldn’t get away from the Consumer Financial Protection Bureau’s new Know Before You Owe rule. But while you likely have a better handle on TRID one year later, don’t forget that the news on TRID isn’t over. The Mortgage Bankers Association’s annual convention this year featured only one panel session on TRID, a significant change from all the hype surrounding it last year. Here's what you still need to know. But act fast, this webinar is today.
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Why we should quit wasting money on consumer education

Here are 3 better ideas for the $128 million in the CFPB's civil penalty fund
In the first part of September, the CFPB collected $100 million from Wells Fargo after it was revealed that the bank’s employees had opened 2 million fake accounts that customers didn’t know about. By law, the CFPB has only two ways to spend that money: compensating victims harmed by financial institutions and educating consumers. If you have hundreds of millions of dollars that can only be spent on consumer education, it’s easy to imagine how that goal could take on a life of its own, spawning a bloated consumer education complex overnight. Here are some better ideas.
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Speakers at MBA Annual focus on 3 changes coming to housing

Get on the bus or get left behind
The Mortgage Bankers Association opened conference activities with a talk to the industry, explaining some of the changes taking place. So who is renewing their call for a housing policy director at the White House, in order to represent the needs of the housing industry in Washington? Click here to find out.
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Closing Call

Taking ID verification to the MAXX

New tool lets lenders validate borrower's identity, character references
With its latest tool, IDMAXX, Pavaso has enabled lenders to achieve two aims with one solution. By leveraging a borrower’s network for both identity verification and character references, lenders can be assured that 1) the borrower is who they claim to be and 2) the total picture they have of that borrower, and the risk that borrower may pose, is accurate and complete.
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Redefining when the mortgage process starts

It's not what you think
Traditionally, there is plenty of jockeying for position amongst the differing players in the real estate transaction, particularly between lenders and realtors, over who owns the relationship with the consumer. Be warned: There isn’t going to be any place for that kind of possessiveness in the post-TRID market.
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The production challenges beyond TRID

Transitioning to a digital space
If the mortgage industry is serious about addressing the longer closing times created by TRID, not to mention attracting millennials as potential homebuyers and/or employees, it has got to get with the times. And the times? They are digital.
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A new era of solutions

Recapping last week's posts and tech progress this year

Solutions exist today that can help with a large majority of the business process shifts that will result from the rule. And the last year has provided an opportunity for them to solve things further.  

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