There are many questions and uncertainties surrounding the push for the mortgage industry to go digital. At Old Republic Title and Pavaso, we understand the digital marketplace and its role in the mortgage business. Our technology professionals are committed to helping those in the mortgage industry address common concerns and explore solutions for making their transition into the digital landscape as smooth as possible.
Mark McElroy, chief digital officer and senior vice president of Old Republic National Title Insurance Company, as well as president and CEO of Pavaso; Brenda Clem, executive vice president of capital markets at Pavaso; and Eric Lapin, first vice president corporate development at Old Republic Title, answer some of the most frequently asked questions about digital mortgages.
Why is the digital push happening now?
Originating and servicing a loan is a time-consuming, highly regulated process. It relies heavily on paperwork and involves many procedures and professionals. Until recently, there was no way to optimize the process so that all the integral parties could work together in a swift manner. Now that the technology exists, consumers want the convenience it offers. Lenders can also use the same digital solutions to streamline their operations, saving them time and money.
Why is it important to today’s homebuyers to do business any time of the day?
We live in a mobile society. Today's homebuyers have different preferences than they did 30 years ago. Many travel frequently or work remotely, and they want the ability to do business anytime, anywhere. Giving consumers 24/7 access to online tools, information and services gives them the power to initiate and manage the homebuying process at times that are most convenient.
Is fintech a viable solution?
Yes. Due to slow adoption of innovative financial technologies in the United States, pressure from within the federal government and non-government organizations is mounting for key regulators and influencers to remove regulatory barriers to implementation.
Advancements in digital ledger technologies like Blockchain are also happening every day, with companies like Pavaso already harnessing the technology to optimize proprietary data. These new technologies can help lenders improve the customer experience, maximize efficiencies and optimize data to enhance business practices.
What are some common misconceptions about going digital?
Going digital is not an all-or-nothing experience. For example, Pavaso’s eClosing platform offers a variety of digital solutions that can expedite the closing process, yet, it continues to accommodate traditional systems and processes. The platform also provides a single, secure portal that allows everyone involved in the transaction to communicate, exchange and access information in real-time.
With so many digital platforms out there, how do I choose?
It’s important to make well-informed decisions about the application of new technologies and select products that are robust enough to serve you in the future. Look for a well-rounded, integrative platform that is easy to use and offers great customer support. You also want to choose a provider that is stable, well capitalized, and has a strong research and development pipeline.
Pavaso and Old Republic Title satisfy these requirements, and enjoy the backing of their parent company, Old Republic International Corporation, a member of the Fortune 500. Together, we have the technology, expertise and resources to help lenders, title agents and other mortgage industry professionals streamline their operations today and do business in the digital age.
For more information visit: http://connect.oldrepublictitle.com/digitalmortgages