A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.
As thousands of mortgage bankers and service providers gather in a place that grooves on the promise of quick riches and instant pleasure, they are all asking the same question: what is going to happen to me in today's lending market?
LOs will, of course, play an essential role in building purchase business. But they’ll have to do more than just drop off donuts. However, from a compliance perspective, there are significant risks in letting LOs have unfettered control over marketing and deals.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.