Rich Gagliano is President of Black Knight’s Origination Technologies division, where he is primarily responsible for the direction of LoanSphere Empower, Black Knight’s loan origination system for retail, wholesale and consumer-direct channels; LoanSphere LendingSpace, Black Knight’s loan origination system for correspondent lending; Black Knight’s LoanSphere SalesEdge lead management solution; and LoanSphere Quality Insight, a quality control workflow solution that supports greater loan transparency and data integrity.
[Expert Commentary] Today, the utilization of robotics and automation – along with decisioning logic – has helped to advance the mortgage lending process from the sluggish, error-prone efforts of a decade ago to a far more productive environment with a focus on data integrity and customer experience. However, newer technology innovations have now reached a point where it is possible to do much more than simply automate tasks.
According to the Mortgage Bankers Association, refinance applications jumped more than 100% in the first few weeks post-‘Brexit’ as compared to a year ago, and many lenders found themselves over capacity and struggling with the increase in volume. Here's how to keep up.
In the days following the 2016 election, business leaders across many industries were hopeful that the new president would make good on his promise of widespread deregulation. Banks and other financial institutions were especially optimistic. Here at last was the relief they had been looking for. Or not.
Even Hollywood knows better than to produce a sequel when the original movie is truly, horrifically bad. That’s why, thankfully, we haven’t seen sequels to such all-time cinematic disasters as Howard the Duck, Gigli, The Last Airbender, Jack and Jill, Glitter, or Battlefield Earth. Which brings us, in an admittedly roundabout way, to the question of whether we’re about to see a sequel of sorts in the mortgage industry: The Return of the Subprime Loan.
With FHFA director Mel Watt’s term due to expire in January 2019, the question of whether to move ahead on some version of administrative reform may rest with his successor. In the meantime, policy makers would be well-served to work together to come to some agreement on options for administrative reform. At a minimum, agreeing on a common definition would be a good first step.