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Home | Tag Archives: Technology

Tag Archives: Technology

Fitch Ratings Warns Servicers Against Ignoring Security Testing

On Wednesday, in response to recent Ransomware attacks across over 150 countries around the world including the publicized DocuSign, Fitch Ratings issued a press release reminding information technology (IT) companies in the mortgage finance industry the importance of remaining vigilant in the ever-present need for regular security testing. While it reports no operations have been effected, it stresses the need for continued and constant upgrades to both software and hardware.

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Utilizing Tech Effectively

Although the industry has been slow to adopt, about three in five mortgage lenders agree that their firm is making the best use of data for their business. However, most lenders call themselves “technology followers,” not early adopters, and less than half stated that the pace of technological innovation in the industry has been too slow. Mortgage firms are starting to adopt new technologies like Application Programming Interfaces (API) in order to reduce errors and costs and speed up transactions.

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Servicers Suffer from Disparate Tech

Out-of-sync technologies are holding businesses back, according to a recent report. Additionally, make it hard to serve the millennial homebuyer, who expects a more seamless, digitized solution when purchasing a home. This is largely because tech solutions in today’s post-crisis, highly-regulated industry are product-specific, which creates a “complex ecosystem made up of siloed disparate systems.”

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Fintech Innovation Demands Great Responsibility

Thomas Curry, the federal comptroller of the currency, spoke at a fintech conference Friday, where he extolled the virtues of tech innovation in banking. But he also warned of the need for secure and responsible advancements. To democratize financial services through technology is the goal, but to guard against criminals and terrorists is a necessity.

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Mortgage Cadence Utilizes FirstClose’s Software Platform

Mortgage Cadence recently reached an agreement to license FirstClose’s proprietary integration hub software platform, which provides loan services throughout the mortgage-origination process. The agreement will enable third-party service providers to integrate their services into Mortgage Cadence’s existing end-to-end loan origination product suite more quickly, providing lenders with additional one-stop loan origination capabilities.

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Black Knight LOS Goes Digital

Black Knight has partnered with Lender Price to offer a completely digital loan application process on its LoanSphere Empower LOS. The platform lets consumers apply for mortgage loans via their mobile device, and it can even verify income, provide property valuations, and deliver real-time interest rates on the spot.

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The Uber Effect

Technology is changing everything. Economically speaking, technology has created the “sharing economy.” This new economic principle has evolved and grown exponentially over the past several years, primarily the result of reliable high-speed Internet and handheld mobile devices.

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