The mortgage industry is ever-evolving and so to is the technology to enhance and streamline the processes within it. With so many new tools on the market and startup after startup raising the funds to create more, it is hard to think that the mortgage world is in need of a tech update.
Unfortunately, one expert believes that the back end of operations for mortgage lending definitely needs an update.
"Mortgage lenders today are like muscle cars were in the late 1970s. They look pretty good on the outside, but under the hood they are held back by outdated technology and complex rules and regulations," said Mike Jones, a member of HousingWire's advisory committee for the publication's Tech100 Awards, according to the report.
"There’s been a lot of innovation on the 'outside,' or the front end of the mortgage lending process where applications are taken. But back-end tasks like processing, title verification and compliance audits still rely heavily on manual effort. There’s a lot of inefficiency in the back office that points to an opportunity for innovation."
Jones believes that while there is still plenty of work to be done, the industry and the roles of loan brokers have evolved with the evolution of technology.
To learn more about the current state of technology in the mortgage lending industry, click on the image above.