Lenders Look to Tech Innovation to Drive Down Costs, Increase Efficiency
The mortgage industry may have been a bit slow-footed in embracing the technology innovation that consumers take for granted these days when they go online for services from retailers like Amazon or Apple.
But “a growing number of mortgage originators, origination platform solution providers, and financial technology (fintech) start-ups have recently begun introducing innovative technology platforms,” Katrina Jones, Fannie Mae’s vice president for single-family business solutions, notes in a July 26 FM Commentary.
They are moving in that direction, she says, “to not only drive operational efficiency, but also, and equally important, provide a better consumer experience.”
Citing work that Fannie Mae has been doing through its front-end re-engineering efforts, Jones says that the company is “rethinking how we do business with lenders and that puts us in alignment with them, because they are doing the exact same thing with their customers.”