9 ways mortgage industry will benefit from standards in 2022

National Mortgage News

As the real estate finance industry transitions from the highs and lows of the COVID era into the new normal of 2022, industry standards will continue to play a key role in helping us solve ongoing business challenges, regardless of the market environment.

MBA forecasts that total mortgage originations will fall next year to $2.6 trillion from an expected $3.9 trillion in originations in 2021. Fluctuating mortgage rates, a shift from refinances to purchase transactions, a strong interest in servicing, a competitive housing market, and labor shortages present opportunities for the real estate finance industry to leverage standards to streamline processes and procedures in order to better serve borrowers.

Combine those opportunities with the growing number of prospective millennial homebuyers who have a digital-first preference for purchases, including real estate transactions, and 2022 could very well be a pivotal year in the mortgage industry's quest to rid itself of stacks of paper and, instead, fully embrace technology, innovation, and interoperability as the mechanisms to grow and retain market share... Read More Here!