The Next Generation LOS

Mobile technology certainly impacts the pure mortgage lending organizations as well.

The business side of the organization doesn't understand the challenges on the technology side and the technology side doesn't understand the challenges on the business side. It's a classic sort of chicken-and-egg question, as neither side can exist without the other. Each drives the activities of the other, but without synchronization of objectives and priorities, they are each hobbled and the organization stands still. And, unless all the other players on the field are also hobbled, standing still is the same as falling behind.For an example of unrealized opportunity, we only need to look at the development of the MISMO standards.

Those standards have significantly reduced the time and effort to exchange information between companies or within an organization. However, the adoption and vision for MISMO standards has always been about technology, with very little participation from the business side.MISMO itself recognizes the problem and has recently established a business domain workgroup dedicated to better map the common activities over the life of the loan-from inception to disposition-in a format that ties the MISMO standards to the various business areas that benefit from standardization.

Historically, the mortgage loan process has had a linear flow-starting with the loan application, product and pricing selection, pre-approval, processing to gather all the relevant information, qualifying the loan using automated underwriting, and, finally, closing. The next step cannot be started until the previous step is complete, and not unlike an old-school automobile assembly line, any interruption can cause the whole line to stop and work to back up. Today's automobile assembly lines are less brittle; multiple lines build a variety of sub-components and feed into a final assembly line. Read More Here...

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