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We welcome your comments or questions! Please e-mail them to our editor at Anthony.Garritano@SourceMedia.com Trend WatchTechnology Can’t Cure EverythingBy Anthony Garritano, Editor, Mortgage Technology Magazine
Technology these days can do a lot of amazing things. Look at the money people are sending to help Haiti by texting. But let’s face it, technology can’t do everything. One thing in particular that technology can’t do is predict what new or revised legislation Congress is going to impose on the mortgage space. In total, 88% of respondents don’t think technology can ensure compliance. On the flip side though, without technology helping lenders along, compliance isn’t even possible. Most lenders that are compliant with the new RESPA Rules now, for example, owe that compliance to technology. Industry Outlook2010 – The Year of the E-DisclosurePerspectives By Randy Schmidt, President, Data-Vision Inc.
As we enter into 2010, many people are wondering: Will this be the elusive year of the e-mortgage? While it’s still too early to tell whether this is the year that lenders will finally embrace e-mortgages, it does appear that 2010 will at least be the year of the e-disclosure. After several years of slowly gaining industry acceptance, e-disclosures have finally hit the hockey-stick adoption curve. Now more than ever, lenders are recognizing the benefits of implementing e-disclosures. As with most market trends there needs to be a catalyst for widespread adoption. For the mortgage industry, this came in the form of regulatory reform. On July 30th 2009, modifications to the Truth-in-Lending Act (TILA) made by the Mortgage Disclosure Improvement Act of 2008 (MDIA) went into effect. The most notable of these modifications had to do with the timing of when disclosure forms are provided to the consumer along with when fees could be charged. Follow Us on Twitter!Get the latest breaking news and reading recommendations via Twitter. Video Newscast
Alliances and InterfacesPair Bring Sophisticated Business Intelligence To MarketBy Amilda Dymi, Contributing Editor, Electronic Mortgage Technology Newsletter
It has taken a mortgage foreclosure crisis and an economic recession to shake things up for an industry that was getting too comfortable with doing things the good old fashion way. Now cooperation and sophistication that allows for deeper data analytics appears to be in the forefront. For example, AllRegs of Eagan, Minn., whose information services are used by most of the country’s top 100 lenders entered into a strategic partnership with Denver-based Motivity Solutions Inc., “to bring sophisticated business intelligence tools to the mortgage marketplace,” the companies tout. Related NewslettersDaily Briefing
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