Policy changes are coming down the pike for participants in government lending programs to enhance and improve operations, compliance and customer service, according to agency representatives speaking at the Mortgage Bankers Association’s annual convention in Washington, DC, this week.
Both Wells Fargo and Bank of America are rolling out digital mortgage application services this year. Speaking at the annual convention of the Mortgage Bankers Association this week in Washington, the megabanks said they are seeing increased utilization of digital solutions by mortgage clients, which will in turn change the role of loan officers.
Norcom Mortgage has completed its end-to-end electronic mortgage platform with the adoption of vendor e-closing technology, making it the first mortgage lender in Connecticut to offer fully digitized closings.
The Mortgage Industry Standards Maintenance Organization is launching an effort to standardize the loan-grading systems used by due diligence firms in the non-agency MBS market.
Artificial intelligence and machine learning technology are currently being used by 26 percent of lenders surveyed by Fannie Mae. The government-sponsored enterprise also found that the share of lenders using such technology could hit 60 percent within two years.
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