TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/81276
FEATURE SERVICING Future of Mortgage Technology Forecasting the Mostly Cloudy: leading executives are floating on a cloud in spite of the pressure. By Adam Weinstein The mortgage market's rapid evolution has technology companies fighting to stay ahead of the trends, but today's O movies on his smartphone, posting them on the web, and selling enough downloads to put himself through college. got a handle on the latest tech- nological advances, some upstart shakes up the playing field and makes you feel like a caveman. Being behind the tech power curve is scary enough when it's just your home appliances at stake, but when your business is on the line, that fear can become a panic. Yet for all the computer-driven angst and the roller-coaster Every time you feel as if you've 54 | THE M REPORT K, I know how it is: You finally just figured out how to program your satellite TV remote, and your 6-year- old nephew's over there creating Up in the Clouds A twists in today's mortgage market, planning tech solutions for your loan business doesn't have to be that hard. At least not according to some of the industry's top technology provid- ers, who are constantly working to adapt to new market-sensitive trends and solutions, from full document management systems (DMS) to the apps for that phone your nephew loves so much. than a lot of your peers, laughs Ron Redmer, CIO of NDeX. "It's a pretty technical topic out of the gate," he says. "Even the cloud is hard for a lot of people to get their head around." But you had better try. After all, you've got nothing to lose but your fear of the future! Did you catch that term re you ready for a tech talk? If so, you're doing better still in a period of regulatory uncertainty, but that's not totally true: What's certain is there's bound to be more work to do down the road. "Volume is go- ing up," Redmer says. "Security requirements and retention poli- cies are increasing." Which is why Redmer and Redmer used? Cloud technol- ogy—the hosting of data and software so that users can add to it or access it from virtually anywhere—is perhaps the most critical characteristic of a solid IT strategy these days, according to our experts. Why's it so im- portant? It may seem like we're NDeX just launched a new DMS. "Over the course of the last 12 to 18 months, our clients"—law firms for default servicers—"are being required to provide a growing number of documents and document images to satisfy OCC requirements." From affidavits to service of process filings to military search results, that's a lot of paperwork—and it's not unusual for a client to need to process 5,000 cases in 48 hours, convert the info into a specific SECONDARY MARKET ANALYTICS SERVICING ORIGINATION